In order to build a strong financial foundation and infrastructure for achieving the College’s strategic goals and objectives, we must diversify and increase philanthropic and other support mechanisms to facilitate the sustainable development of the College. As a self-funded institution, the majority of operational funds come from tuition fees, yet these cover only half of the cost of educating a student. The College must therefore work hard to seek alternate funding sources to support on-going and new scholastic initiatives.
Funds must be set aside to support initiatives which, at their commencement, would appear to be outside the regular academic or research activities of the institution. Such initiatives might be considered developmental in nature, and closely related to institutional sustainability. It is therefore appropriate to consider the instigation of a ‘College Development Fund’ drawn from the College operating surpluses, when available, to provide funding opportunities for such new strategic initiatives.
- Draft a financial strategy that will make use of a variety of income sources, e.g. donations, matching funds, tuition income (including CPD), research funding, etc.
- Build up our endowment for the long term support of our academic programmes, scholarships and infrastructure developments
- Increase the admission of qualified students to bolster tuition income
- Consider teaching a summer semester to increase annual income
- Develop CPD courses and other activities at the postgraduate level to attract professional students, particularly in the School of Management
- Review our expenditure to ensure that prudency and sustainability are manifest in our annual budget
- Provide funding opportunities for important developmental projects and activities