The University of Nairobi recently launched its University of Nairobi Foundation which is part of the reform agenda the institute plans to use as a vehicle to generate additional income for the university. This aims to transform the institute into a vibrant, relevant and sustainable university.
Dr Vijoo Rattansi Chancellor and Chair of the Board of Trustees, UoN Foundation, expressed her joy at the momentous occasion.
“Insufficient financial resourcing adversely impacts the quality of university programmes, endangers the quest for higher education for the poor and most vulnerable populations and hampers the realization of the noble mission and vision that the university was charged with.”
According to Ms Rose Okello, Director, Africa Media Hub, Strathmore Business School highlighted the benefits of an endowment fund.
“An Endowment fund is an investment; it creates an ongoing source of income for an institution like UoN. Through the fund, the UoN will be able to create revenue and clear debts, transform communities, and invest in NSE & external markets.”
On her part, Prof. Margaret Kobia, a trustee member, assured us that the UoN Foundation will be run by people who have a track record of excellent service and people who have the University at heart.”
The UoN Vice-Chancellor and Secretary of the Foundation, Prof. Stephen Kiama revealed.
“You are all aware of the financial challenges that have afflicted the university. This notwithstanding, many may ask what the University of Nairobi, as the ultimate beneficiary of the foundation, is doing to improve its situation and to ensure its readiness to engage with the
foundation in the next phase of life.”
Prof Kiama also added that over the last two years the university has embarked on the path of fiscal and related reforms.
“We have endeavoured to trim our coat according to our size and to live within our means. This means we have implemented the iterative process of optimal utilization of all our resources by reducing unnecessary expenditure and eliminating wastage.”
Recently KSH 30 million by some of the institute’s key partners; Chandaria Industries, Gandhi Smarak Nidhi Fund, Rattansi Foundation, Alumni Association, Chuna Sacco-University of Nairobi, and Individual staff members and friends of the University of
Nairobi. Through the Foundation, the University will implement a series of fundraising activities to grow the fund to meet the set objectives.
The overall goal of the foundation is to support the University in fulfilling its mission of teaching and learning, research and community service through the mobilization of funds using established legal and professional fundraising tools.
UoN Foundation will be used to manage gifts, funds, and the larger establishment and implementation of the endowment fund, thus providing other support in furtherance of the Institution’s mission.
In the last 50 years, the University has solely relied on
government capitation and tuition fee to run operations. The time has come for
this great institution to establish the UoN foundation to mobilize resources
and funds using established legal and professional fundraising tools.
The Launch event was attended by our key partners, donors,
Government representatives, alumni, industry players as well as staff and
students of this great University.
The University of Nairobi Foundation was registered as a
Trust Deed with 9 trustees drawn from different sectors of the economy, and
signed by the Cabinet Secretary for Lands, Faridah Karoney .
Additionally, the Foundation was established to bring together 256,000 members of the convocation and critical partners like industry and government to mobilize resources for
the foundation.
The UoN Foundation is anchored on three main strategies:
(1) Effective Management of Alumni Relations,
(2) Endowment management,
(3) Asset commercialization (i.e. intellectual and physical
property).
The Board of Trustees include Dr Vijoo Rattansi
(Chairperson), Prof. Stephen Kiama (Secretary), Dr Narendra Raval Guru
(Member), Prof. Margret Kobia (Member), Joesph Wakaba Mucheru, (Member), Agnes
Odhiambo( Member), Mourice Makoloo (member) and Senior Counsel Fred Ngatia(
Member)
