By AVA TURNQUEST

Tribune Chief Reporter

aturnquest@tribunemedia.net

THE University of the Bahamas will need to dramatically ramp up funding in order to meet ambitious goals of building a premier tertiary institution, according to its president Dr Rodney Smith.

Dr Smith told reporters the institution was not satisfied with its current level of funding, pointing to its endowment fund at a "really tiny" $3m.

At last week's "meet and greet", he said the university would be comfortable if the fund grew to $300m.

Dr Smith explained the university had less than two years under its belt, and there were no tax incentives for donors in the United States or other countries.

"We are not satisfied with the funding level," he said. "To build a university that we're talking about, the kinds of missions that we have, the kinds of goals that we have, requires a lot of money. Understanding that we've just transitioned to a University of The Bahamas less than two years now, and prior to that for about 40 years most people gave money for scholarships, cash donations etc, and that was because we were a quasi government organization.

"So we're just getting folks accustomed to trying to help us to build an endowment. The endowment is what's going to help the institution to grow. So we need a lot of our corporate partners, individuals who give scholarship money, to really think seriously about giving an endowed scholarship fund which would go a longer way and give much more benefit. Not only to students individually but also to the entire institution, so that's what we're asking folks to do."

Dr Smith was expanding on a question about the university's financial standing that was asked of UB's finance vice president Ryan Antonio, who told media "it could be much better".

Dr Smith said: "I think very, very big. Right now we're about $3m in our endowment which is really tiny, tiny. I'd say we will be comfortable with $300m in our endowment. We are trying to get everyone to think in terms of get away from the cash donation for scholarship, try to think more of a named endowment scholarship fund that will continue to grow.

"If you want to create a scholarship in the memory of someone companies can come together and name. Those are going to go a lot further, if they want to do a $100m endowed scholarship fund or $100,000 or whatever they can do that over a period of years and each year put that money into the account and let it grow.

"We need to be very creative about how we are going to grow the University of The Bahamas. We don't have the kind of tax incentives as they do in the United States and other countries. So we have to really be reliant upon the goodness of individuals, not only our second home owners but also individuals, Bahamians who are committed, also the alumnus.

"It doesn't matter what amount you give as long as you give something back."

The university's flagship fundraiser, the President's Golf and Spa Day will be held on November 3.