By Denise Maycock

Tribune Staff Reporter

dmaycock@tribunemedia.net

THE University of the Bahamas raised $9m from private donations over the past three years and is nearly up to date with audited financial statements.

UB told The Tribune it had completed outstanding unaudited financial statements from 2012 and is on course to finalise the 2022 audited financial statements this year.

The institution’s failure to audit financial statements has hindered its fundraising capacities. In 2015, The Tribune revealed that poor, out-of-date audit practices at the college prevented the institution from accessing funds from a $16.1 Caribbean Development Bank loan designed to upgrade the institution. The loan was eventually abandoned. At the time, the college was at least four years behind in audits, and it had been seven years since an audit for the institution had been last tabled in the House of Assembly.

 “Our Board of Trustees has kept a stringent focus on the university’s fiduciary responsibilities,” UB said in a statement.

 “Moving forward, the university will be completing its audits within the normal framework for reporting, which is three to six months after the end of each fiscal year. As we build a strong institution that plays a pivotal role in national development, we continue to benefit from the profound trust and support of our donors.

 “Through their philanthropy, the work we do is transformative in the lives of our students and critical to our success in helping to build a strong future for our citizens.”

 UB said donors have supported research, scholarships, crucial student needs beyond tuition, study abroad opportunities, and other areas.

 The university said its unaudited financial records show that in the last three fiscal years, private giving to the university has totalled about $9 million in cash from all sources, including in-kind donations.

 UB will identify areas where donors can further support its growth.

 “We are committed to upholding the trust and confidence that both our public and private donors have placed in the university,” the statement said.