As universities strive for financial independence or sustainable funding, they must contend with a variety of challenges. Is funding sustainability possible and how can universities achieve it?
To me, very few educational institutions/even schools can be financially independence without the support of government or other means. Funding sustainability is a must. Universities can achieve it by having quality lecturers (academicians and practitioners) and excellent researchers. This means that internally, a University must have a visionary leader with a team of good administrators/lecturers plus quality management system. Externally, she must have a good bonding and relationship with innovative industries with research and development (R &D) potentials.
The positive effects of higher educaion in terms of employability; some disciplines were able to close the the theory practice gap, that their graduates were able to secure jobs even before graduation - but of course this depends on the level of collabraion between HEIs and practice as well.
Higher education is confronting perilous under funding and austerity throughout the world. More and more higher education institutions have to look for alternative sources of financing and fundraising.
In Indonesia there are around 2800 private tertiary education institutions and all of them have to find financing on their own. Running a private university is a constant process of innovation and competition. The primary objective is to have enough registered students for financial independence and sustainability at the beginning of each semester. To sum it up a private institution has to provide an a complete attractive package of higher education. In this package beside the academic "products" ,progressive financing packages and support in career planning and job placements are part of the package. Th Government only ( Ministry of education, directorate of higher education) controls the Self Evaluation report and the Accreditation process of each
institution. The above mentioned report and process for private institution is a very comprehensive , time and resources consuming undertaking. But take heart most of the private institutions are still running.
Funding sustainability of private higher educational institutions depends to a great extent on the ability of such institutions to meet the demand for good quality provision of higher education. How these private educational institutions are maintaining is through appropriate adoption of financing and financial management approaches. The value for money is one of the important principles in these institutions.
On the contrary, the government higher educational institutions especially in developing countries like India are facing serious not only financial austerity but also governance issue.
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