The Universities Fund (UF) is a SAGA under the Ministry of Education established by the University Act of 2012 section 53. Its main mandate is to provide funds for financing universities.
The fund is managed by the board of trustee which consist of 9 members appointed by the cabinet secretary. The Universities Fund is located in Nairobi, Hazina Trade Centre, 5th Floor, Monrovia Street.
The functions of the Universities Fund are to apportion funds to universities, mobilize and receive funds, advise the government, establish the maximum Differentiated Unit Cost for the programmes and staff remuneration and establish a criterion for allocation of funds.
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Functions of Universities Fund Kenya
- Advise the Cabinet Secretary in matters of university education funding and related policy issues.
- In consultation with the Cabinet Secretary, develop transparent and fair criteria for the allocation of funds to public universities and issue conditional grants to private universities.
- Apportion funds to public universities and issuance of conditional grants to private universities per the criteria established.
- In consultation with the Chairpersons of Councils of public universities, propose and establish for approval by the Cabinet Secretary and the Auditor-General the maximum differentiated unit cost for the programmes offered.
- Establish the minimum discipline differentiated remuneration for academic staff of universities, which shall be fair and globally competitive, and advise the Government accordingly.
- Mobilize and receive funds for purposes of the Fund from the Government, donors, and from any other source.
Sources of funds for the Universities Fund (UF)
- Monies provided by Parliament (government fund).
- Such sums of money may be received by the Board in the form of donations.
- Sums of money as may be specifically designated for the Fund by the Board out of its Funds.
- Income generated by investments made by the Trustees.
- Endowments, grants and gifts from whatever source designated for the Fund.
University Student Scholarship New Funding Model
The UF is mandated to apportion government scholarships for all students who apply for the scholarship. Before the new university funding model the universities were allocated money for all students who were admitted into their system.
However, the new model requires students to apply for the scholarship. If a student doesn’t apply then, they will not be government-sponsored but treated as private-sponsored.
The fund apportionment is also done as per the programme need that the student is enrolled into. A business management student will be funded differently compared to an engineering student.
To apply for the government scholarship and education loan by HELB visit the higher education financing model portal.