The Universities Fund (UF) is a body corporate established under section 53 of the Universities Act 2012 to among others, provide funds for financing universities. Its Board was inaugurated on Friday 29th January 2016.
Advise the Cabinet Secretary in matters of university education funding and related policy issues;
In consultation with the Cabinet Secretary, develop a transparent and fair criteria for allocation of funds to public universities and issue conditional grants to private universities;
Apportion funds to public universities in accordance with criteria established;
In consultation with the Chairpersons of Councils for public universities, establish 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.