Abstract
The COVID-19 has put higher education institutions in a new situation and identified bottlenecks in the financial structure of institutions and education systems in general. However, for Ukrainian universities, this situation can be seen as an opportunity to achieve financial autonomy. This study is devoted to the consideration of a possible tool for the financial autonomy of Ukrainian classical universities, most of which are state-funded. The paper considers the methodology of a possible tool for the accumulation of external financing – the endowment fund. The case analysis and analytical consideration of world practice are applied. As a result, a model for financing the university in its transition to the innovation and entrepreneurship model is proposed as the chain “endowment fund – development of start-ups”. This example can become the basis of the road map for other national HEIs, as well as the practice of wider use in the field of higher education. However, despite most of the national classical universities have declared a course to an innovative development, which further raised the necessity of external funding, top management and general economic situation require more attention. As this transition to a new model of the university is taking place along with the financial stabilization and under economic and social upheavals, the formation of a new culture of online communication is necessary. Thus, the proposed model is the practical guideline of possible decisions but mostly the start-point for further discussion and research. AcknowledgmentThis paper is done in the framework of the grant project “Financial stabilization of classical universities in the context of the global consequences of the COVID-19 pandemic” funded by the National Research Foundation of Ukraine “Science for Human Security and Society” (2020-2021).
Highlights
Classical universities felt deeply that under the global consequences of the COVID-19 pandemic there is the principal necessity in a scientific substantiation and development of methodical and applied recommendations on their financial stabilization through the interaction with public administration bodies and local communities (Basilaia et al, 2020; Borza & Park, 2020)
The main task of this study is to propose the financial model for the Ukrainian HEIs based on the economic nature of endowment funds (EF) of the world’s most famous universities, the sources of their formation and management features in a cyclical economy, and the impact of the EF on the stability of the classical university in the long run
The paper demonstrated one case of a model for creating such an endowment fund for a Ukrainian university that is ready to move to innovation and entrepreneurship
Summary
Classical universities felt deeply that under the global consequences of the COVID-19 pandemic there is the principal necessity in a scientific substantiation and development of methodical and applied recommendations on their financial stabilization through the interaction with public administration bodies and local communities (Basilaia et al, 2020; Borza & Park, 2020). There are several controversial costs like students, faculty, and researchers who work outside the university premises. During this pandemic, the operating costs are rising due to the need to sanitize the premises and maintaine all functional units in order (Marshman & Larkins, 2020). Under such limitations, financing of the unfinished experiments and developments requires special decisions. Some scientific results have been lost due to disruptions in the supply of utilities.
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