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 In 2015, The Tribune revealed that poor, out-of-date audit practices at the college prevented the institution from accessing funds from a $16.1 Caribbean Development Bank loan designed to upgrade the institution.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.
Comments
bahamianson 8 months ago
No surprise, that is how the secretary stole $850,000 from C.OB the ladt time. They still haven't learned!!! We in the Bahamas never learn , only repeat the same mistakes.
Sickened 8 months ago
They aren't mistakes. These delays in audit's and the like are done very much on purpose.
realfreethinker 8 months ago
Need more time to hide the missing funds
DDK 8 months ago
Third World country. Third Worl University.
ExposedU2C 8 months ago
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ExposedU2C 8 months ago
The Tribune now suppresses any and all truth about the likes of Franky Wilson a/k/a Snake, Allyson Maynard-Gibson a/k/a Wicked Witch of The West and slime ball corkscrew Fwreddy Boy Mitchell. Talk about throttling free speech that might be harmful to advertising revenue!! LMAO
ExposedU2C 8 months ago
This comment was removed by the site staff for violation of the usage agreement.
trueBahamian 8 months ago
So the University of the Bahamas is training future leaders some of which will be auditors but they haven't learnt the very things they impart to their students. How do you say with a straight face you are years behind? How do you have a board and the board allows for this behavior? Isn't the board supposed to provide oversight? People should be fired and fines levied.
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