Page 18 - UNAM Strategic Plan 2019-2024
P. 18
18 UNIVERSITY OF NAMIBIA
5.1 INSTITUTIONAL SUSTAINABILITY 5.1.1 Improve strategic and financial planning
Our strategic and financial planning will
Institutional Sustainability at UNAM goes support effective strategy execution. for this
beyond financial sustainability, to cover reason, we adopted the balanced scorecard
areas of operational excellence and good approach to financial and strategic planning,
corporate governance. With respect to financial and performance management. The balanced
sustainability, we aim to decrease reliance on scorecard will serve as the basis for knowledge
government subventions as the only source that is needed to make informed strategic and
of income. We shall generate surplus income operational decisions.
and prioritise financial and strategic planning
to accomplish the vision and mission of UNAM. 5.1.2 Increase revenue
We realise that government subvention and
student fees are our main sources of funding, The resources needed for the University to function
and that government and students are our main optimally are limited, and are diminishing. State
customers and beneficiaries of higher education funding of public universities has decreased we
services. We shall decrease dependence on a shall devise and implement strategies to raise the
single source of income by commercialising our revenue base of UNAM.
intellectual property and assets, as a way of
diversifying revenue sources. The first stream of income is primarily government
subsidy. This is followed by income from tuition
and hostel fees. The source of third income is
Financial sustainability will improve and support research, consultancy and sundry income, such
cash flows, campus operations, infrastructure as rental, application, registration, library, fines,
development and facility maintenance, and etc. A fourth income stream is expected to be
other necessary customer support services. Inceptus and other business ventures.
Financial sustainability will be achieved at all
levels, from the individual to management, by Therefore, UNAM will ensure full implementation
prioritising funding through strategic planning, and operationalisation of the University’s
and by cascading objectives to all levels of the commercial entity (Inceptus), which serves as
Institution. the trading body for the commercialisation
of UNAM intellectual property, assets and
The area of operational excellence covers the business ventures. In the long term, this entity
aspects of administration and management. should contribute significantly to the financial
It refers to our commitment to focusing on sustainability and stability of UNAM.
customers’ needs, keeping staff motivated
and continuously improving the output of the 5.1.3 Improve administrative management
institution.
The University will improve the line of
Corporate governance, on the other hand, communication, to ensure effective and timely
requires us to balance the interests of all decision-making, and will coordinate actions
stakeholders with those of the institution. for meeting goals and ensuring customer
Corporate governance will facilitate effective, satisfaction, including staff and remuneration
entrepreneurial and prudent management that issues and periodic evaluations of institutional
performance. UNAM will institute measures to
will deliver long-term success of the institution. It improve administrative management.
also talks to the way the institution will be directed
and governed by Council.
5.1.4 Improve corporate governance
The expected strategic outcome for Institutional The University will balance the interests of all
Sustainability is a university with a diversified stakeholders by strengthening accountability and
financial base, supported by efficient and effective financial planning. Poor and ineffective
effective administrative and management corporate governance does not only affect the
processes built on good ethos. This theme has University financially, but could also result in costly
the following five strategic objectives. legal and reputational harm. Accountability is one of
