VIV Newsletter Vol 5

NEWSLETTER

VOICES IN THE VICE-CHANCELLERY NEWSLETTER ISSUE #5 January 2022

ˈ

DOLLAR

/dälәr/
verb

1. The basic monetary
unit of the US, Canada,
Australia, and certain
countries in the Pacific,
Caribbean, Southeast
Asia, Africa, and South
America.1

SENSE

/sens/ /sεns/
noun

1. A faculty by which the body
perceives an external stimulus;
one of the faculties of sight,
smell, hearing, taste, and touch.
2. A way in which an expression
or a situation can be interpreted;
a meaning.2

1 Definitions from Oxford Languages (https://www.lexico.com/en/definition/dollar)
2 Definitions from Oxford Languages (https://www.lexico.com/en/definition/sense)
pg. 2 VIV NEWSLETTER issue 5

Cuptia qui dicidiaturio bercias sintium ut poremqu iducit et pedi adi sum
renihil iatinto tasperit il es ullacit atiamus intiate magnat. Cuptia qui
dicidiaturio bercias sintium ut poremqu iducit et pedi adi sum renihil
iatinto tasperit il es ullacit atiamus intiate magnat. Cuptia qui dicidiaturio
bercias sintium ut financial poremqu iducit et pedi adi sum renihil iatinto
tasperit il es ullacit atiamus intiate magnat. bercias sintium ut poremqu
iducit et pedi adi sum renihil iatinto tasperit il es ullacit atiamus intiate
magnat. Cuptia qui dicidiaturio bercias currency sintium ut poremqu
iducit et pedi adi sum renihil iatinto tasperit il es ullacit atiamus intiate
magnat. Cuptia qui dicidiaturio ut poremqu iducit et pedi adi sum renihil
iatinto tasperit game-changer il es ullacit atiamus intiate magnat. Cuptia
qui dicidiaturio bercias sintium ut poremqu iducit et pedi adi sum renihil
iatinto tasperit il es ullacit atiamus intiate magnat. Cuptia qui dicidiaturio
bercias sintium ut poremqu iducit et pedi adi sum sense ullacit atiamus
intiate magnat. io bercias iducit et pedi adi sum renihil iatinto tasperit il
es ullacit atiamus intiate magnat. Bercias generational wealth sintium ut
poremqu cit et pedi adi sum renihil iatinto tasperit il es ullacit atiamus
intiate magnat. Cuptia qui dicidiaturio bercias sintium ut poremqu iducit
et pedi adi sum pedi adi sum renihil iatinto budgetingtasperit il es ullacit
atiamus intiate magnat. Cuptia qui dicidiaturio bercias sintium ut poremqu
iducit et pedi adi sum renihil iatinto tasperit il es ullacit atiamus intiate
magnat. Cuptia qui dicidiaturio bercias sintium ut poremqu iducit et pedi
adi sum renihil iatinto tasperit il es ullacit atiamus intiate magnat. sense
qui dicidiaturio bercias sintium ut poremqu iducit et pedi adi sum renihil
iatinto tasperit il es ullacit atiamus intiate magnat. Cuptia qui dicidiaturio
bercias sintium ut poremqu iducit et pedi adi sum renihil iatinto tasperit
il es ullacit atiamus intiate magnatcashflow bercias sintium ut poremqu
iducit et pedi adi sum renihil iatinto tasperit il es ullacit atiamus intiate
magnat. Cuptia qui dicidiaturio bercias sintium ut poremqu iducit et pedi
adi sum renihil iatinto tasperit il es ullacit atiamus intiate magnat millions
qui dicidiaturio bercias sintium ut poremqu iducit et pedi adi sum renihil
iatinto tasperit il es ullacit atiamus intiate magnat. Cuptia qui dicidiaturio
bercias sintium ut poremqu housing sum renihil iatinto tasperit il es ullacit
atiamus intiate magnat. Cuptia qui dicidiaturio bercias sintium ut poremqu
iducit et pedi adi sum renihil iatinto tasperit il es ullacit atiamus intiate
magnat. Cuptia qui dicidiaturio bercias sintium ut poremqu iducit et pedi
adi sum renihil iatinto tasperit il es ullacit atiamus intiate magnat. Tercias
sintium ut poremqu iducit et pedi adi sum renihil iatinto tasperit il es ullacit
atiamus intiate magnat. financial code Cuptia qui dicidiaturio dicidiaturio
dicidiaturio dicidiaturio dicidiaturio dicidiaturio dicidiaturio dicidiaturio
dicidiaturio poremqu iducit et pedi adi sum renihil iatinto plan tasperit il
es ullacit atiamus intiate magnat. Cuptia qui dicidiaturio bercias sintium ut
poremqu iducit et pedi adi sum renihil iatinto tasperit il es ullacit atiamus
intiate magnat. Cuptia qui dicidiaturio bercias sintium ut poremqu iducit et

VOICES IN THE VICE-CHANCELLERY NEWSLETTER p.06
From the Editor
EDITOR
Fiscal discipline is of
Maurice D. Smith paramount importance

ASSISTANT EDITOR p.10
Ways to Build a H
Lesia Sawyers Relationship Wit

EDITORIAL TEAM A happier, healthier, and
fulfilling life for you
Ava-Loi Forbes
Gillian Weekes p.17
Haydee Gordon How to win in th
Rhonda Jaipaul-O’Garro Market from Sta
Shyvonne Williams-Serrette
The thought of one day
CONTRIBUTORS
p.25
Eugenia Wilson Tips for Buildin
Shericka Wilson
Tiffany Lawson The importance of bui
foundation
DESIGN & LAYOUT

Adrian Green

contents

p.08
Money... Is it really a game-changer?

Emancipate, Educate, Donate

Healthy
th Money

d more

p.13
The UWI’s plan for financial
sustainability: ‘Operation RR75+’

Addressing its financial sustainability

he Housing
akeholders

owning a home

p.20
The UWI Financial Code

The framework for financial management

ng Generational Wealth

ilding a firm financial

p.29
Games & Sense

Improve your financial literacy

VIV NEWSLETTER issue 5 pg. 5

From the
Editor

What would you 95% remained married after winning;
do if you won the • 90% had the same best friend after the
lottery and or winning;
suddenly became • 55% reported they were happier after
a billionaire? winning;
• 48% remained in the same job after
the win; and
• 44% were broke within five years of
winning.

Better yet, how would your life change I recall in March 2016, Jamaican media
were you to receive a windfall? Would houses relayed a story of a man who
you hurriedly submit your resignation had won himself $45M having had the
letter? Would you purchase a few homes numbers revealed to him in a dream by
in the choicest of communities in a his late grandmother. He recounted how
suburb? Would you request by way of he paid $7M in taxes; gave his mother
special order the car of your dream or and eight siblings $1M each; and spent
would you set out on making the globe some to build a family house and attend
your gateway? Would you even consider to his children and some other expenses
helping out some persons or providing he had had. From the remaining $10M
relief to a well deserving charity? How which had been placed in the bank,
would all this money impact your he bought a tractor for $6M. It soon
circumstances? thereafter started to malfunction.
Hundreds of thousands were expended
Beforeyouoffermeananswer,letmeshare to effect repairs but then the parts were
with you some statistics I came across in stolen; the cost to replace was $2.5M.
one of my recreational reading sessions. The resident contended that shortly
The National Endowment for Financial thereafter he had had no money left
Education [2016] argues that some 70% and was unable to purchase basic food
of people who win a lottery actually end items. His scars included his unfinished
up broke in a few years. A 2015 study of eight-bedroom mansion and his
34 US national lottery winners [8 males malfunctioning Chevrolet Avalanche
and 26 females with the mean age of that had been parked for six years.
46] yielded some interesting findings:

pg. 6 VIV NEWSLETTER issue 5

Here are some dollar and “sense”
principles that I have found rather
helpful:

• A car is a liability. Pursue the
acquisition of assets;
• Coins have value, don’t discard them;
• Create a budget and follow it even for
recreational spending;
• Credit cards are for the financially
wise and mature. Choose a card that
rewards you for use (e.g. travel miles)
but use it as sparingly as possible and
pay the amounts owing before the
due date;
• Credit Unions most times offer lower
rates of interest than do commercial
banks;
• Delayed gratification is a virtue to be
developed;
• Establish multiple income streams Fiscal discipline is of paramount
and reduce expenditure; importance to me as a private
• Generally speaking, the more one individual as it is to the University as
earns is the more one spends as there will be espoused within this edition.

are life style changes. It is helpful and

Prudence though to try to manage this
phenomenon by pretending there

profligacy stand was no increase.
• It’s more cost effective to buy in cash
than on hire purchase;

before us; the• Lending money is a risk so only loan
amounts that won’t disable you in

choice is clear. the event the funds are not returned;
• Live within your means;
• Money has no value unless it is used;
every now and again treat yourself;
• Invest, invest, invest;
• One should save at least 20% of his MUnaiuvreircseitDy .RSemgiistthr,aJrP&; ECdh.Die;fCAPdFmEidnistrative Officer
salary; and
• Paying your bills and loans should
be done with zeal.

VIV NEWSLETTER issue 5 pg. 7

Money... Is it really a game-changer?

Gillian Weekes

According the Merriam-Webster the lives of many students through the
dictionary a “game changer” is an offerings of scholarships and bursaries
element or factor that changes an existing (not being limited to only these streams).
situation or activity in a significant way.

One such recipient of a scholarship
The UWI Global Giving: Emancipate, shares “herstory”:
Educate, Donate - game changer?
Opportunities are being given to In the year 2017, I was graced with
students to ensure “that no student is the amazing opportunity of receiving
left behind at a time when education a UWI Open Campus scholarship
natters”. To achieve this mammoth goal for two years. The only scholarship
– money is imperative! Undoubtedly, recipient from the Open Campus St.
there are various ways “to earn money” Augustine location. I was really, really
to achieve an ultimate life’s goal. At blown away. My greatest setback and
The UWI, this community has the struggle have been for me in the
privilege to contribute towards this pursuit of tertiary level of education
vision. Furthermore, communities was the financial constraints. Not
beyond The UWI can also savour the having that support to help me pursue
joys of partnering with a university that or even to think about that dream or
is internationally respected to impact

pg. 8 VIV NEWSLETTER issue 5

fathom the possibility of pursuing a paid for my tuition for the next two
first degree was a real struggle. semesters. So that again allowed me
However, upon receiving this to focus and press in. I did not take
scholarship, I really saw that this opportunity for granted. I studied
possibility of my dreams, my hard and worked hard. I sacrificed
capacity and my ability to pursue my so many things joyfully because I
education, actually become a reality. know the honour and the blessing
I was also offered the opportunity at of receiving this scholarship. I know
our Scholarship Recipient Breakfast what this meant to me, so I studied, I
just to share about my journey and worked hard every semester and I did
what that opportunity meant for me. not allow myself to just settle. I gave
I believe it has been one of the most more and more and more because I
defining moments in my life as a knew I was able to as my focus was
student and as a young person. There there. Just moving forward from those
were many persons who applied for two years and the two semesters,
scholarships and yet I was chosen. receiving that funding, allowed me
It was for me, one of the greatest to lock in and to pursue a dream.
miracles at this juncture in my life to To continue pursuing a dream that I
receive that. thought impossible.

I remember the Deputy Principal When I go back my final grades – I
(St. Augustine Campus) sitting at always worked towards A grades and
the table. He said to me “Jamilla, you when I saw that I was graduating
got this scholarship, so all you can with First Class Honours, I was
do now is to focus and come home blown away! I could not believe that
with First Class Honours”. I watched everything that I had worked for at
him and I thought, that is really a big the university’s financial support had
request. “You said the biggest issue afforded me to really pursue a dream
or the biggest weight that you had to that I saw as impossible. I graduated
carry was the financial burden. Now in November 2021 and I celebrated! I
that has been lifted from you. With just want to say thank you so much to
the support of the of The UWI you The University of the West Indies for
can run and run hard.” I said, “Ok giving me the opportunity to soar!
Sir, I’m going to run hard” and I did. For giving me the opportunity to
Every semester for those three years, dream and to live out that dream and
well, this scholarship was for two for choosing to believe in me. I say
years, I had two additional semesters thank you so much. God bless you!
to complete my degree. I reached out Can anything else be added to “herstory”
to The UWI at the Mona Campus, … except to emphasise that UWI Global
they were so accommodating. They Giving: Emancipate, Educate, Donate -
were willing and they did fund and is a GAME CHANGER!

Ways to Build a Healthy Relationship
With Money

Lesia Sawyers

Before we get into how to develop a
healthy relationship with money, maybe
we should try to understand what a
relationship with money would be like.
If we think about it, money is another
thing that occupies space in our brains,
similar to the way food, exercise and
even work does and so if we think about
what those factors then, you can have an
idea of what a relationship with money
could be like.
We are all aware that healthy
relationships do not just happen. They
are built and maintained over time.
So how do we build and maintain a
healthy relationship with money? Well,
a good starting point is to build a good
relationship with ourselves.
Margarita Tartakovsky, M.S., Associate
Editor at Psych Central wrote an article
entitled “6 Ways You Can Have a Healthy
Relationship with Yourself”.

pg. 10 VIV NEWSLETTER issue 5

Let us take a look at the six topics she medical and scientific research, or the
discussed in her article in terms of your arts, helps to remind us that money is a
relationship with money: means to an end, not an end in itself.
1 3
CARE FOR FOCUS ON YOUR
YOUR NEEDS INNER WORLD

Taking care of your physical needs Focusing on your inner world of
includes things like getting enough thoughts and emotion can help you
sleep, eating nutritious meals, brushing become more self-aware. Self-awareness
your teeth, and exercising. helps you understand what you are
really feeling, and why you are feeling
Taking care of your fiscal needs that way. Self-awareness also helps
includes understanding the difference you understand your own actions
in the money you spend on your true and reactions to various situations.
“needs” like food, housing, childcare,
healthcare, etc. from your “wants” like Financial self-awareness is important
entertainment, restaurants, premium as well. Knowing yourself and your
channels, and gourmet coffee. financial condition is critical when you
are faced with questions about changing
jobs, working more or less hours, buying
a new car, taking a vacation, or buying a
house.
2Engaging in activities that bring you joy,JOY IS
IMPORTANT
like taking a walk, eating a chocolate,

4volunteering, reading or taking an
REGULARLY
MAKE TIME FOR
YOURSELF.

exercise class, helps you recharge your You cannot become more self-aware if
emotional well-being. you do not set aside time for yourself.
Even a few quiet minutes in the morning
Small purchases that bring you great joy, enjoying a cup of coffee or reading a
like buying a good book, or an occasional good book or article can be beneficial to
gourmet chocolate or coffee, or buying your self-awareness.
your child a special treat, is money well
spent. Set aside money in your budget for Likewise, you cannot become financially
those things that bring you joy. Similarly, self-aware if you don’t set aside time. You
giving money to causes in which you need to designate a regular time (e.g.,
believe (within your budget), like non- like monthly) to review your financial
profit charities, religious organizations, situation.

VIV NEWSLETTER issue 5 pg. 11

MEDITATE 5 BE YOUR OWN

6BEST FRIEND
Meditation is a method that many When you are being hard on yourself
people use to gain peace of mind and for some perceived shortcoming, think
perspective during that time that they about how you would treat your best
have set aside to focus on their inner friend or a close family member. Chances
world. are that you would be supportive and
forgiving. Do the same for yourself.
Use your regular financial review time
to think about your financial situation Be a best friend to your financial self, too.
and to set some goals, even small ones. Do not be overly critical if you stumble
Think about how good you will feel next but be honest with yourself. Spend time
month when your credit card balance to understand your financial condition
goes down by that extra $100 payment and set goals to improve your situation.
that you decided to make.
An healthy relationship whether it be
Is debt cramping your lifestyle? with yourself, friends, family and your
Imagine how much simpler life could be money requires time and effort. The
if you were debt free. We can help you reward is a happier, healthier, and more
make a plan to get there. fulfilling life for you.

pg. 12 VIV NEWSLETTER issue 5

The UWI’s plan for financial
sustainability: ‘Operation RR75+’

Rhonda Jaipaul-O’Garro & Shyvonne Williams-Serrette

“This is not a knee-jerk

COVID-19 response
“

In July 2021, Vice-Chancellor, Professor reputation regionally and globally as a
Sir Hilary Beckles, began leading a series pre-condition for this second phase.
of strategic planning retreats towards
shaping ‘Operation Revenue Revolution According to Vice-Chancellor Beckles,
75+ (Operation RR75+)’. “We could not go to the region and
world for resources and development
Operation RR75+ is the five-year partnerships with our brand and
operational plan aimed at guiding reputation in question. We had to put
the second phase of the institution’s our house in good order before going
overarching Triple A Strategic Plan. out into the very competitive higher
Vice-Chancellor Beckles says it presents education world.”
a historic moment because it’s the first
time in our 73-year-old history, that He added, “The results of this first phase
the University is implementing an were spectacular. The UWI in 2019
operational plan dedicated solely to received a ‘triple 1st ranking’ from the
addressing its financial sustainability. Times Higher Education: number 1 in
the Caribbean, top 1% in Latin America
In the prior five-year operational plan, and the Caribbean region, and top 1% in
themed ‘The Reputation Revolution’, its global cohort (of universities between
the University focused on rebuilding 50 and 80 years old). It is now ready for
its brand, and radically upgrading its a fully-fledged revenue revolution. The

VIV NEWSLETTER issue 5 pg. 13

“The UWI will emerge “

as a hybrid academy,
maintaining its identity
and brand as the region’s
premier first class ‘public
good’ university, while
containing and driven
by a robust commercial,

income generating
operation dedicated to
creating a sustainable
self-financing enterprise

pg. 14 VIV NEWSLETTER issue 5

foundations have already been laid over “The UWI will emerge as a hybrid
the past five years, but a blinkered single academy, maintaining its identity and
purpose is now before us. This is not a brand as the region’s premier first class
knee-jerk COVID-19 response. It was ‘publicgood’university,whilecontaining
already on the cards in 2017 when the and driven by a robust commercial,
Triple A Strategic Plan was approved. income generating operation dedicated
The pandemic for us is not a game to creating a sustainable self-financing
changer, but a super accelerator.” enterprise. Operation RR75+ is
Vice-Chancellor Beckles establishes that therefore the tipping point in the 21st
the University cannot continue to grow, century journey and evolution of The
innovate, and prosper solely within its UWI” says Vice-Chancellor Beckles.
domestic financial base. Recognising
the devastation of the regional economy
by COVID-19 leading to governments’
inability to fund it at approved level, it is
a global gaze that is now at centre stage
within Operation RR75+.

He notes that there has been an explosion
of innovation within The UWI during
the last five years, that this is being
captured in the current strategy and that
it is expected that this will be reflected
in an upsurge in productivity, cost
reduction, and the greater application of
technologies to The UWI’s new business
culture.

To close the budgetary gap produced
by the current funding model,
characterised by large government
arrears and subsequent impairment and
write-offs, the University has taken on a
new entrepreneurial focus.
The grand objective is to enhance the
financial strength of the University,
stabilise the contributions of
governments, reduce costs to regional
students, and transform overall
governance in the best interest of the
public academic institution.

VIV NEWSLETTER issue 5 pg. 15

Operation RR75+ which sees its first • Intensification of entry into new
target as the 75th anniversary of the regional markets to be advanced
University in 2023 and looking beyond, • A new drive into the endowment
seeks to create a funding model as market to secure resources for
follows: large scale regional research,
and scholarships for historically
50% revenue from The UWI’s marginalised students
contributing Caribbean governments • A revamping of the regional and
and 50% revenue from the University’s global alumni giving operations
entrepreneurial actions including: • New global partnerships to be placed
on a sound commercial footing
■ 20% regional student fees • Conversations with regional
■ 10% international student fees governments and the private sector
■ 10% business activity to be intensified to create university
■ 5% private sector investment owned land bank, and private
■ 5% endowment sector sector Investment Fund for
(including alumni) institutional and infrastructural
development.
The University will see significant
activity on both sides of the balance These strategies are already in action,
sheet, beginning with a 10% expenditure some more advanced than others, and
reduction per year, for two years. are already impacting the governance
model of the University, while changing
On the revenue side, the University will its business culture.
implement its Ten Point Financial Plan;
in this context the following projects Look out for details on how you
have already been initiated: can participate in consultations and
workshops as The UWI advances
• Development of bankable projects Operation RR75+.
for income generation underway
• The UWI Enterprise holding
company designed to promote
commercial activity will
be launched
• Business enterprises to go to
regional capital markets
through the offer of UWI
Business Bonds and other financial
instruments
• The commercialisation of
intellectual property to be initiated
• The UWI Global Campus projected
for launch in 2022

pg. 16 VIV NEWSLETTER issue 5

How to win in the Housing Market

Shericka Wilson

Guest Contributor, Alumna (‘20)

The thought of one day owning a home FOLLOW UP WITH YOUR NATIONAL
is merely but a long winded dream for HOUSING TRUST/AGENCY (NHT/A)*
many. With the current cost of real estate
topped with the fierce competitiveness One of the most frustrating situations
of the market, many may feel the doors for buyers, is to find out mid-process
of homeownership closing in. Buying that their NHT/A benefits were not
a home can be very challenging for being paid over to the Trust. Do not
most first-time buyers as they are take for granted that your employer has
often unaware of the steps involved. made your contributions. Visit or call
To demystify the process and to make the NHT/A to enquire your status so
the home buying process less stressful, as to remedy any issues ahead of time,
here is a rundown of what you need to if needed, to ensure your contributions
consider before getting started. are up-to-date.

* The name of the agency/corporation and as well the processes may vary across territories

VIV NEWSLETTER issue 5 pg. 17

PAY OFF CONSUMER DEBTS GET YOUR DOCUMENTS IN ORDER

One thing that keeps many locked out of Be prepared for a full financial scrutiny.
homeownership is a high debt balance. You will have to disclose to the bank all
This can become problematic as lenders your financial details whilst submitting
look closely at your debt service ratio documentary evidence of same. The
to determine your affordability. The home buying process will require proof
least of your income going out towards your employment and good financial
debt payments leaves more cash flow standing as indicated on financial
to put towards your home purchase. If statements, 3 last pay slips, a job letter,
you can, increase your income, it looks NHT/A contribution letter (this is
great to your lenders! The more cash to prove your current standing with
you have, the better your chances. If you the NHT/A), proof of address, proof
cannot increase your income, stay as far of savings, proof of debt servicing,
away from consumer debt to preserve ID, Taxpayer Registration Number,
the integrity of the income you do have National Insurance Scheme number,
available. and be within the legal age of 18-70 years
alter alia as per need of the financial
START SAVING institution. Please note that you will be
subjected to a credit background check.
Buying a home will be one of, if not This credit check will provide all your
the most expensive purchases you will credit history within the last 5-7 years.
ever make. Start saving for your home
purchase today. Most banks will require SHOP AROUND
a 10% - 20% deposit on the total cost
of the property. This deposit you are Not all financial institutions are equal.
required to have in cash and in full Shop around to get the right mortgage
alongside other fees associated with terms for you. These should include
purchasing a home such as closing getting the best interest rates, loan term,
costs, bank processing fees, lawyer fees, processing and administrative fees
administrative fees, escalation costs etc. and overall service satisfaction. Find
To purchase a home costing $13,000,000 a lender that supports your needs and
a 10% deposit will cost you $1,300,000 don’t forget to negotiate with your bank.
plus additional fees as mentioned above. Do not settle for the first home you see
Get a head start on your savings. either. There are plenty of nice homes
on the market. Be opened to looking at
JOIN WITH A PARTNER multiple properties before deciding on
any one.
Can you qualify for a mortgage by
yourself? This may not be an option for
everyone but where you can, consider
pooling funds with another party, it will
increase your buying power.

GET PRE-APPROVED FOR A MORTGAGE the regulations within real estate
transactions are upheld and free of
The reality is that there are more persons fraud. A lawyer also will negotiate terms
house hunting, than there are available on your behalf and settle zoning related
properties, but there are equally as many matters.
unprepared property watchers. As such,
for us as potential buyers, in order for BE OPENED TO THE OPEN MARKET
us to win in this housing market, we
have to be proactive. Having a sound The NHT/A will not be able to provide
handle on your finances will put you housing for all of us. Whilst we would
ahead of the spectators. With a pre- all want to have an NHT/A home, be
approval from the NHT/A (Eligibility opened to properties on the open market.
Letter) and/or financial institution (Pre- Also consider hiring a Real Estate
Qualification or Pre-Approval Letter), Professional to aid your search. They are
this will highlight the total number of professionally trained within the field
funds available to you, the amount you and may be able to find the property most
need for the deposit, monthly mortgage suited for you in a shorter timeframe
payments, interest rates, loan term etc. than you can. Plus, their services are
This will determine your buying power free UNTIL you have found your home.
and concretize how much home you In concluding, be realistic, note that a
are able to afford so that you can shop first home is exactly that; a first home.
responsibly (within your budget). Do not overly romanticize or expect your
first home to be your dream home. Your
SEEK LEGAL ADVICE first home is your first step into the real
estate landscape. Overtime, your home
It is always advisable to have a lawyer will evolve. You will decorate, renovate
to review all your legal documents and may eventually relocate.
for example, your sales agreement,
title and other documents to ensure

VIV NEWSLETTER issue 5 pg. 19

THE UWI FINANCIAL CODE

Haydee M. Gordon

The University of the West Indies Financial effective date of the Code and defines
Code 2008 (‘the Financial Code’) and key terms. Chapter 2 describes the
accompanying Financial Procedures and governance of the UWI’s general system
Guidelines provides the framework for of financial management and control
financial management for The University, and its salient features. This includes
effective August 1, 2008. The Financial the respective roles of the F&GPC
Code sets out the broad principles and (University and Campuses); the Vice-
policies which undergird the systems Chancellor; and the University Bursar
of financial management and control and Campus Bursars, as prescribed in
within The University. It is supplemented The University’s Charter, Statutes and
by the more detailed provisions of the Ordinances.
Financial Procedures and Guidelines,
which are organized in chapters that Chapter 3 and Chapter 4 delve into
correspond with those set out in the policies, processes and procedures
Financial Code. The requirements governing revenues and expenditure
stipulated in the Financial Code and (capital expenditure is dealt with
Financial Procedures and Guidelines are separately). Chapter 3 stipulates that
not only relevant to persons responsible all amounts due to The UWI must
for the financial affairs of The UWI; but be properly and promptly assessed,
additionally, should be of interest to collected and duly credited to the
any person concerned with the current appropriate accounts of The University;
discourse on governance and financial and that funds received for specific
sustainability of The UWI. This article purposes such as endowments, grants
serves to provide a broad overview and special projects must be invested
of the Financial Code by way of an in accordance with the relevant
introduction to the interested reader. agreements with donors/partners.

Under Chapter 4, it is prescribed that
The Financial Code is organized into the University Council and Campus
fourteen chapters corresponding to the Councils are the final authorities
major components of a robust financial approving expenditure and incurring
management (FM) system. The pillars obligations at the level of The University
on which The University’s FM system and Campuses respectively (typically
rests are accountability, transparency; exercised by F&GPC – University
efficiency; productivity and value for and Campuses – by way of delegated
money. These principles are reflected authority). Of importance, no person
throughout the provisions of the may incur expenditure or commit The
Financial Code. Chapter 1 deals with UWI under a contract or other liability
preliminary matters including the unless the expenditure is included in

pg. 20 VIV NEWSLETTER issue 5

an approved budget and the person has F&GPC governing such matters as the
the authority to approve expenditure. calling for and acceptance of tenders for
When considering whether to approve goods, services and works which must
proposals for new programmes to be put be adhered to unless prior approval is
forward to F&GPC for consideration obtained from the competent authority.
subject to funding, the Academic Board The University Council may further
(Campuses) or the University Strategy prescribe rules as to the treatment of
Committee must take into account the conflicts of interest. In this regard,
cost and revenue implications of the attention is drawn to the procurement
proposal. policy and procedures manual of the
various campuses and to the Statement
Chapter 5 looks at the all-important of Ethical Principles and Code of Conduct,
matter of acquisition of resources under inclusive of the “Consultancy Rules” for
purchasing, procurement and contracts. Academic and Senior Administrative
It stipulates that the powers and levels Staff.
of expenditure of various authorities,
the conditions on which such power is Chapter 6 deals with losses and the
exercised and the general procedures in personal liability of responsible officers
respect of the various classes of contracts for any loss sustained through fraud
shall be determined by the appropriate or negligence including overpayments.
F&GPC. For this purpose, procedures Budgeting and budget execution is the
may be approved by the relevant subject of Chapter 7, which describes

VIV NEWSLETTER issue 5 pg. 21

pg. 22 VIV NEWSLETTER issue 5

the role and functions of the F&GPC; Investments is treated with in terms of
University Strategy and Planning financial investments in Chapter 9 and
Committee; the Budget Review investment in business enterprises in
Committee (Centre and Campuses); Chapter 10. In Chapter 9, the role of the
the University Bursar and Campus Bursaries, Office of Finance, University
Bursars; Principal Budget Holders and Financial Advisory Committee, Campus
Budget Holders; and the Management Financial Investments Operating
Audit Department (in respect of budget Committees and a Centre Financial
execution). Investments Operating Committee
are set out. Chapter 10 focuses on the
The focus of Chapter 8 is on Special all-important matter of new business
Projects, defined as “…those projects enterprises. The prescribed process
funded by grants or loans from external establishes the Business Development
donors and lenders, which contain donor- Office/Centre Project Office through to
imposed stipulations…” The Financial the University Bursar/Campus Bursars
Code provides that all proposals for as the gateway for the consideration of
soliciting funds for Special Project must all new business enterprise proposals.
conform to the Financial Procedures The University Bursar/Campus Bursars
and Guidelines in addition to the are responsible to review the proposal
requirements of the prospective donors/ and submit to the Campus Principal/
funding agency. Any counterpart Vice-Chancellor along with their
input (staff and/or expenses from The comments and recommendations. In
UWI) must be identified and included the case of a campus-specific proposal,
in the Budget. Where expenditure is the Campus Principal will then review
approved against specific revenues, the and submit the proposal along with
revenues should normally be received any recommendations to the Vice-
before the expenditure is incurred; Chancellor for review and information
and expenditure not provided in the prior to submission to the respective
project budget should not be incurred Campus F&GPC. After approval of the
except with the approval of the donor/ Campus F&GPC, the proposal is next
funding agency in consultation with the presented to the University F&GPC
University Bursar or Campus Bursar, as for final approval. A report on all new
appropriate. The roles of the F&GPC investments in business enterprise shall
(Campus & University); University be placed before the Council at each
and Campus Bursars; and Department meeting. Of importance, the Chancellor
Heads in respect of the implementation, exercises shareholder’s powers in
reporting requirements and monitoring consultation with the Vice-Chancellor,
of approved Special Projects is also set andwhererelevanttheCampusPrincipals,
out. Finally, it is stated that there should with respect to the appointment of
be some monitoring of the quantum of Members of the Governing Committee/
funds an employee should be able to earn Directors representing the University in
from project funds if such funds are in Centre-financed and Campus-financed
addition to monthly remuneration. University controlled enterprises. The

VIV NEWSLETTER issue 5 pg. 23

University-appointed Directors or the development of new and exciting
members of the Governing Committee/ academic products; collaboration
Board are required as a condition of for research and development with
their appointment to ensure that semi- Government, private sector interests and
annual and annual reports, as well as funding agencies, as well as engagement
annual audited financial statements, are with the philanthropic community. This
prepared and submitted to the respective requires stakeholders to have a thorough
F&GPC Committee through the Bursar. understanding of the policies and

procedures of the Financial Code and
Cash management is the subject of the Financial Procedures and Guidelines
Chapter 11. The important matter of as well as The University’s Ethical Code
capital expenditure and capital assets and Procurement Procedures. Even as we
is dealt with in Chapter 12. The last strive to make our respective business
two chapters of the Code focus on, processes more efficient to deliver on
respectively, the processes for accounting the thrust for financial sustainability,
and reporting (Chapter 13) and Audit, it is recognized that gaps exist in the
including Audit Committees (Chapter existing financial framework requiring
14). our urgent attention. Consequently,

the Financial Code and accompanying
It is anticipated that “Operation procedures are the subject of review
Revenue Revolution 75+” will see with the objective of enhancement and
increased activity in the areas of modernization.
contracts, entrepreneurial endeavors,

pg. 24 VIV NEWSLETTER issue 5

Tips for Building Generational Wealth

Eugenia Wilson, Alumna (‘14) & Tiffany Lawson

As more persons become conscious But for many families, there has never
of their financial wellness, the been any money, real estate, securities,
importance of building a firm or family businesses to pass on, so the
financial foundation for themselves currentgenerationmustbuildthefamily’s
and loved ones remains top of mind. wealth. Building generational wealth
For many individuals, especially parents involves asset acquisition and saving
who want their children to have more money beyond retirement needs which
opportunities than they did, leaving a can be passed on to future generations.
legacy for the future generation is an This sometimes is easier said than done,
ultimate goal. According to financial especially in light of the current economic
experts, when a person achieves this situation. Though this can be a daunting
goal it is called generational wealth topic for many, fortifying your family’s
– passing on meaningful assets financial strength can be achieved.
to the next generation in a family. Here are some tips for building wealth
and changing the trajectory of your
family’s financial security.:

VIV NEWSLETTER issue 5 pg. 25

GET COMFORTABLE LEARNING ABOUT
MONEY

Generational wealth isn’t just monetary – it’s also
knowledge. Spend time to learn about money and how
to invest it wisely. Not many of us were taught about
money and managing finances, but understanding how
it works beyond buying and selling items will aid in wealth
building.

“After learning how to manage money and invest for
yourself, you will be better equipped to teach your children
about money and personal finance, and empower them
to multiply the wealth you build,” Wilson said.

INVEST WHILE YOU CAN, WHEN YOU
CAN

A little goes a long way, and a few thousands today could
lead to millions in the future. Starting your investment
portfolio right now could be your first step to creating
generational wealth. Investing in real estate and the stock
market are good financial tools to build wealth for the
long term. Real estate is an appreciating asset that will
almost always allow you to turn a profit given its many
capabilities; while, being a part of the stock market will
allow you to benefit from the profits of the companies
listed.

“Many persons tell themselves they’ll wait until they hit
their first million to start investing, but the truth is many
of us never get there. No matter how small, there’s an
investment option for everyone. Get started today.” Wilson
encouraged.

pg. 26 VIV NEWSLETTER issue 5

PURCHASE LIFE INSURANCE

Make the effort to invest in life insurance now to safeguard
your family’s financial future. Illness, unsettled debt, and
burial expenses can put a financial burden on your family,
and having life insurance can lessen that financial load.

“Life insurance provides financial protection for your
loved ones in the event of your passing. Also, with asset
acquisition comes the necessity for cash in your estate for
expenses such as estate taxes,” Lawson shared.

PUT ASIDE MONEY FOR YOUR CHILD’S
EDUCATION – OPEN A TRUST FUND

A trust fund is a vehicle that can take you to your
destination of generational wealth using varying assets.
Lawson explained that putting aside money for your
child’s education is a sure-fire way to avoid passing on
generational debt, which can be a disadvantage to the
child after completing school. It also safeguards against
your child not being able to pursue higher education
because of a lack of funding.

“A college education sets up your children to be able to
provide for themselves; education is something that can
never be taken away. If you can help your children get
through university with minimal or no debt, then you are
helping to set them up for a brighter and more financially
stable future,” she said.

VIV NEWSLETTER issue 5 pg. 27

TEACH YOUR CHILDREN ABOUT
MONEY

Explaining concepts such as savings, budgets, and goal setting
will help your children to learn good money practices. Try
starting early by giving them a small allowance to manage
or giving financial incentives for extra chores or finishing
homework early so they understand the concept of hard work.

“It makes no sense acquiring this wealth for future generations
if you’re not teaching your children how to manage that wealth
properly. If they don’t learn proper money management
skills, it is likely the wealth you leave for them will be reduced
significantly throughout their lifetime,” Lawson shared.

Although the amount of wealth you The financial and wealth advisors
can accumulate will depend on several encouraged persons to seek help from
factors, it can become your reality if financial professionals to develop the
you are willing to commit yourself to it. wealth-building strategies that work
best for their families, based on their
income and financial situation.

pg. 28 VIV NEWSLETTER issue 5

Games & $ense

Ava-Loi Forbes Here are some financial board games/
online apps for adults (and others) that
Learning about financial prudence, can help you improve your financial
investment, stocks, etc. is important to literacy and to manage your personal
surviving as an adult. Research suggests finances.
that it is better to learn these skills as
a child. However, it is not too late to
become financially literate and you can
have fun doing so.

CASHFLOW CASHFLOW is a game that
invites players to escape the
rat race of a 9-to-5 job by
buying stocks, investing, and
accumulating passive income.

COST:

Originally called Cashflow 101, the new edition, CASHFLOW, has an updated
board, playing cards, professions, and includes an exclusive strategy guide all
for US$72. A free digital version of the game is offered on Kiyosaki’s website
with sign-up. A supplementary bundle, Cashflow 202, covers more advanced
investments and can be purchased separately for approxaimately US$68.70.

AGES/PLAYERS

CASHFLOW can be played with two to six players. It’s suitable for players 14
years and older.

FINANCIAL LITERACY SKILLS

Players will learn a lot about themselves and how they compare to their
opponents’ financial styles. Are you a risk-taker when it comes to investing,
or do you like to play it safe? In either case, practicing saving, investing, and
producing money will improve your financial literacy.

■ Investing
■ Accounting
■ Technical investment techniques pertaining to stocks, business,
and real estate

VIV NEWSLETTER issue 5 pg. 29

GAME OF LIFE The Game of Life is a board
game staple that continues
to educate and entertain
families by replicating the
unpredictable twists and turns
of life.

COST

There are several editions of the Game of Life, but the classic one
costs about US$19.99. The newer Electronic Banking edition sells
for US$26.49 and combines classic tabletop gameplay with an
interactive digital card system

AGES/PLAYERS

This board game is ideal for two to six players, ages 8 and older.

FINANCIAL LITERACY SKILLS

Players will balance chance with choice when deciding
on education, employment, pay, marriage, children, and
homeownership as they experience life’s milestones. Making
crucial financial decisions during gameplay has a significant
impact on each player’s net worth upon retirement. Effects of
education and career choice on income

■ Financial consequences of losing a job, having children,
and getting sued

■ Car and mortgage payments

■ Taxes

■ Debt

pg. 30 VIV NEWSLETTER issue 5

PAYDAY This resembles a calendar
allowing players to earn a
wage at the end of the month
after accumulating bills
and expenses. Prove your
budgeting and saving skills to
win

COST

Another board game with several iterations, Payday retails for
about $19.95. For an extra challenge, try Big Payday (hard to
source), a $50 customizable version that allows you to add events
and change the number of days in the month.

AGES/PLAYERS

This board game is best suited for two to four players, ages 8 and
up.

FINANCIAL LITERACY SKILLS

Payday simulates money management by asking players to
allocate their monthly paycheck in order to meet monthly
expenses, all while creating a savings fund.

■ The difference between income and expenses

■ Budgeting

■ Paying bills and loans

■ Creating an emergency fund

Online Apps - Financial Games

FINANCIAL FOOTBALL

A fast-paced, 3D interactive game that engages students while
teaching personal finance skills

FINANCIAL SOCCER

Tests players’ money management skills as they advance down
the field and try to score

RAT RACE

This game allows you to simulate a RAT RACE where you will have
loans to pay, bank to deposit and gain interests and much more investing
options.

The 7 Best Personal Finance Apps
of 2021

WHAT IS A PERSONAL FINANCE APP?

A personal finance app is an app that you can download on your smartphone or tablet
that helps you manage all aspects of your personal finances. These apps can help track
your spending, saving, and investing. They can also track bill payments and keep you
up to date on credit score changes. You can connect personal finance apps to your
financial institution so you can see where the money from your bank account is being
spent.

A personal finance app makes it easy to keep track of your finances on the go.
Typically, a personal finance app will have different features such as a shared wallet, bill
reminders, auto bill pay, and even managing subscriptions.

■ Best Overall: Mint
■ Best for Debt Payoff: You Need a Budget
■ Best for Wealth Management: Personal Capital
■ Best for Bill Payment: Prism
■ Best for Shared Expenses: Spendee
■ Best for Budgeting: EveryDollar
■ Best Visuals: Mobills

pg. 32 VIV NEWSLETTER issue 5



NEWSLETTER

VOICES IN THE VICE-CHANCELLERY NEWSLETTER ISSUE #5 January 2022

CALL FOR CONTRIBUTIONS
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contribute?
Send your emails to
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Or write to
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Mona, Kingston 7