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27 November 2018 | Story Lacea Loader | Photo Sonia Small
Prof Francis Petersen
Prof Francis Petersen, Rector and Vice-Chancellor of the UFS.
On 24 October 2018, the Board of Universities South Africa (USAf) elected Prof Francis Petersen, Rector and Vice-Chancellor of the University of the Free State (UFS), as Chairperson of its Finance and Investment Committee. As Chairperson of this committee, Prof Petersen will also serve as member of USAf’s Executive Committee and as ordinary member on the Audit and Risk Committee.

“On behalf of the UFS Council, I wish to congratulate Prof Petersen on his election as Chairperson. USAf plays an important role in higher education and I am confident that Prof Petersen’s contribution as Chairperson of the Finance and Investment Committee will be of great value to not only USAf, but to the sector in general,” said Mr Willem Louw, Chairperson of the UFS Council.

According to Prof Petersen, his election as Chairperson and his membership of the Executive Committee and the Audit and Risk Committee will enable him to gain further insight into matters of national interest relating to finance and investment and it will give him the opportunity to represent USAf in its deliberations with government on the broader issue of fees and other related matters. “I am honoured by the election and look forward to support USAf’s initiatives relating to the portfolio,” he said.

Prof Petersen’s appointment as Chairperson of the Finance and Investment Committee is for a three-year term of office.

News Archive

UFS finances are fundamentally sound
2007-12-01

The finances of the University of the Free State (UFS) remain fundamentally sound and a higher than expected surplus of about R26 million was achieved in the 2007 budget.

This announcement was made last week during the last meeting of the UFS Council by Prof. Frederick Fourie, Rector and Vice-Chancellor.

“Up to now, we could finance the considerable investments in the infrastructure from discretionary funds, in spite of the fact that Council granted us permission during 2005/06 to take up a loan of R50 million for this purpose,” said Prof. Fourie.

The higher than expected surplus of about R26 million will be used among other things for the financing of infrastructure in order to further postpone the taking up of a loan.

In support of the drive to reposition the UFS nationally as a university that is successfully integrating excellence and diversity, R5 million will be made available from the surplus for this purpose.

The Council also approved the following allocations for 2008 for the key strategic pillars of a good practice budget for the university:

Information sources: R21,1 million
IT infrastructure: R3,5 million
Replacing expensive equipment: R7,05 million
Research: R18,1 million
Capital expenditure: R28,2 million
Maintenance capital assets: R18,2 million
Reserves: R6,3 million
Personal computers for the computer laboratory: R3,5 million

For the Qwaqwa Campus R2,5 million has been set aside for these issues.

In terms of strategic priorities R8 million was allocated for the academic clusters, R2 million for equitability, diversity and redress and R6 million for equity.

The projected income for 2008 will be R849 million, while the projected expenditure, excluding transfers, will be R694 million.

“Council further approved that discretionary strategic funds be largely voted to the further upgrading of the physical infrastructure, especially the Chemistry Building, the computer laboratory building, examination venues and the Joolkol,” said Prof. Fourie.

According to Prof. Fourie, funds have been reserved for the development of the academic clusters, as well as the continuation and acceleration of the transformation programme of the UFS.

“We have also managed to revise the conditions of employment of contract appointments and align it with the latest labour practices. The phasing in of the fringe benefits of this specific group of staff members will commence in 2008,” said Prof. Fourie.

Given the dependence of the income of the UFS on student numbers, a task team was formed last year to investigate the continued financial sustainability of the UFS. The core of this task team’s recommendations is:

to increase the third income stream by using the academic clusters as the main strategy; and to apply strategies such as the recruitment and extension of the postgraduate and foreign student corps, increase the income from donations and fundraising, etc.

Media Release
Issued by: Lacea Loader
Assistant Director: Media Liaison
Tel: 051 401 2584
Cell: 083 645 2454
E-mail: loaderl.stg@ufs.ac.za
30 November 2007
 

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