Financial sustainability of universities: rectors of universities with a special status discussed the development of endowment funds in the Kyrgyz Republic

A meeting of heads of universities of the Kyrgyz Republic with a special status was held in Bishkek, at which the prospects for creating endowment funds — mechanisms for long-term financing of the development of higher education were discussed.The event was initiated by the Academy of Public Administration under the President of the Kyrgyz Republic named after Zhusup Abdrakhmanov. The meeting was attended by the rector of the Kyrgyz-Russian Slavic University Sergei Volkov, as well as heads and representatives of the country's leading universities.Opening the discussion, the rector of the Academy of Public Administration under the President of the Kyrgyz Republic named after Zhusup Abdrakhmanov, Aigul Kalchakeeva, emphasized that the key task is — the development of a unified regulatory framework for the formation of a transparent and effective system of endowment funds in Kyrgyzstan. According to her, such tools have proven their effectiveness in world practice and allow universities to strengthen financial stability and develop educational and scientific infrastructure.Erkinbek Isakov, Vice-Rector of the Academy for Financial and Infrastructure Activities, made an analytical report. He outlined the basic principles of the functioning of endowment funds: the safety of fixed capital, the use of only investment income, the presence of an independent supervisory authority and mandatory public reporting. Possible sources for the formation of funds include grants, voluntary donations, transferred assets and investment income.Rector of KRSU Sergei Volkov presented the experience of the university, noting that the university already uses financial instruments that can be considered as a prototype endowment fund. He also gave examples of Russian practice, where such funds are formed with the participation of companies with state participation.«Such mechanisms provide an opportunity to develop infrastructure projects, support students and teaching staff. We support the initiative and are ready to get involved in joint work», — Volkov noted.Representatives of other universities also declared their readiness for cooperation. In particular, the vice-rector of the Kyrgyz National University named after Zhusup Balasagyn announced the development of a bill on endowment funds, which has already been submitted for consideration to the Jogorku Kenesh of the Kyrgyz Republic. Management of the Kyrgyz National Agrarian University named after K.I. Scriabin and the Diplomatic Academy of the Ministry of Foreign Affairs of the Kyrgyz Republic also supported the idea of joining forces and conducting joint research in the field of university management.During the discussion, participants formulated proposals on the content of the future bill, including issues of regulating sources of financing, management mechanisms and ensuring transparency of the funds’ activities.As a result of the meeting, a decision was made to create a working group that will finalize proposals and prepare a consolidated position for universities to further promote the initiative at the state level.