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Charlotte Amalie
Monday, June 27, 2022
HomeNewsArchivesKEAN: UVI RETURNS 70 PERCENT ON INVESTMENT

KEAN: UVI RETURNS 70 PERCENT ON INVESTMENT

The University of the Virgin Islands presented its budget to the Senate Finance Committee Wednesday with a plea from Orville Kean, UVI president, for a stronger V.I. government and UVI alliance.
Testifying with Kean was Laverne Ragster, UVI Provost, Roy Wattlington, Chancellor and Malcolm Kirwan, finance officer.
In asking for $29.1 million for UVI's Fiscal Year 2001 budget, Kean touted UVI's investment record. "Last year UVI received $22.8 million from the V.I. government, and generated about $16 million in grants and gifts. That is a 70 percent return on investment." Kean said that was much better than Warren Buffet or any other investment guru.
UVI is a very sound investment, and a highly productive partner, Kean said. He cited one project under consideration – partnering with the community to develop a research and technology park. He called it "perhaps our boldest and most innovative development project."
The park would promote research and technology transfer at the University, facilitate the growth of new business ventures, and promote economic development. The main focus of the park would be to better position the territory to attract high-growth industries, such as computers, software and communications.
Kean said the park would be an incubator facility to train for careers in e-commerce, to help young entrepreneurs acquire skills to compete in the global marketplace and to broaden the territory's economic base and spur activity. He assured Finance chairwoman Lorraine Berry that she would be hearing from him to get special funding legislation for the project.
Berry applauded Kean for the university's accomplishments, noting the national awards the university has received, which include Dr. Camille McKayle's Presidential Award for Excellence from the White House and seven Thurgood Marshall Scholarship Funds awards.
There was no doubt as to Kean's crowning achievement, the Sports and Fitness Center on the St. Thomas campus.
He said, "It is a jewel we are creating. It will not fall apart; it will shine like a beacon for the Caribbean." The center, which is expected to be open before the end of the year, will hold 4,000 for a concert, using seats on the floor, or 2,900 for sports events.
The center will be the largest single indoor sports facility in the territory, and will have the capacity to attract diverse athletic, academic, entertainment and commercial events, Kean said.
The revenue generating activities will include trade and tourism fairs, U. S. National Youth Championships, Central American and Caribbean University tournaments, Carnival activities and Olympic Committee and Sports Federation competitions.
In the last three moths alone, Kean said, UVI has generated more than $1 million in federal grants for economic, social and cultural development projects, such as the libraries, agricultural stations and the UVI Family Life Center.
The amount UVI is asking is $6 million more than the governor allocated in his budget. Kean said, "This level of support is not outrageous; it represents about 6 percent of the entire 2001 budget, and it is the level it was in the early 1990s."
University finance officer Kirwan said that UVI would generate about $6 million in tuition and fees, while Kean indicated the school is expecting at least $10 million in grants.
In conclusion, Kean said, "It depends on how you want to live – the less we have, the less we can do. You don't shrink out of a deficit; you grow yourself out."

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The University of the Virgin Islands presented its budget to the Senate Finance Committee Wednesday with a plea from Orville Kean, UVI president, for a stronger V.I. government and UVI alliance.
Testifying with Kean was Laverne Ragster, UVI Provost, Roy Wattlington, Chancellor and Malcolm Kirwan, finance officer.
In asking for $29.1 million for UVI's Fiscal Year 2001 budget, Kean touted UVI's investment record. "Last year UVI received $22.8 million from the V.I. government, and generated about $16 million in grants and gifts. That is a 70 percent return on investment." Kean said that was much better than Warren Buffet or any other investment guru.
UVI is a very sound investment, and a highly productive partner, Kean said. He cited one project under consideration – partnering with the community to develop a research and technology park. He called it "perhaps our boldest and most innovative development project."
The park would promote research and technology transfer at the University, facilitate the growth of new business ventures, and promote economic development. The main focus of the park would be to better position the territory to attract high-growth industries, such as computers, software and communications.
Kean said the park would be an incubator facility to train for careers in e-commerce, to help young entrepreneurs acquire skills to compete in the global marketplace and to broaden the territory's economic base and spur activity. He assured Finance chairwoman Lorraine Berry that she would be hearing from him to get special funding legislation for the project.
Berry applauded Kean for the university's accomplishments, noting the national awards the university has received, which include Dr. Camille McKayle's Presidential Award for Excellence from the White House and seven Thurgood Marshall Scholarship Funds awards.
There was no doubt as to Kean's crowning achievement, the Sports and Fitness Center on the St. Thomas campus.
He said, "It is a jewel we are creating. It will not fall apart; it will shine like a beacon for the Caribbean." The center, which is expected to be open before the end of the year, will hold 4,000 for a concert, using seats on the floor, or 2,900 for sports events.
The center will be the largest single indoor sports facility in the territory, and will have the capacity to attract diverse athletic, academic, entertainment and commercial events, Kean said.
The revenue generating activities will include trade and tourism fairs, U. S. National Youth Championships, Central American and Caribbean University tournaments, Carnival activities and Olympic Committee and Sports Federation competitions.
In the last three moths alone, Kean said, UVI has generated more than $1 million in federal grants for economic, social and cultural development projects, such as the libraries, agricultural stations and the UVI Family Life Center.
The amount UVI is asking is $6 million more than the governor allocated in his budget. Kean said, "This level of support is not outrageous; it represents about 6 percent of the entire 2001 budget, and it is the level it was in the early 1990s."
University finance officer Kirwan said that UVI would generate about $6 million in tuition and fees, while Kean indicated the school is expecting at least $10 million in grants.
In conclusion, Kean said, "It depends on how you want to live – the less we have, the less we can do. You don't shrink out of a deficit; you grow yourself out."