HARNESSING INSTITUTIONAL POTENTIALS AND RESOURCES

FOR SUSTAINABLE DEVELOPMENT.

BAYO OLADEHINBO

HARNESSING INSTITUTIONAL POTENTIALS AND RESOURCES FOR SUSTAINABLE DEVELOPMENT.

Preamble: Major highlights of this paper are as given below.

A. Definition of Key concepts. B. Highlighting University’s resources being explored

C. Identifying Other University’s potentials and resources.

D. Framework for harnessing potentials and resources.

E. Institutionalizing Controls. (Ethical virtues/values and physical controls)

F. Benefits derivable from utilization of the University’s potentials and resources.

G. Conclusion.

A) DEFINITION OF KEY CONCEPTS * HARNESS: To put to use or to regulate

* INSTITUTIONAL: Pertaining to an established organization, especially one dedicated to education, public service, culture or the care of the destitute and poor. * Potential: latent excellence, endowment or ability that may or may not be developed; something that is capable of being developed but not yet in existence.

*Resources: Something that one uses to achieve an objective (men, materials, time etc). * Sustainable Development: Development that takes care of both the present and the future needs of the university or society.

• B) HIGHLIGHTING UNIVERSITY’S RESOURCES BEING EXPLORED. • *Human resources: This is the core resource. Without the human mind,

every other resource is trash. • * Other business ventures. • C) IDENTIFYING OTHER UNIVERSITY’S POTENTIALS AND RESOURCES .

Ecclesiastes 5:9 • Moreover the profit of the earth is for all: The King himself is served by

the field. • There is profit in the field. All we need is to identify, explore and utilize

these resources. They will not produce on their own.

For our University, the list of potentialities is in exhaustive, but I want to make mention of some.

i) Research. In the report published by the Research Universities Consortium about the current health and future wellbeing of American Research University in June 2012, it was concluded that a University’s core business is discovery, dissemination and application of new

• knowledge. Research is therefore germane to University’s reputation and the basis of its academic and financial success.

• ii) ICT Facilities and Ever Current Library: • iii) Centre for Entrepreneurship and Development Studies: The scope and

operation of this Centre should be widened for more profit oriented activities engendering greater inflow of financial resources.

• iv) Waste recycling operation. The volume of paper consumed by the University is much; paper waste can thus be recycled.

• v) Positioning Electric (Video) Billboards in strategic area of the institution where public advert can be placed by companies (fast moving and consumable goods).

• vi) More conferences and workshops by the University for internal and external participants.

• vii) Fees from sub-degree and postgraduate programs. • viii) Patenting of research findings and partnership with industries. • ix) Consultancy Services: Wide range of services to be provided for

government agencies and industries.

• D. FRAMEWORK FOR HARNESSING POTENTIALS AND RESOURCES FOR SUSTAINABLE DEVELOPMENT.

• i). Establishing a strong base Research, Innovation and Development Institute focusing on product development, packaging and launching to the market.

• ii) . The African Political Economy (APE) Model • Strategic Partnership with industries and other Stakeholders: • iii). Structured Reward System: There should be a

commensurate reward to motivate faculty, staff or student on any outstanding research or innovation.

• iv) Identify and maintain a database of societal challenges and problems:

• E. INSTITUTIONALIZING CONTROLS. (Ethical virtues and physical controls).

• Either at the National level or at our University level, where there are no controls to serve as checks and balances, funds flow stream can never be maximized.

• The place of personal ethics and institutional controls. • (a ) Ethical Conduct. • As earlier mentioned, the human resource is the core resource.

Ethical dilemma and issues confront him daily in line of duties. These need to be resolved appropriately to harness resources.

What is Ethics? • The dictionary defines ethics as a system of accepted beliefs

which control behavior especially such a system based on morals.

• Unethical Conduct: Doing the wrong thing for personal advantage.

What gives rise to unethical conduct? i) Perceived Pressure

Greed Addictions Poor cash management

• ii) Work Pressure:

• Dissatisfaction with pay • Denied promotion when due iii) Rationalization • “ I will pay it back” • “ I deserve a pay rise” • “It’s for a good purpose” Resolving Ethical Dilemma:

For every action or conduct, consider this: i) Is it ethical?

ii) Is anyone or the University hurt by my action? iii). Am I being honest? iv). How would I feel if it happened to me? v) . Would I be able to publicize my action or share the testimony.

b) INTERNAL CONTROL. Ethical virtues is never enough, there is need for the establishment of physical controls through an internal controls system.

• Internal Control: A plan or process that helps an organization achieves the following objectives amongst others.

• Safeguard assets. • Report financial information properly. • Ensure compliance with applicable laws and regulation • Accountability to stakeholders and reduction of risk of fraud.

• Common Control Activities. • 1. Segregation of duties • 2. Physical safeguards (life and property) • 3. Proper authorising of transactions • 4. Maintaining custody of assets • 5. Appropriate approvals • 6. Adequate documents and records Reconciliation • 7. Independent check on performance • Major Limitations of Internal Control

1. Poor design 2. Management override

3. Collusion

• Management is responsible for designing and monitoring internal control system.

• F. BENEFITS DERIVABLE FROM HARNESSING THE UNIVERSITY POTENTIALS AND RESOURCES FOR SUSTAINABLE DEVELOPMENT.

• Speedy actualization of the Vision 1 of 10 in 10. • Increase and diversify revenue stream for the University. • Relevance to society local and global. • Project the University’s image. • Building a more creative and innovative participation among the

University community and outsiders.

• G. CONCLUSION. Having highlighted the university’s potentials and resources, it is left for the university management to intentionally commit more energy and funds to these profitable investment avenues. They should also ensure that an enabling environment is in place such that creative revenue generating initiatives are not stifled by long bureaucratic bottlenecks.

• Lastly management should establish checks and balances including internal controls and external audits to ensure a comprehensive overview of financial operations.

• Ethical virtues and values are not enough, physical controls are indispensable.

Thank you