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34
International Journal Of Law And Criminology
(ISSN
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2771-2214)
VOLUME
04
ISSUE
12
P
AGES
:
34-43
OCLC
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1121105677
Publisher:
Oscar Publishing Services
Servi
ABSTRACT
The article provides a comparative analysis of public relations related to the organization and regulation of the
activities of charitable foundations in the USA, England, and Uzbekistan in educational institutions. Based on the
analysis of national legislation, the features of the management of higher educational institutions are disclosed. The
issues of granting broad autonomy and freedom in this area were considered. At the same time, proposals were put
forward to bring the foundations of higher education financing into line with modern requirements, not only
traditional sources of financing, but also the creation of funds based on the study of foreign experience using methods
of generality, similarity, identification of features, and comparison. Appropriate conclusions were drawn, as well as
suggestions and recommendations that should be applied in the future in scientific research works. As one of the
modern means of eliminating problems related to the financial independence of higher educational institutions,
applying the experience of universities in foreign countries was proposed to create charitable foundations
(Endowment). The author reveals the history of the development of charitable foundations in Western and Eastern
countries, their current situation, and the relevance of the organization of charitable foundations for higher education
institutions in order to increase the attractiveness of education.
KEYWORDS
Endowment, finance, asset, waqf, higher educational institution, charity fund.
INTRODUCTION
Research Article
FINANCING HIGHER EDUCATION ACTIVITIES THROUGH CHARITABLE
ENDOWMENT FUNDS
Submission Date:
December 07, 2024,
Accepted Date:
December 12, 2024,
Published Date:
December 17, 2024
Crossref doi:
https://doi.org/10.37547/ijlc/Volume04Issue12-06
Goziev Kozimbek Javlonbekovich
Tashkent State University of Law, Lecturer of the Department of Administrative and Financial Law, Uzbekistan
ORCID: https://orcid.org/0000-0002-8093-7332
Journal
Website:
https://theusajournals.
com/index.php/ijlc
Copyright:
Original
content from this work
may be used under the
terms of the creative
commons
attributes
4.0 licence.
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Publisher:
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Servi
Today, increasing the effectiveness of reforms being
carried out in the field of education, in particular in
higher education, ensuring the financial stability of
state higher education institutions, independently
resolving issues of strengthening the material and
technical base, and attracting funds for scientific
research activities create the basis for improving the
effectiveness of scientific activities and the social and
material support of teaching staff.
Presidential Decree No. 61 of the President of the
Republic of Uzbekistan dated December 24, 2021 "On
measures to provide financial independence to state
higher educational institutions" granted financial
independence to 40 higher education institutions,
providing them with the opportunity to resolve a
number of issues in the financial sphere on their own.
At the same time, the declaration of 2023 as the "Year
of Attention to Humanity and Quality Education" in the
address of the President of the Republic of Uzbekistan
Shavkat Mirziyoyev to the Oliy Majlis and the people of
Uzbekistan on December 20, 2022, requires the study
of new directions for eliminating problems in this area.
Today, in the educational practice of foreign countries,
one of the main areas of financing higher education
institutions is the establishment and effective
management of endowment funds.
It is the need of the hour for educational organizations
to seek ways to attract non-traditional financial
sources beyond the fee-based contract system paid by
students to ensure their financial independence.
The lack of research in this area in Uzbekistan, the lack
of scientific work on the spending and management of
charitable funds, partially undermines the financial
stability of educational organizations. This article
examines the importance of charitable funds and the
possibilities of their effective organization and
management.
A number of scholars have conducted scientific
research and studies on the importance of
unconventional forms of financing and their
management, and presented conclusions.
In particular, A. Yusuf [1, 232-b.], A. Slamet [2, 8-b.]
studied
the
allocation
of
endowments
and
endowments in Islamic teachings, and Alla Stepanova
[3, 369-b.] studied the fact that endowment funds are
the main source of funds for university research.
Robert Louie [4, 121-b.] systematically combined his
research on the management, organization, and
spending of existing endowment funds in higher
education
institutions,
defended
a
separate
dissertation, and in his scientific work, studied the
spending of fund funds in 56 universities, 293 colleges,
and high schools.
METHODS
The research used the principles of scientificity,
objectivity, systematicity, determinism, chronological
method, comparative analysis, formal-legal, induction,
deduction, and other scientific methods that are
important for all legal disciplines.
RESULTS
Based on the content of the article, we will focus on
the principles of financing the education system not
only from the state budget, but also from charitable
funds
(endowments),
non-governmental
organizations, and donations from individuals and legal
entities.
An educational endowment fund or endowment is a
set of funds directed by donors to an educational
organization gratuitously and on a non-repayable basis
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to further introduce management into education, turn
education into a business, ensure financial stability,
and invest in bank deposits, real estate, and other
investment funds.
Today, educational funds in this category serve as the
basis for higher education institutions to form and
improve their material and technical base, meet the
needs of professors, teachers and students, and enter
the world-recognized list of Top 1000 educational
institutions.
Charitable foundations in Uzbekistan are not well
developed and properly organized. Almost 90% of the
more than 200 educational organizations currently
exist do not have such foundations. It can be seen that
knowledge and skills in this area, as well as the
potential for their management and development, are
not well developed.
Resolution No. 321 of the Cabinet of Ministers of April
17, 2019 "On the establishment of an alumni fund
formed at the expense of sponsorship donations from
distinguished individuals who have graduated from
educational
institutions
and
achieved
high
achievements" specifies the establishment, tasks, and
procedure for forming fund funds by higher education
institutions.
This resolution provides for the formation of the fund's
funds from the sponsorship and charitable
contributions of distinguished graduates who have
graduated from educational institutions and achieved
high achievements, as well as interest income from the
placement of temporarily idle funds in bank deposit
accounts.
Regulating relations in the field of education with the
help of charitable funds, first of all, ensures its financial
independence.
We will try to consider this based on a number of
examples.
The charitable endowment fund at Tashkent State
University of Law was established on March 15, 2021. In
2021, donations amounted to $9,689, and $13,841 was
allocated for the formation of the fund. In total,
$66,655 was spent. In 2022, donations amounted to
$35,616, $9,680 was allocated for the formation of the
fund, and the funds spent amounted to $19,844.
For comparison, the charitable foundation at the M.
Narikbayev Kazakh State Law University was
established in 2016. In 2017, donations amounted to
$83,694.35, in 2018 $748,102.14, in 2019 $540,504.34,
and in 2020 (the report for 2021
–
2022 has not been
published) $759,341.61.
Of course, although the funds received by the
charitable foundations of the two universities
mentioned above are recorded in national currency,
the bulk of the funds received by the Kazakh University
of Law are directed by graduates of the university. This
is increasing year by year, indicating the development
of the university's activities in terms of financial
independence.
Considering the educational services market today, it
can be said that various reforms are necessary to
ensure a high level of competition arising from the
processes of innovative development, integration, and
improving the quality of education through financial
stability, as well as to increase the potential of
charitable foundations and enable educational
organizations to compete in the national and
international educational services market.
In the process of researching this area, we will try to
analyze the history of the formation of charitable
foundations,
stages
of
development,
their
management, and the experience of foreign countries.
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The first donation to an educational organization in
world history was made in 176 by the Roman emperor
Marcus
Aurelius.
The
emperor
established
departments in educational institutions in large cities
to study the scientific heritage of Aristotle, Plato, and
other ancient scholars, and annually allocated funds
from his own funds to provide them with a material
and technical base [5, p. 241].
This donation was considered the first cornerstone for
the establishment of these funds and later prompted
donations from government officials.
In European countries, in the Middle Ages and earlier
periods, higher education institutions were mainly
established under the auspices of the church.
Therefore, the nobility financed these educational
institutions through donations of money and property
to the church. In England, universities belonging to the
royal family operated at the expense of the king's
personal funds. For example, Margaret Beaufort [6, p.
9], the mother of King Henry VIII of England, donated
her own funds to the royal educational institution
every year, and for this she was awarded the title of
honorary professor.
After the emergence of Islam in Eastern countries and
the Arab world, centers for the study of education,
religion, politics, jurisprudence, and Sharia were
established, and special attention was paid to their
financing.
In the Islamic world, waqf has been widely used in non-
state financing of education, and the implementation
of waqf in education began during the time of the
Prophet Muhammad Mustafa (pbuh). Our Prophet
came to Medina, built the Quba Mosque, and
established a center for the study of Islamic teachings
there, and donated property [7, p. 41].
In order to ensure the financial stability of universities,
an endowment for education has been developed in
Islamic countries. The main reason for this is the
important role that higher education plays in the
development of the nation, various important factors
for ensuring the continuous and effective functioning
of higher education institutions, and the availability of
a constant and stable flow of funds for educational
institutions to carry out their activities.
For this purpose, the idea of an educational foundation
emerged. This concept takes into account that
channeling endowment funds into education will bring
many benefits, such as free education for local and
international students [8, p. 7].
In the early days, the practice of endowment in
education was limited to fixed assets such as land and
buildings, so society devoted its assets to the
development of madrasas or other forms of school
education. However, due to the rapid growth of the
population, the limited number of land and buildings,
and the problems associated with operational
financing when fixed assets were established through
endowments, the practice of endowments in the form
of cash has now been developed for the development
of the education sector [9, p. 47].
Currently, instead of in-kind property in the form of
endowments, cash is being directed to charitable funds
of educational organizations in Muslim countries. The
reason is that today it is not very effective for students
to work on the lands of madrasas, as in the Middle
Ages, or for landowners to expect profit by renting out
land. It is more important and effective to manage the
funds transferred to charitable funds in the form of
cash, spend them on scientific research and
development, and commercialize their results. In
modern conditions, commercialization of university
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activities is also the key to the development of
education.
Charitable foundations in the field of education have
made a great contribution to the development of a
quality education system and civilization in the Eastern
countries. In particular, during the Abbasid, Fatimid,
Aybiyid, Mamluk and Ottoman periods in history, they
provided an impetus for the sustainable development
of educational institutions such as “Quttab” (primary
school), madrasah (college) and Baytul Hikma (higher
education) [10, p. 554]. The reason is that the allocated
funds were spent on the personal needs and education
of students and teachers studying there, and state
intervention was limited.
Science also developed highly during the Timurid
period. A. Temur, M. Ulugbek and A. Navoi established
madrasahs, and land and property were donated as
donations for their maintenance and for the provision
of scholarships for students and additional salaries for
teachers.
In the modern world, in countries such as the USA and
Great Britain, where the education system is
developed, raising funds through an endowment-
investment fund serves to ensure the financial
independence of educational institutions.
The Harvard University Endowment Fund in the USA is
one of the oldest funds, receiving the first donation in
the form of land from its graduates in 1649. In the
university's 2022 financial report, the amount of the
organization's endowment funds amounted to $ 61.2
billion.
These funds are spent on the development of Harvard
University's material and technical base, the expenses
of the faculty, departments and personnel of the
institution (except for salaries), the monthly salaries of
students working as technical and support staff, and
other activities.
From the table below, it can be seen that the amount
of money received from donations to Harvard
University alone is 36 percent of the total share of the
educational organization.
The
University’s
net assets consisted of the following as of June 30, 2022 and 2021 (in thousands of dollars)
2022
2021
Without donor
restrictions
With donor
restrictions
Total
Without donor
restrictions
With donor
restrictions
Total
NATURE OF SPECIFIC
NET ASSETS
Perpetual endowment
funds
$ 9,057,578
$ 9,057,578
$ 8,562,120
$ 8,562,120
Endowment funds
and appreciation
subject to
distribution policy
and appropriation
30,925,321
30,925,321
33,434,803
33,434,803
Endowment funds
without restriction, board
designated and subject
to distribution policy
$ 9,057,969
9,057,969
$ 9,423,055
9,423,055
Pledge balances
1,433,186
1,433,186
1,265,091
1,265,091
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Interests in trusts held by
others
403,626
403,626
480,684
480,684
TOTAL ENDOWMENT
9,057,969
41,819,711
50,877,680
9,423,055
43,742,698
53,165,753
Operating
6,519,858
6,519,858
6,588,391
6,588,391
Unexpended
contributions
and
endowment distributions
3,048,468
3,048,468
2,747,969
2,747,969
Student loan funds
100,148
100,148
99,631
99,631
TOTAL GENERAL
OPERATING
ACCOUNT
6,519,858
3,148,616
9,668,474
6,588,391
2,847,600
9,435,991
Split interest agreements
(Note 9)
700,540
700,540
773,330
773,330
TOTAL NET ASSETS
$ 15,577,827
$ 45,668,867
$ 61,246,694
$ 16,011,446
$ 47,363,628
$ 63,375,074
Higher education institutions can attract qualified top
managers to establish such funds, and as a result, they
can determine 50-60% of annual income. The
establishment of endowment funds is of great
importance in improving the quality of education. In
some cases, this is determined by the subsequent
success of graduates. After a certain period of time,
graduates who have achieved great success donate
their own funds to the educational institutions where
they studied, contributing to the increase in fund funds
and the development of education.
Since most universities in the USA are primarily private,
the organization and commercialization of charitable
funds is a priority for them. Separate top managers are
attracted to manage funds of this category.
More than a hundred qualified specialists work in
charitable funds under the university, who spend funds
on scientific research and commercialize companies
for a very large amount of money to implement the
obtained scientific results in practice and receive a
profit.
In addition, the funds received by charitable funds are
allocated by the supervisory boards elected at the
university to cover separate expenses for each faculty
and department, as well as for each professor and
teacher working in the department. It is noteworthy
that these funds are not spent from the budget, but
from the charitable fund.
The distribution scheme can also be implemented for
scholarships for students studying in the country and
abroad, educational loans for those in need, and
internships for teachers in foreign countries.
So, where do these funds come from? First of all, it is
formed from the proceeds of former students who
have graduated from the university and are in good
standing, as well as from the organization's awarding
(selling) the title of honorary professor of the
university to individuals with great authority, funds
from the sale of various clothing and souvenirs with its
logo, as well as donations from legal entities and
individuals.
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The positive side of this is that these funds are mainly
directed to charitable purposes and are exempt from
various
taxes,
ensuring
the
stable
financial
independence of higher education institutions. The
endowment-investment fund is an attempt by
universities to follow the path of greater
independence and autonomy from the state. The
capitalization of the country's economy encourages
the university to look for new sources of income. Some
experts consider endowments as institutions of social
investment, not related to the growth of state
spending and the commercialization of the social
sphere [11, p. 222].
As in the USA, in England, charitable foundations are
given special importance in financing education.
Educational endowment funds in England, promoting
the connection between family income and education,
attract funds to their universities by promoting the
development of basic life skills in children from three
to eighteen years old in English families, the
dependence of future careers on education, and the
preparation of young people for work and further
higher education.
In addition, educational foundations in England are
organized as non-governmental organizations, and
today 32 scientific institutions have been established to
develop this area. Their main task is to meet domestic
demand, as well as to spread the advantages of their
educational system around the world, to show that
there are top international universities [12, p. 14].
In Great Britain, educational institutions are also
allocated charitable funds by the state. In response,
universities are required to create developments that
serve to improve the government or defense
capabilities. In a word, both the state and the
educational institution are interested in these
allocated funds.
In the management of charitable funds of educational
institutions in the United Kingdom, not only the
management, but also the opinion of ordinary teachers
and professors is taken into account. Every year,
proposals for funding for conference and scientific
seminar trips by scientists working in the departments
are considered and provided with the necessary
amount of money.
Israel is one of the countries in the world where large
donations are directed to higher education institutions
by individuals and legal entities, as well as the state.
At the beginning of the 20th century, 64 schools
operated in Jerusalem. All of them used to pay for
books, libraries, teachers' salaries, and student
allowances from charitable funds [13, p. 44].
Israeli universities have well-established charitable
endowment funds and have extensive experience in
the commercialization of scientific developments
carried out with the help of charitable funds and their
activities. Large-scale research is carried out at
universities in Israel at the expense of fund funds.
In Israel, for the first time in the world, university
programs for high-tech industrial projects were
created at the expense of the fund. In addition,
universities (often together with domestic and foreign
companies) have established industrial branches based
on their technical developments, which commercially
sell their products [14, p. 948]. In general, the
establishment of charitable endowment funds and the
collection of charitable funds also depend on the level
of attention paid to the lifestyle, culture and education
of the population.
Although charitable funds also exist in the PRC, which
has a very high economic potential in the world, they
are not as widely used as in Western countries due to
the state-controlled system of planned economy.
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In China, large cities play a leading role in the provision
of charity to education. The population living in large
cities allocates funds to funds for the development of
education. Promotional work by universities is also
carried out mainly in cities. The main reason for this is
that the industrial and agricultural zones in the
People's Republic of China are separated from each
other, and the demand for higher education among the
rural population is not so high. Since they move from
one area to another only for daily work, their attitude
to higher education and the level of donation to
education are low [15, p. 7].
However, in China, there is also a unique approach to
financing education through charitable foundations.
Here, the state allocates targeted funds to charitable
foundations of universities and research centers, and
its results are commercialized for the benefit of the
state.
In general, since most universities in developed
countries are private, attracting funds to charitable
endowment funds and their effective management,
first of all, has a positive effect on the international
rating and financial security of organizations.
For example, during the global financial and economic
crisis of 2008 and the Covid-19 pandemic of 2019, the
funds of charitable foundations had a positive effect on
the financial provision of universities.
According to financial reports from 2009, during the
global financial and economic crisis of 2008, the
financial endowment funds of universities lost an
average of more than 24 percent of the market value
of their assets from July 1, 2008 to December 31, 2008,
although the expenses of most educational
organizations were provided by funds (42 percent of
the budget of the University of Lviv was formed from
charitable funds) [16, p. 117].
Over the past 15 years, endowment funds have become
an important source of funding for universities, as their
funds are considered profitable, growing rapidly
relative to university expenses.
Analysis of research results
Based on the above-mentioned comparative analysis
of the importance of charitable endowment funds in
financing higher education institutions in foreign
countries, a number of positive aspects should be
highlighted.
Today, three types of charitable endowment funds are
used in developed countries: the first is an unrestricted
endowment - an asset that can be spent, stored,
invested and distributed at the discretion of the
organization receiving the donation; the second is a
fixed-term asset, usually an asset that can be spent
after a certain time or after a certain event; the third is
a quasi-charity - a donation made by an individual or
institution for the fund to serve a specific purpose. In
this case, the funds are spent or distributed in the
direction specified by the donor.
Although charitable endowment funds are usually
established as separate legal entities under
universities, their boards of trustees and management
are appointed by the educational organization. In
addition to public figures and representatives, highly
qualified teachers of the educational organization also
participate in these councils.
In managing the funds of the fund, a professional level
of managers and employees is selected and entrusted
with management, but the university retains direct
control over the rates of charitable payments.
Developing a theory of increasing the funds of
charitable funds allows you to constantly increase the
flow of money to the funds. In this case, it is necessary
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to establish regular contacts with former students who
graduated from the educational organization, organize
meetings with people who have achieved high goals in
life, and in return for their donations, symbolically
name and immortalize a building belonging to the
university in their name.
It is also necessary for not only individuals and legal
entities, but also state institutions to provide funds to
educational organizations' charitable foundations in
the form of unconditional research grants to fulfill their
tasks and functions. This will contribute to increasing
the effectiveness of nanotechnology creation, the
ability to transfer technology to the market, and the
widespread implementation of knowledge for policy
development or public benefit.
CONCLUSIONS
Thus, it is possible to improve the financing system of
educational organizations, to ensure financial activities
not only through the payment-contract system paid by
students, but also through charitable funds,
commercialization of their own scientific and creative
research, provision of services, ensuring financial
stability, and as a result, to obtain a competitive
financial system and the status of an international
higher education institution.
To do this, of course, it is necessary to review the
existing legislation and internal regulations. First of all,
it is necessary to include financial support for
educational organizations in the scope of application
of Article 3 of the Law of the Republic of Uzbekistan
“On Patronage”. The reason is that this law does not
specify the allocation of funds for the development of
education and the benefits granted to sponsors,
despite the fact that it indicates that this is a
sponsorship activity carried out by individuals and legal
entities in the field of other activities related to the
development of culture and art.
The concretization of these legal norms will ensure the
functioning of the legal norms and the benefit to the
education sector by establishing a close relationship
between sponsors and educational organizations and
defining the benefits in strict norms.
Secondly, the Tax Code provides for tax incentives for
legal entities, participants in special economic zones by
decision of the President and the government, and it is
also appropriate to take into account the fact that their
educational organizations direct funds to financial
charitable funds (since the forced involvement of
business entities in sponsorship entails liability).
Thirdly, it is possible to ensure their true independence
through the gradual privatization of all higher
education organizations in the country. This, first of all,
will provide support for education from both the state
and sponsors, and will also achieve a high-quality and
sustainable educational process.
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