The Universities Fund (UF) is established under Section 53 of the Universities Act, 2012. The Fund is managed by a Board of Trustees known as the Universities Fund Board (UFB), which has been in operation since 2016. The specific functions of the trustees include advising the Cabinet Secretary on matters of university education financing, developing a fair and transparent criterion for the allocation of funds to universities, apportioning funds to universities, establishing the Maximum Differentiated Unit Cost for the programmes offered, and mobilising and receiving funds for the Fund from the Government, donors, and any other sources. The Universities Fund also provides scholarships under the new higher education funding model, which emphasizes a student’s financial need rather than the traditional block funding to institutions.