The University will today announce plans to overhaul the College Contribution system, an antiquated method of redistributing wealth between colleges. University authorities are remaining tight-lipped over the plans until university staff are informed of the changes through the University's Gazette magazine. However, a spokeswoman for the University confirmed to The Oxford Student that the changes were more than just superficial.
The move comes amid renewed criticism of the scheme as being both unfair and inefficient in achieving its purpose of redistributing wealth between colleges. A vigilante member of the public has this month described the Oxford College Contribution scheme as a "disreputable joke". Andrew Malcolm, who operates a website whose main purpose is to increase the accountability of the University, published detailed accounts of all thirty-six Oxford colleges highlighting alleged anomalies.
Research carried out by The Oxford Student using figures freely available in the public domain supports Malcolm's findings that the majority of colleges are paying a smaller proportion of their endowment income to the fund than thirty years ago. Total university-wide contributions to the fund declined from 11.2 per cent to 4.5 per cent between 1973 and 2003.
In the year 2002/2003, the latest for which figures were available, Christ Church records the largest endowment income of any Oxford college. Yet it paid the equivalent of 3 per cent of their gross endowment income into the College Contribution fund. This was down 13 percent on thirty years ago.
The Oxford Student research has discovered there is an inherent flaw in the previous College Contribution system, with those colleges who are rich in land and property benefiting more than those who invest predominantly in stocks and shares. The end of the "dot com bubble" is a likely explanation for the disparity between Christ Church's ranking of colleges based on gross endowment income and expenditure on the college contribution scheme. St. Anne's is the biggest loser under the current system, paying the equivalent of around 20 per cent of their gross endowment income to the College Contribution Fund, despite ranking eighteenth in the Oxford College endowment income league table. St. Anne's accrues very little income from property, relying on interest and share dividends. Malcolm told The Oxford Student the figures raised significant questions, particularly for underperforming colleges.
He hoped that publishing the figures would stimulate wider debate and give ammunition to reformers within the university. Ultimately Malcolm feels the validity of the collegiate system should be questioned. However a university spokeswoman dismissed the prospect of major centralising reforms as "extremely unlikely to happen".
CLICK FOR 2004 REPORTS ON THE OXFORD COLLEGES' WEALTH:
The Financial Times, 7/7/04 (+ table), The Times, 8/7/04 (+ barmy table), The Guardian, 7/7/04 (+ table), The Guardian, 8/7/04, The Daily Telegraph, 8/7/04,The Oxford Times, 9/7/04 (+ list). See also the Sunday Times, 16/11/97,Sunday Times, 28/3/04, THES, 16/7/04 and THES, 1/10/04.
CLICK FOR AKME INVESTIGATION: THE COLLEGES' INVESTMENT PERFORMANCE, 1973-2003
Press release and Index, the college contribution scheme.