The University College of the Cayman Islands has received more than CI$100,000 from the Ironwood Scholarship Fund to provide opportunities for higher education to deserving Caymanians.
UCCI President Roy Bodden offered some insight into the background of the scholarship.
“These funds were initially part of a programme that was set up in 2000 by the now Premier McKeeva Bush, Edna Moyle, Kurt Tibbetts and myself,” Mr. Bodden said. “At the time, we were putting funds from our salaries into a bank account to be used to assist with educational endeavours. However, when politics took us apart, this stopped, despite the fact that we intended for it to last for four years.”
Mr. Bodden said two members of the group managed to contribute for two years, while the others did so for one year. He did not specify who contributed for the longer period of time.
As a result of their efforts, as well as the Canadian Imperial Bank of Commerce – now FirstCaribbean International Bank – stewarding the funds for more than 10 years without charge, CI$106,000 was accumulated.
Mr. Bodden said this endowment will be used to assist educational endeavours, “… But ultimately the board will have the say.”
He said, “The fund was initially set up to be a revolving one and it would be my recommendation that the board issue the funds with an obligation on the beneficiaries to pay it back; essentially I would hope that it functions more like a loan, so that it could continue.”
Chairperson of the university’s board, Mrs. Berna Cummins said, “The Board of Governors of the University College of the Cayman Islands wishes to publicly record its profound gratitude to the founders of the Ironwood Scholarship Fund for their generous donation of $CI106,259.76 to UCCI.”