THOHOYANDOU - The University of Venda has reacted to the persistent spate of rumours that its finances are in a bad state by assuring the public that everything is in order. This follows an internal memorandum, which was issued to the University community, introducing belt-tightening measures concerning the budget.

According to the memorandum, budget allocations were cut in order for the University to carry out its business.

The memorandum created uncertainty amongst staff and students. In a statement released recently, the measures were introduced by the university to save costs and also to make sure that it can run its programmes for the rest of the year. "Despite recent budget cuts, therefore, Univen's new direction must be pursued for the betterment of its area community and the new South African nation. Such major innovations coupled with ambitious goals require structural adjustments. At the same time, these developments call for immense investment in infrastructure and personnel. Introducing belt-tightening measures has thus become imperative, at least for the short-to-medium term", Yvonne Mogadime, Univen spokesperson says in a statement.

As a result Univen Vice Chancellor, Gessler Nkondo, issued a circular in April 2003 entitled "Development and Management of the Department of University Entrepreneurial Activities", calling for proposals from the University community to reposition the University as an innovative and entrepreneurial institution, to mount university programmes for the promotion and management of commercial activities, enter into joint ventures with industry, business, government and other external organizations, devise plans to develop and manage spin-off companies, design entrepreneurial activities related to teaching and learning, devise entrepreneurial activities related to the University's physical plant or estate; and, factor business imperatives in the allocation of resources to academic and administrative units.

"Univen is committed to using alternative methods to realize its ambitious mission, and will continue to mobilize resources for the purpose. Developments on this initiative will be made known in future," the statement states further.