The Universities Fund (UF) was established under section 53 of the Universities Act, 2012 for financing universities in Kenya. The Fund is managed by a Board of Trustees known as the Universities Funding Board (UFB) which has been in operation since 2016. The functions of the trustees are to: advise the Cabinet Secretary in matters of university education funding; develop a transparent and fair criterion for allocation of funds to universities; apportion funds to universities; establish the maximum differentiated unit cost for the programs offered and to mobilize and receive funds for purposes of the Fund from the
Government, donors, and from any other source.