Yuliia Petlenko

The COVID-19 has put higher education institutions in a new situation and identified bottlenecks in the financial structure of institutions and education systems in general. However, for Ukrainian universities, this situation can be seen as an opportunity to achieve financial autonomy. This study is devoted to the consideration of a possible tool for the financial autonomy of Ukrainian classical universities, most of which are state-funded. The paper considers the methodology of a possible tool for the accumulation of external financing – the endowment fund. The case analysis and analytical consideration of world practice are applied. As a result, a model for financing the university in its transition to the innovation and entrepreneurship model is proposed as the chain “endowment fund – development of start-ups”. This example can become the basis of the road map for other national HEIs, as well as the practice of wider use in the field of higher education. However, despite most of the national classical universities have declared a course to an innovative development, which further raised the necessity of external funding, top management and general economic situation require more attention. As this transition to a new model of the university is taking place along with the financial stabilization and under economic and social upheavals, the formation of a new culture of online communication is necessary. Thus, the proposed model is the practical guideline of possible decisions but mostly the start-point for further discussion and research.

Acknowledgment
This paper is done in the framework of the grant project “Financial stabilization of classical universities in the context of the global consequences of the COVID-19 pandemic” funded by the National Research Foundation of Ukraine “Science for Human Security and Society” (2020-2021).

In 2020, due to the COVID-19 pandemic, university funding in Ukraine suffered significant losses due to unprecedented quarantine measures. The challenge for universities is to diversify funding sources, develop effective approaches to minimize existing and prevent future threats to ensure their financial stabilization (sustainability) in the post-pandemic period. The paper aims to consider financial sustainability of a university (the case of Taras Shevchenko National University of Kyiv) due to COVID-19 using the objective calculative approach on the statistical sample of data for 2011–2020. The tasks for achieving the aim are seen in determining, using regression methods, the number of lost receipts from general and special funds in the short and medium term, which will maintain a constant value of receipts at constant assets. The main idea of the paper is that financial sustainability is considered as a condition, and stabilization is considered as a process towards stability/sustainability.
The modeling approach reveals a fragile list of factors for the future preventing measures of the University to sustain. It is estimated that the University’s top management should consider financial strategy in dollar terms only. The challenge is that funding in hryvnia seems to be quite increasing and linear, but indeed, funding of the University is non-linear and has a quite intensive downward trend. Thus, for the financial sustainability strategy, this fact should be crucial.
The results indicate the need for a significant increase in university funding to mitigate the impact of macroeconomic instability due to various crises, including the COVID-19 pandemic.

Acknowledgment
The study is carried out under the grant funded from the National Research Fund of Ukraine within the competition Science for Human Security and Society, topic 2020.01/0265.

The development of universities in Ukraine requires explicit proposals for the financial component under the hybrid forms of management. A hybrid form is created by combining functional and product divisions, i.e. university staff are required to work on many projects, study programs, and report to multiple managers under a hybrid organizational structure, but not only to the chief of department and the vertical managers over them. The development of universities as public state institutions or as public institutions with the prevailing private financing requires a detailed examination and justification of the possible concourse ways. The study aims to present the theoretical analysis of the hybridization of financing in Ukraine, its ways, abilities, and benefits. This paper presents the findings of a systematic review of the academic literature, as the extant literature has seldom explained what hybridity signifies when it occurs and how it is shown, nothing to say about the practical case, especially in counties like Ukraine. The paper suggested a fine-grained understanding of what constitutes the hybrid nature of financing for a Ukrainian university. Practical use of hybridization of financing in university allows creating a reliable institutional framework for the development of financial autonomy, which is confirmed by analysis of the six largest universities in Ukraine in 2010–2020. Accordingly, this study suggests ways forward by revealing questions toward a better understanding of the hybridization in the higher education of Ukraine.

Acknowledgment
This paper is done in the framework of the grant project “Financial stabilization of classical universities in the context of the global consequences of the COVID-19 pandemic” funded by the National Research Foundation of Ukraine “Science for Human Security and Society” (2020-2021).