Business model

1. Core principles
   1. It is assumed that WU depends solely on student fees for income.
   2. WU is divided into business units, which are departments.
   3. Where possible, financial systems are automated.
   4. For some programs, the challenge is to provide programs for low fees in countries where currencies are relatively high risk, while still paying staff.
   5. WU needs to pay staff in full and on time.
   6. Each department starts with no capital.
       
2. With the Board's approval, a department may establish multiple cohorts and sites.
1. The minimum size to open a new Master group is 10 low-risk students.
2. The minimum size to open a new doctoral group is 5 low-risk students and there must also be a Master group at the same site.
    
3. Each department is responsible for:
   1. its own financial viability.
   2. its own financial risks.
   3. paying its staff in full and on time.
       
4. Incoming fees are allocated to departments as soon as possible after receipt, subject to an allocation to the center.
    
5. A percentage of all incoming student fees is allocated to the center to cover overheads and to build capital reserves.
   1. 10%: Capital reserves.
   2. 10%: Overheads (legal fees for incorporation, trade mark, annual field visit costs, accreditation fees, ISP fees, domain name, etc.)
       
6. The Board shall review the overarching fee policy annually.
    
7. Each department shall propose a budget to the Board for each cohort, site, and program:
   1. For new programs, the Board must approve the proposal before the department may commit to them.
   2. For ongoing programs, proposals will be at least annual.
   3. Proposals shall include nominations of academic staff roles and remuneratation rates.
   4. The Board is not obliged to approve any proposal.
       
8. Units in multiple departments
   1. Departments may not duplicate the offerings of other departments.
   2. When the units of a qualification are split between two departments, each department is paid for the units it offers.
       
9. In order to minimize financial risk and maintain staff payments:
   1. A requirement for unit enrollment is either fees paid in advance or an agreement to pay fees by installment.
   2. Students are suspended if their payments are overdue (cf. Catalog).
   3. The departments carry the risk of student non-payments and consequential limitations in its ability to pay staff. The risk is not borne by the central administration or the Board.
   4. WU will define tasks as precisely as reasonable possible. (E.g. tutors have office hours for student discussions and will not available outside those times.)
   5. For supervising dissertations and theses, WU limits the number of stages when committee members are asked to give opinions or approval.
   6. Improved preparation of dissertations and thesis students beforehand should result in lower supervision costs.