The Universities Fund 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 function of the Trustees is to generally manage the Universities Fund. The specific functions of the Trustees are to: advise the Cabinet Secretary in matters of University Education Financing; develop a fair and transparent criterion for allocation of funds to Universities.