The role of Alumni Associations and Alumni Engagement in Financing Higher Education Institutions

Abstract

Due to globalization, student mobility and exchange, accreditation, the financial crisis, and international rankings, the Higher Education Institutions developed competitive plans for which they urgently need financing. This led universities to form alumni associations to ensure financial resources, as alumni play a crucial role in terms of financial support of their universities. Nevertheless, there is yet a gap in studies related to the role of alumni in financing their universities and in the actions, plans, and strategies that higher education institutions should follow to ensure that the graduates will have loyalty and support them. Thus, this theoretical paper aids to study the importance of students to become engaged alumni and their role in supporting their alma matter to improve their performance, enhance their financial funds, аnd generate competitive аdvаntаges. This research highlights the financial context of students and higher education institutions in general and in Lebanon in particular while discussing the role of alumni associations and alumni engagement, and proposing some recommendations to transform students into engaged alumni.