Higher education’s main objective is to develop a knowledgeable, skilled, and qualified workforce. The way higher education is funded is drastically changing worldwide. The most significant trend globally has been the decrease in governmental investment in higher education. However, the cost of running a university system is considerable, and it faces competition from other demands for public money. As public finances continue to be the primary source of support for public universities, operational efficiency must be carefully considered. Therefore, managing HEIs’ funding and resource management effectively is crucial as governments unintentionally limit the budget for higher education. Most nations are transitioning or are planning to transition away from a system in which the Government primarily provides higher education funding to other potential funding streams. Hence, generating and diversifying HEIs’ income streams is critical for their growth and sustainability.