Directorate Overview
The Directorate of Finance operates under the office of Deputy Vice Chancellor- Planning, Finance and Administration (DVC-PFA) and is responsible for fiscal integrity and financial sustainability of the university by managing budgeting, accounting, financial reporting, strategic financial planning, and oversight of the University's financial resources.
Mission
To provide high-quality financial management and support that ensures the University's financial stability and sustainability.
Vission
To be a leading model of financial excellence in higher education by creating a financially sustainable University environment that supports academic and operational excellence, innovation, and growth.
General Directorate Functions
Generally, the Directorate of Finance ensures the financial stability and sustainability of the university. It supports the institution's mission and vision by providing sound financial management and fostering a culture of fiscal responsibility and accountability. Specifically, the Directorate has the following functions
1. Financial Planning and Budgeting:
Develop and manage the University’s annual budget.
Coordinate budget planning processes with various departments and units.
Monitor and report on budget performance to ensure financial targets are met.
2. Accounting and Financial Reporting:
Maintain accurate and up-to-date financial records.
Prepare financial statements in accordance with accounting standards and regulations.
Ensure timely and accurate financial reporting to internal and external stakeholders.
3. Cash Flow Management:
Manage the university’s cash flow to ensure liquidity.
Manage banking relationships and financial transactions.
4. Internal Controls and Compliance:
Develop and implement internal control systems to safeguard university assets.
Ensure compliance with financial policies, regulations, and laws.
5. Procurement and Expenditure Management:
Oversee procurement processes to ensure cost-effective purchasing.
Manage accounts payable and ensure timely payment of obligations.
Implement expenditure controls to monitor and manage spending.
6. Revenue Management:
Manage accounts receivable and ensure timely collection of revenues.
Develop strategies to optimize revenue generation from tuition, grants, and other sources.
Monitor and report on revenue streams and financial performance.
7. Grant and Fund Management:
Oversee the financial management of grants and research funds.
Ensure compliance with grant requirements and reporting standards.
Monitor and report on the financial performance of funded projects.
8. Payroll Management:
Oversee the payroll process to ensure accurate and timely payment of salaries.
Manage payroll tax compliance and reporting.
Ensure accurate recording and reporting of payroll expenses.
