The Finance and Budgeting Department monitors and reports on the financial position of the University on a timely manner, ensuring that the University has sufficient funds to remain solvent, ensuring that money owing to the University is collected in a timely manner and that invoices from suppliers are settled appropriately.
The Finance and Budgeting department is responsible for recording all the transactions and ascertaining the financial position of the University. Their role is to manage the accounts and also to manage both internal and external reporting requirements of the University. The activities of the Finance and Budgeting department will include the following:
- Preparing of financial statements, monthly internal reports and annual budgets and submitting to the top management on a timely basis
Reporting on the financial position of the University
Ensuring that the University has sufficient funds to meet the expenses on time
Ensuring that money owing to the University is collected in a timely manner and that invoices from suppliers are settled
Preparing the annual accounts for statutory audit purposes
Managing and controlling the production of the annual business plan, including budget preparation after taking inputs from other departments and reviewing and monitoring variances from planned expenditure and revenues and keeping costs under control that help coordinate the activities of all the departments across the organization
Roles and responsibilities
The roles and responsibilities of the key personnel in Finance and Budgeting are provided below.
The primary role of the president is to provide corporate leadership for the University. In this regard, the president ensures that all directives of the BoT are fulfilled. The president reports directly to the BoT and has been given the authority to delegate his responsibilities to the Vice President (VP).
The VP will ensure that all departments are functioning effectively and supporting the business operations of the University towards achieving its overall business goals. The VP will review the progress of the University’s efforts and ensure all activities are in accordance with the budget.
Head of Finance and Budgeting
The Head of Finance and Budgeting oversees the finance and budgeting department, budget preparation and audit functions and directs the preparation of all financial reports, including income statements, balance sheets, reports to various stake holders and reports to the government regulatory agencies (if required).
The Head of Finance and Budgeting shall ensure compliance with the relevant financial reporting and regulatory requirements and compliance with the policies and procedures mentioned in this manual.
Accountant - Budgetary / Commitment
The Accountant- Budgetary/ Commitment is responsible for providing assistance in budget preparation, as well as identifying and transferring funds between cost codes.
Accountant - Payables
The Accountant- Payables shoulders the responsibility for monitoring cash transactions and handling money transfers undertaken by AGU. He/ She is mainly responsible for issuing payment of expenses by preparing payment vouchers and bank transfer letters.
Accountant - Receivables
The Accountant- Receivables shoulders the responsibility for monitoring cash transactions and handling money transfers undertaken by AGU. He/ She is mainly responsible for handling student accounts and verifying their payments.
Cashier Receivables / Payments
The Cashier Receivables/ Payments is responsible for receiving payments from students as well as issuing payments to service providers.