Finance Department

Financial Directorate

The Financial Director who is the Chief Financial Officer of the Institute heads this key office.    The primary role of this office is to safeguard the funds and assets of the Institute.    This office report to the Vice Chancellor and the Institute Board for the overall organization, administration and management of the Institute’s accounting function. The Financial Directorate is split into two major functions headed by Deputy Financial Directors. Accounting Services and Treasury as well as Planning and Control.

Accounting and Treasury Services

This section is responsible for the following services:

  • Collecting and receipting revenue due to the Institute and liquid receivables
  • Processing all payments to supplies and other claims
  • Attending to banking enquiries
  • Processing accounting transactions
  • Placing and monitoring investment

Salaries and Staff Benefit

This section is charged with managing employment cost and obligations in liaison with Human Resources Department.  The focus areas are:

  • Maintaining staff payroll records
  • Payroll of salaries and other benefits
  • Remittance of payroll deductions
  • Attending to staff pensions and medical aid queries

Student Accounts and Debtors

This section is responsible for all students’ financial matters and offers the following services:

  • Students registration in liaison with academic registry
  • Charging students accounts for fees and levies
  • Receipting students payments and maintaining fees accounts
  • Issue students statements of accounts
  • Managing student financial assistance schemes
  • Follow-up on outstanding fees debtors

Budgeting, Budgetary Control and Management Accounting

This is the main financial planning unit of the Institute charged with preparation and consolidation of budgets.   It performs the following functions:

  • Liaise with all departments in preparing Institute budgets
  • Liaise with departments on managing budget overruns
  • Control expenditure patterns
  • Produce periodic budget reports

Risk and Asset Management

This Unit is responsible for the safe custody of the Institute’s assets and performs the following functions:

  • Maintain asset register
  • Identification and verification of assets
  • Maintaining accounting records for all assets
  • Undertake periodic stock verifications in all laboratories and stores

 

Procurement and Supplies Logistics

This section administer the procurement regulations of the Institute and the following are the key functions:

  • Publishing and custody of suppliers’ register
  • Produce procurement report
  • Assist user departments in preparing product specifications and tender documents
  • Liaison with suppliers for concessions and or discounts
  • Procurement of general purpose provisions for central stores