Scope and Duties of The Directorate Of Finance

Director of Finance

The Director of Finance is the Chief Finance Officer of the University and has general responsibility for the administration of the financial affairs of the University. He/she superintends over all staff of the Directorate of Finance. He/she is also responsible for ensuring that the accounts of the University are prepared in accordance with the Act establishing the University, the Statutes, Financial Administrative Act, and all other Regulations approved by the University.

Duties and Responsibilities of the Director of Finance

It shall be the duty of the Director of Finance with the assistance of the Deputy Director of Finance, College Finance Officers, Senior Accountants and Accountants as may be appointed, according to the establishments and regulations, from time to time to perform the following functions:

General Responsibilities

  1. Responsible for the general administration of financial and all accounting matters of the University.

  2. Custodian of accounting documents.

  3. Initiate, update and introduce proper Accounting Systems and Procedures.

  4. Ensure that Special Advances and Imprest are properly is disbursed and accounted for.

  5. Direct supervision of General Stores.

  6. Exercise due and proper care over the work of Cashiers and guard against any form of embezzlement, fraud and other irregularities.

Annual Budget

  1. Prepare annual budget of Recurrent and Development Expenditure in accordance with Government directives on the budget policies for the ensuing year, or longer period, as may be determined by the University Council.

  2. Issue guidelines to Provosts of Colleges, Deans of Faculties, Directors of Directorates/Institutes/ Centres and Heads of Departments/Centres for the preparation of their estimates

  3. Prepare budget for the Central Administration in consultation with the Vice-Chancellor and the Registrar

  4. Collate and publish for consideration of the Planning and Resource Committee the annual budget of the University

  5. Inform, on behalf of the University Council, the annual budget approved for various Units and other University organisations, the approved votes, grants and appropriations authorised for the operations and general purpose.

Subventions/Grants/Investments and other Funds

  1. Arrange for the collection of subventions, grants, donations and gifts on behalf of the University and issue official receipts for all monies received.

  2. Take measures for the recovery of monies due the University.

  3. Make on behalf of the University such payments, disbursements or investments as may be properly authorised.

  4. Ensure safe custody and proper disposition of all University funds, assets and liabilities.

  5. Invest monies in such a manner as may be approved by the University Council.

  6. Ensure that the University does not invest in Government Securities.

Accounts and Audit

  1. Maintain proper records of Income and Expenditure, Assets and Liabilities and report quarterly on the finances of the University to the Vice-Chancellor and the University Council.

  2. Obtain, collate and consolidate the annual financial statements of the University.

  3. Forward the consolidated financial statements through the Vice-Chancellor to External Auditors for auditing.

  4. In consultation with the Vice-Chancellor, comment on the Management Report of the External Auditors and submit same for the consideration of the Finance Committee and the University Council.

Surprise Inspection of Accounts

The Director of Finance or his/her representative may, from time to time, undertake surprise checks on Cashiers.

Records of University Properties

  1. Ensure that proper records of accounts, and all properties are kept in such a manner as Council may require. Thus, the Director of Finance should ensure that Accounting Officers are provided with Cash Books, Registers, Receipt and Regulations Books suitable to the requirements.

  2. Report to Council through the Finance Committee any case of failure to maintain the financial and other value records of the University in the form required.

Control of Expenditure

  1. Ensure that expenditures are approved solely by authorised officers.

  2. Ensure that officers authorised to approve expenditures within certain limits do not exceed those specified limits.

  3. Ensure that no person approves an expenditure relating to his/her personal interest (e.g. Salary Advance, Travel & Transport).

  4. Recommend for approval by the Vice-Chancellor detailed control arrangements for the issue of cheques or other similar instruments on behalf of the University.

  5. Ensure that an effective system of control reporting is practiced.

  6. Prepare monthly expenditure control report to Spending Officers.