This Unit supports the self-financing/commercial
entities of the Campus by:
- Providing timely and accurate financial Information to be used
by the budget holders in the planning, budgeting and decision-making
processes of their entities. The unit can also assist the entities
in the development of their operating and capital budgets.
- Monitoring and controlling the Budget.
- Alerting Budget Holders on budget overruns.
- Evaluating budgetary performance.
- Addressing queries from commercial entities on budgetary and
other related matters on a timely basis.
- The Unit is also responsible for the preparation of the year-end
accounts for the annual audit.
Outline of Processes
Budget Preparation
- Each budget holder prepares a biennium budget based on the
current year's financial data.
- The budget is submitted to the Commercial Operations Unit by
July of each year for review.
Adjustments are made by the Unit in consultation with the budget
holder, where projections cannot be justified. All expenses have
to be met from realizable income.
- The Budget is approved and entered into the Banner system. This
can be viewed via form FGIBSUM.
- The approved budget will now form the basis for expenditure
by the commercial entities
Expenditure:
All requests for expenditures are submitted to the Unit for
approval via Purchase Requisitions or Cheque Requisitions.
Where these are within budget, purchase orders or cheques
are prepared by the Bursary.
At no time should Budget Holders enter into contract with
suppliers for goods or services without prior approval of
the Bursary.
Income:
All income are lodged at the Bursary Cashier or at the Bank to the
Commercial Operations Bank Account. The Unit must be notified of
all lodgments to the bank by the budget holder submitting a stamped
copy of the lodgment slip.
YTD Evaluation:
Monthly financial data are sent to the budget holders for
verification of inputs and evaluation of year to date position
against budget.
Errors/Omissions:
Errors/omissions must be reported promptly to the Unit for
investigation and correction.
Budget Advice:
The Unit evaluates the financial data periodically and advises
budget holders of the financial position i.e the availability/
unavailability of funds for spending.
The Commercial Operations Unit also prepares schedules to
show the performance and net position of each entity.
Financial statements are prepared upon written request. |
