Commercial Operations

This unit supports the self-financing/commercial entities of the Campus by:

  • Providing timely and accurate financial Information to be used by budget holders.
  • Assist in the development of Departmental 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.
  • 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 met. 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 Online (Purchase/Stores) Requisitions or Cheque Vouchers.
Where expenditures 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 is 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.

 

Year To Date 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 or verbal request by Budget Holders.