Our aim is to ensure the Institute’s continued financial strength through a sound system of financial management that meets the requirements of public financial accountability. we respect the fact that the strenghts or weakness of the finance function will mean the difference between failure and success of any organization
The functions of the Finance Office are primarily general accounting, procurement, and administrative duties to include the following:
– Duties related to receipts include accepting various receipts over the counter and by mail; verifying and depositing daily to the institute depository bank the revenues received from students and production Departments; and completing and transmitting the appropriate forms to record and distribute the revenues.
– Duties related to expenditures include purchasing and distributing office supplies, furniture and equipment; transmitting invoices for payment; maintaining office supplies, furniture and equipment inventory records; preparing the budget for the institute; and maintaining the records that track the actual expenditures incurred during the fiscal year.
Sources of finances
- Income from public funds via goverment grants or by local authorities ;
- Tuition fee from students ;
- Income from private sources including research contracts, services rendered, courses and conferences, endowments and donations.
Day to day management of the Finance Office is carried out by Finance officer and the Assistant Finance Officer.
Specific Objectives
- To ensure that appropriate financial planning and financial control systems exist within the Institute.
- To monitor the financial performance of the Institute and report regularly to Principal.
- To identify and evaluate financial opportunities for the Institute to strengthen its position in capital, revenue and operational terms.
- To maintain and develop the Institute’s formal accounting systems.
- To prepare the annual Financial Statements within the timescale laid down by government and in accordance with prescribed accounting standards.
- To provide regular financial management information in an understandable form to all budget holders.
- To maintain appropriate records and process all transactions in respect of research grants, contracts, services rendered and other external activities.
- To make payments to staff and suppliers promptly and accurately.
- To ensure the receipt of all income (including tuition fees) due to the Institute and pursue debts within an acceptable timescale.
- To receive, record and bank all cash within an appropriate timescale.
- To ensure that the Institute has sufficient cash at all times to undertake its planned activities.
- To ensure that the Institute’s assets are safeguarded by appropriate insurance arrangements.
- To ensure that the Institute complies with instructions given by the Kenys Revenue authorities.
- To maintain detailed records relating to employees’ pension arrangements.
- To ensure that the procedures in operation are in accord with the Institute’s Financial Regulations.