The Finance Service has the overall responsibility of the financial administration and management of the University, and its main aim is to provide information and process financial data accurately and promptly.
In order to achieve its goal it is responsible for the Implementation of all Financial Activities including :
- Book-Keeping services and preparation of statutory accounts in accordance with International Accounting Standards
- preparation of Management Accounts
- preparation and monitoring of annual budget
- Development of supplementary budgets in communication with the University Council
- Preparation of monthly cash flows
- Comprehensive costing system for all departments
- Communication and collaboration with internal and external auditors
The service is also responsible to ensure that the research programs comply with the rules and regulations of both the University and Sponsors. This includes:
- Final Checking of Research Programs budgets
- Provision of accounting services for research programs
- Review of the accounting reports of research programs
The service is also responsible for:
- Constructing tenders for all University purchases and setting up relevant contracts
- Overseeing the purchase procedures and maintain stock control for all University property
- Maintenance of Fixed-Asset Register
All the above are managed by the Acounts Office.
An additional role of the service is that of Credit Control. Credit Control is in close collaboration with the Cashier to ensure that tuition fee payments are conducted in an orderly manner. However, an equally important role of the office is to be in communication with students that face financial difficulties and support them so that they can continue their studies. Actions to this end include, development of relaxed payment plans that can be maintained, referral to financial assistance committee and inclusion in student employment schemes.