Finance & Procurement Department
The Finance and Procurement Department is responsible for the institution’s financial health,
ensuring efficient resource management and adherence to procurement regulations.
This department is particularly responsible for:
- Developing and managing the college’s annual budget.
- Conducting financial forecasting to predict future financial conditions.
- Allocating financial resources to departments and monitoring their usage.
- Preparing financial statements such as balance sheets, income statements,
and cash flow statements. - Recording all accounting transactions and maintaining the following records:
- Cash & bank book
- Ledger
- Monthly payroll
- Fixed assets register
- Comparing actual financial performance with the budget to identify improvements.
- Providing regular financial reports to the administration.
- Overseeing the collection of tuition fees, ministry grants, and other revenue sources.
- Managing banking transactions including deposits, salary transfers, and payments.
- Performing monthly bank reconciliations.
- Verifying daily cash collection records.
- Ensuring timely and accurate payments to vendors and service providers.
- Controlling and monitoring expenditures according to budget plans.
- Conducting internal audits to verify financial integrity.
- Coordinating the annual external audit and implementing recommendations.
Procurement
- Developing strategies for cost-effective and timely procurement of goods and services.
- Identifying, evaluating, and selecting vendors based on quality and cost criteria.
- Monitoring vendor performance to ensure contract compliance.
- Conducting tendering and competitive bidding processes.
- Managing the maintenance and purchase of office stationery.
- Performing periodic verification of books, stationery, and fixed assets.
- Maintaining records of all purchased assets and ensuring proper utilization.
- Conducting procurement risk assessments and implementing mitigation strategies.