Bursary

INTRODUCTION

Established at the inception of the University in 1983, the Bursary department is responsible on all issues pertaining to management of University’s finance as may be issued and directed by the University council; in accordance with financial regulation and universities status.

PHILOSOPHY

To render financial support services which supports teaching, research and community services which are the main activities of the University.

VISION

To be the most service delivery department by ensuring clientele satisfaction, transparency, integrity, accountability and excellence in our financial budgeting and advisory services.

We are committed to achieving the delivery of on outstanding level of service and support to our whole customer base.

MISSION

To support the Administration on how to boost revenue generation, reduce cost of expenses and the production on a timely basis, of accurate and relevant financial data.

MAJOR ACTIVITIES DURING THE PERIOD

The role of Bursary Department is to assist the Vice-Chancellor in day to day administration and control of financial management of the University.

Financial management is concerned with the effective control and management of financial affairs of Institution in respect of policy formulations, planning and control of current and future events.

Major activities during the period were:

1.  Annual Estimates:     The Department prepares annual budgets with input from heads of Departments and Cost centers for submission to Senate Estimate Committee, Finance and General Purpose Committee for  consideration, and approval by Council.  The preparation is guided annually with circulars from Federal Ministry of Finance, Accountant-General of the Federation, Office of the Head of Service of the Federation, Nigerian Universities Commission and the University Master Plan.

2.  Budgetary Control:  The Department ensures that no payments are made unless there is money in the departmental vote legally allocated for such expenses and until expenditure control section has been presented with supporting documents and found adequate.  To avoid unnecessary bottlenecks, allocation of fund to schools are usually done quarterly.

3.  Contract Awards:     The Department ensures that awards are in accordance with Public Procurement Act, 2007.  We also ensure compliance to contract agreements by both parties especially by the contractors.  This is done by ensuring that payments are only effected after the work had been certified alright by the relevant Unit or Department of the University.

4.  Accounts and Final Records:-          In line with the directive of the Finance and General Purpose Committee, we maintains a general ledger and extract monthly Trial Balance prelude to the preparation of quarterly and annual financial reports.  Also, the Bursary Department makes preparations for the University Statutory Auditors to examine all financial records and authenticate their validity for the consideration and approval of Council.  It also receives Auditors from office of the Auditor-General of the Federation, who comes around in line with the Constitution of Nigeria.

5.  Treasury Services:-   Treasury service entails:-

  • Collection of and accounting for fund which are normally recurrent and capital grants, fees, endowments and donations etc.
  • Maintenance of Bank accounts and reconciliations
  • Processing of all payments receipt and disbursement of cash which are the two control functions affecting the cash flow of any organization.

6.  Stock and Stores: - The Bursary Department maintains a store accounting system which gives data on stores purchases, store issues and stock balance.

7.  Insurance: The Department ensures, that the University maintains the following Insurance:

a. Fire and burglary policy on buildings

b. Motor vehicle policy

STAFF DEVELOPMENT

At inception, the staff strength was fifteen [15] and increase to twenty four [24] in the following year.  In 1986 the staff strength had increase to thirty [30] but as at June, 2011 the staff strength was sixty four [64].  Twenty eight [28] staffs were promoted during the period under review, thirteen [13] Staff are under training as listed below:

  • Association of National Accountant of Nigeria        - 7
  • Higher National  Diploma                                    - 2
  • Undergraduate                                                 - 2
  • Post Graduate Diploma                                      - 2

While seven [7] staff attended conferences this includes two [2] international.  One staff changed cadre during the period.

MAJOR ACHIEVEMENTS

Some of our major achievements are:-

a. Timely payment of monthly salary: - With effective cash management, we are able to pay staff salary promptly each month.  Backlog and outstanding staff salary which came about as a result of agreement between government and unions have equally been cleared.
b. Increase in Staff:- In collaboration with Budget Office of the Federation, we are able to get increased budgetary allocation for Personnel Cost and this subsequently gave more employment opportunity in the University.
c. Reduction in Diversion of School Fees:- by putting in place effective machinery to collect students school fees which have minimized fake receipt syndrome.
d. Staff Welfare: In collaboration with financial institutions in Minna, we are able to provide the following loans facilities to staff:-

  • Motorcycles loan to Junior staff
  • Five Hundred Million Naira Only (N500M) loan to ASUU
  • Four Hundred Million Naira Only (N400M) loan to SSANU

e. On-Line Pay slips: - In line with the University ICT policy, we   introduce    on-line pay slip to staff through individual e-mail address.
f. Budget 2011/2012:- For the year under review, the department has prepared the operating Budget for the 2011/2012.  It passed through the Senate Estimate Committee.  It has also been approved by Council as an operating guide for the next financial year.
g. Central storewas decongested through many auctioning that took place which gives room to some space.
h. Second and last batch of monetization arrears was paid to staff of Federal University of Technology, Minna.
i. Three quarterly in-house seminar were held.