Message from the Finance Officer
The Finance Officer, who is the head of the finance department is appointed by the University Council and performs duties under the Deputy Vice Chancellor (Administration Finance & Planning) and the Vice-Chancellor. The Office of the Finance Officer is responsible for the prudent use of the university financial resources and prepares for the consideration of the statements, accounts and estimates required by the University Council; receives all moneys due to the University and makes, on behalf of the University, authorized payments; prepares consolidated quarter and annual financial statements of the Units of the University for consideration by the Finance, Investment and General Purposes Committee of Council; source for funds for the University; and facilitates both internal and external auditors in the performance of their functions.
The Finance Officer shall be responsible for management of staff in the department. The Finance Officer shall be assisted by Deputy Finance Officers, Senior Accountants, Accountants and other staff in the department in the performance of duties.
Brief Introduction of the Department
Finance Department is a part of the support departments at the University whose main duties are to receive and disburse all university finances. Students are advised to consult on matters related to financial issues when they are in need. The department facilitates and supports students’ efforts towards financial gains. The department has several sub sections that offer various services to meet its mandate and that of the University.
Vision
To be a department of excellence in financial services for valued transformation of society
Objectives
Strategic Budgeting and Projecting:
One of the main goals for the finance department is to create and monitor not only overall university budget, but a variety of functional or departmental budgets, as well.
Using annual budget projections, the staff creates monthly or quarterly budget variance analysis to see if the University is on track with revenues and spending.
Cash Flow Management:
Knowing when bills are due and when to expect payment from customers is critical for the University business. Receivables management is the key role for finance department.
Accurate Record Keeping:
The most important objective of the finance department is to keep accurate financial records. This includes helping the University meet its legal requirements; ensuring not to spend more than we have by accident; Institute policies and procedures for controlling contracts and payments, and also carry out spot checks to prevent fraud.
Mandate/Functions
S/N | Staff Name | Designation | Mandate/Functions |
CPA Samuel Mwangi Murage | Deputy Finance Officer | Preparation of financial statements and audits | |
| 2. | CPA Lillian Muthee | Senior Accountant | Accounting for payments |
| 3. | CPA Gladys Kinuthia | Accountant | Accounting for Revenue and Budgeting & Budgetary Control |
| 4. | Mr. Fredrick Omondi | Snr Assistant Accountant | Asset Management |
Activities
The finance department shall have responsibility to meet the requirements of the Public Finance Management Act 2012 and Universities Act No 42 of 2012 and the university’s financial objectives. The finance department will carry out the following activities:
Implement sound financial controls at the University;
Design and implement sound accounting and financial systems in accordance with International Public Sector Accounting Standards (IPSAS) and guidelines issued from time to time by professional and regulatory bodies;
Ensure that expenditure incurred is in accordance with university policies and guidelines;
Make payments for goods and services within the funds appropriated to the University;
Receive and order the disbursement of any trust monies for which the University has been appointed as administering authority;
Collect, keep in safe custody and bank all income due to the University. Staff in other departments or units of the University undertaking collection of funds shall exercise delegated authority from the finance department and implement all the necessary financial controls in respect of funds collection; and
Manage and reconcile the bank accounts of the University
News
The Department has prepared and submitted the quarterly and annual report and financial statements. It has also implemented the Enterprise Resource Planning (ERP) System among other activities
Contacts
Email: fo@laikipia.ac.ke, studentfinance@laikipia.ac.ke, finance@laikipia.ac.ke
Phone Number:
Main Office 0202671768
Students Finance Office 0777847392
Photos of the Finance Department Activities
2022/2023 Annual Report and Financial Statements Working Team
OTHER INFORMATION
The Department does not receive cash or personal cheques for fee payment. All fees and other revenues must be paid through the National e-Citizen Payment Platform.