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Financial System

- The president is responsible for the university finance. He is responsible for expenders in accordance with university budget and decision of University Board. The president can deputize in writing any of his authorities mentioned in this system to any of the university employees in accordance with their job description. The president can withdraw this authorization in writing.

- The finance unit at the university is responsible for the financial matters in the university.

- The head of Finance Department is the person who is responsible in front of the president about the university finances and accounts and he is directly responsible of the Finance employees.

- The Finance employees are the people responsible for the financial matters at the university.  They are responsible for organizing vouchers, accounts, and financial records according to the university financial system.

- The Finance employee is responsible for any financial loss to the university because of his/her negligence.

Budget

- The university has it own budget:-

 -  The university budget consists of its income and the expected expenses for the financial year. It starts the first day in January and ends in December.

- The president issues the regulations for starting the annual budget.

- The president submits the draft budget to the board of trusties for approval after being discussed it by responsible administrative bodies.

- Through the academic year the board of trusties can approve additional amounts for expenditure to the university budget.

- The president issues expenditure orders.

 Expenses

 - spending will be done using vouchers and after endorsement from the financial manager.

- It is not allowed to commit in any amount that exceeds of the limit allowed in the budget.

- The president is the only person to authorize the issuance of salary and/or bonus for university employees in their vacation up to two months.

-  University employees may take their salaries and bonuses at the beginning of the holidays if their contracts with the university end.

- Less than 100 BD expense with no vouchers  can be documented in writing by the person in charge of spending explaining that he spend the money for the profit of the university and how. This is to be singed by the president.

- The president issues an authorization to the person who is going to sign the checks.

 Revenue

 - The financial manager prepares the main receipt vouchers and the financial statements.

-  A voucher with two copies is issued for the money received by the university: - one for the person who paid and the other for the university

 - University funds are deposited in banks selected by the president, who sets the highest limit of bank balances which may be retained. It's not permitted to use university funds before depositing them for any reason.

- The Board of Trusties and by a recommendation from the University Board approves the request of the university to obtain financial facilities from banks and financial institutions to meet any shortfall resulting from lack of financial liquidity.

Advances

 - The Board of Trusties, upon the recommendation of the president, can approve an advance from the university funds to cover some of the expenses that are not included in the general balance budget.  These advances shall be paid under supplement to balance budget or next year budget.

- The president can agree for an advance in the following cases:-

                  1. Travel advance for university employees on official mission or for scientific research for any of the workers at the university, to settle after the end of the mission.

                2. Advance for scientific mission , training course, health insurance, the cost of printing for thesis, the expenses for travel tickets and any other expenses, in accordance with the regulations and procedures enforced in the university. These are to be paid from the amounts to which the person is entitled.

                3. Salary advance for those who are newly appointed at the University during the first three months of their appointment.  This should not exceed three times the gross monthly salary, and does not exceed BD 1500. This is to be paid from the monthly on twelve installment starting following month in which the advance is taken.

- The president or any of his vices can issue payment order advances as follows:-

               1. Up to 500 BD – temporary expenses advance.

              2. up to 500 BD – research advance.

             3. More than 500 BD (for 1&2) under president approval.

- The finance director is responsible for follow ups of advances are used and paid appropriately.

- The finance director determines and organizes financial records, books, and forms.

- Financial records are organized in accordance with the classification and numbering system of the university budget.

- University financial records are kept for 7 years.

- University financial director is to present a quarterly report about the university finances to the president.

- The president is to present the annual financial report to the Board of Trusties within three month from the end of the financial year.

General Financial Regulations

Determined under instructions issued by the President, on the recommendation of Chief Finance Director, the financial posts that require their occupants to provide bail, and the amounts of these guarantees and conditions.

 The Finance Director is provided with a copy of each contract or agreement that arrange for the University rights or financial obligations.

-  The president issues the procedures:-

    1. Determine the amounts of money that the university contributes in for student trips, sport activities, cultural activities, and other activities.

    2. Identify the payment for training courses organized by the university.

 - The financial manager has the right to delegate some of his duties and responsibilities provided for in this system to any of the finance employees in writing and indicate the nature of their work  specifically.

- University money and/or documents of a financial value are to be kept either in the bank approved or in a special metal safe at the university.

- In a case of misappropriation or deficiencies of funds in the university, and/or falsification of records and books, the employee in charge of these funds, records, and books, should inform  the financial manager who in turn is to inform the President to take appropriate action.