The Bursary Department, which naturally took off with the establishment of the University, performs the financial and accounting functions of the University. It is headed by the University Bursar who is by the University Act, the Chief Financial Officer of the University and is responsible to the Vice-Chancellor for the day-to-day administration and control of the financial matters of the University.
The mission of Bursary Department is to guarantee the University and its stakeholders the most efficient and effective ways of resource mobilization, utilization and control using appropriate information technology for the provision of excellent services. To assist the Bursar, the Bursary is divided into three major divisions with each being headed by at least a Chief Accountant.
The divisions are:
- Budget, Planning, Control and Staff Matters
- Final Accounts
- Treasury
A strong control measure adopted by the University to manage its resources is through budget planning and control. The budget is prepared and presented to Council for approval before it becomes operational. The functions of Bursary Department include the following; receipt of all incomes, payment to staff and suppliers; payroll preparation and administration; budget and budgetary control; banking transactions; fund management; preparation of annual financial report; accounts and accounting records; keeping of students’ accounts; pension & tax matters; keeping & control of assets register; keeping custody of financial records; and rendering advice on establishment of income generating units and monitoring.