As the Chief Finance Officer of the University, the Bursar is responsible for developing and implementing a sound internal control system in line with financial management to provide timely financial information to internal and external stakeholders.
Financial management of the University is governed by the financial regulations, conveyed through circulars and circular letters and also by the directives that may from time to time be issued by the Treasury, Ministry of Higher Education, University Grants Commission and the Governing Council of the University.
The university funds, whether internally generated or received by way of Government grants, subsidies and loans, allocated from the Consolidated Fund through the Government Budget to meet Recurrent and Capital expenditure, are public funds. The management has a responsibility for the efficient utilization of public funds in the best interest of the public. Fund Management is dependent on how effectively revenue is generated and expenditure is controlled.
University of vavuniya is newly established with limited infrastructure facilities, we are still looking for Public Private Partnership to enhance our facilities to fulfill the requirement of our stakeholders.
Bursar
B.Com(Hons),
ACMA(UK),
CGMA(USA).
The university prepares an annual budget that outlines expected income and expenditure.
he university requests financial support from government bodies, private organizations, and donors.
The financial office collects payments such as tuition fees, grants, donations, and other income sources.
Funds are allocated for essential activities such as salaries, utilities, maintenance, and student services.
Payments are processed only after obtaining necessary approvals from university authorities.
A computerized financial system is used to record, monitor, and analyze all financial transactions.
Financial reports are prepared for university administrators to assist in strategic decision-making.
The university compiles annual financial statements to summarize its financial performance.
The procurement plan outlines necessary purchases for the university, ensuring cost-effective buying.
Recurrent expenditure covers ongoing costs like salaries, utilities, and operational expenses.
The university invests surplus funds in bank accounts or fixed deposits to earn interest.