The Financial Controller is of the status of a Deputy Bursar who and is responsible to the Provost for the day-to-day administration of the financial affairs of the College.
The Financial Controller is appointed by the Court of Governors. By virtue of the office, he is a member of relevant standing committees and also some committees of the Court of Governors.
The Accounts Department which is under the direction of the Financial Controller consists of the following units:
1. Budget/Expenditure Control Unit:
This Unit is responsible for the preparation of the Annual Budget.
- Control of Budgeted Expenditure through Commitment against each Vote Head in the Budget.
- Issuance of LPO to Suppliers.
- Settlement of External Assessors.
2. Treasury/Cash Office:
This unit collects and issues receipts for all monies collected.
- Funds from imprest are disbursed.
- The cash books are written up.
- The takings and banking are analyzed.
- Receipts & Payment of Cheques and Cash on behalf of the College.
- Processing of Payment Transaction.
- Banking Operations.
- Updating of all Cash Books.
3. Salaries and Wages Unit:
- This unit deals mainly with preparation of staff salaries for Full time staff and Associate Lecturers (Part time). Allowances are also paid to Youth Corpers and students on Industrial Training.
- Processing of Staff Pension deduction and payment of Pension and Gratuity to Retiring Staff.
- Processing of Tax Clearance Certificate to staff.
- Payment of Honorarium and External Assessors and members of the Court of Governors.
4. Final Account Unit:
- The unit Writes the necessary subsidiary ledgers and general ledgers. Final Account is prepared here for External Auditors’ examination at Ojo. For now, these two functions are combined into a unit because of size of operations.
- Prepares Bank and other Accounts Reconciliation
- Processes Journal
- Updates Asset Register
- Handles Insurance of College Assets
5. Stores Unit:
The College operates a Central Stores System that covers th following:
- Stationery store
- Furniture equipment and tools store
- Engineering equipment and tools store
- Laboratory equipment and chemical store
- Health drugs store
- Activities of the Stores Unit include:
- Receiving goods into store for safe keeping pending allocation
- Ensuring stocks are properly kept to avoid damage
- Issuing stock items to requesting Departments as committed and approved.
- Making requisition for stock replenishments.