The Bursary performs the financial and accounting functions of the Polytechnic. It is headed by the Polytechnic Bursar who is, by the Polytechnic Act, the Chief Financial Officer of the Polytechnic and is responsible to the Rector for the day-to-day administration and control of the financial matters of the Polytechnic.
The Bursary objectives in the process of service delivery include:
- Overall control of the Institution’s financial resources;
- Guidance to all departments in all financial matters, particularly as regards to the preparation and monitoring of their budgets;
- The institution’s accounting, reporting and internal control procedures;
- Maintaining the financial information system;
- Administering the pay-roll, loan and pension schemes;
- Arranging adequate insurance cover for the Polytechnic’s assets.
- Ensuring that surplus funds are invested and managed prudently.
The Bursar and His Tools of Control:
The Bursar assists the Rector and the Governing Council to fulfill the mission and objectives of the Polytechnic through strict adherence to standard practices on financial management and accounting principles laid down by the Government and the Governing Council:
The Bursar carries out his duties with the help of the following tools of controls:
- Public Procurement Act.
- NBTE/Polytechnic Accounting Manual
- Treasury Circulars issued by the Accountant General of the Federation
- Other statutes such as the Fiscal Responsibility Act.
- Public Service Rules
- Financial Regulations.
To assist the Bursar, the Bursary is divided into two (2) functional areas with each being headed by a Chief Accountant.
The Areas are:
- Salary and Wages Unit
- Cash Office Unit
- Pensions and Gratuity Unit
- Main Store Unit
- Purchasing Unit.
- Final Account Unit
- Expenditure Control Unit
- Student Matters Unit
- Budget, Planning and Project Unit
- Loans and Advances Unit.
A strong control measure adopted by the Polytechnic to manage her resources is through budget planning and control. In the Polytechnic, the financial budget period is from January to December.