Guidelines Of Finance And General Purposes Committee Essay

Terminology 1. Director This is the manager or the head of school. 2. Audit and Risk Committee This is a sub-committee of council that is independent of executive responsibility and advises the council on issues related to internal and external audit, financial control, management of risk and the adequacy of the systems on internal controls. 3. Budget Holder Members of staff other than the Head of Academic Department or the Head of Professional Service or the Director of Finance who have been assigned a budget and is accountable to a Pro-Director or the Director of Finance. 4. Director of Finance This is the chief financial officer of the school, who is accountable to the Pro-Director for Strategy and Organization. 5. The Finance and General Purposes Committee (FGPC) This is a sub-committee of the school’s Council. It is independent of executive responsibility and it is responsible for advising the Council on budgetary controls, corporate governance, including regulations and financial sustainability. 6. The council The Council is responsible for the management and administration of the Institution. Its financial responsibilities include: ensuring the institution’s assets are safe, approving the corporate plans, ensuring solvency of the institution, ensuring that funds received from outside sources are used in accordance with the terms and conditions specified in the Institute’s financial memoranda with those funding bodies; appointing the institution’s internal andShow MoreRelatedPlanning Objectives And Objectives Of An Organization Essay1298 Words   |  6 Pagespolicies of the institution. Every member of the institution is required to adhere to all the outlined guidelines and policies, while conducting the institution’s business activities or financial management. 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