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PREAMBLE
To conduct its business effectively KCMUCo, like all institutions, needs to ensure that it has sound financial management system in place and that they are strictly adhered to.
These financial regulations set KCMUCo to a broad framework of financial management systems, controls and procedures adopted in order to ensure its assets are safeguarded and its resources are utilized effectively and efficiently. The regulations shall be supplemented by more detailed procedural instructions covering specific aspects of the financial operations and the supporting financial information systems, such as the Financial Accounting, Procurement and Stores Manual. The regulations translate into practical guidance the KCMUCo broad policies relating to financial control. It applies to KCMUCo and all its subsidiary undertakings as will be applicable.
Compliance with the financial regulations is compulsory for all staff connected with the KCMUCo. Each member of staff will have access to a copy of the Financial Regulations and these Financial Regulations must be strictly observed. A member of staff who fails to comply with these Financial Regulations will have to be subjected to disciplinary action under the University’s disciplinary policy. Any such breach will be notified to the Kilimanjaro Christian Medical University College Senate through the planning and Finance Committee. It is the responsibility of heads of departments to ensure that their staff are made aware of the existence and content of the University’s financial regulations and that an adequate number of copies are available for reference within their department. Inevitably, the regulations will not cover every possible situation and it is important that in cases of doubts advice should be sought from the Bursar.
The Planning and Finance Committee is responsible for maintaining a continuous review of the financial regulations and advising the Kilimanjaro Christian Medical University College Senate of any additions or changes necessary. |
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