Mr. Julius Adefola Adeshoba ,B.Sc., MBA, CFE, FCA
University Bursar
University Bursar
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1. BUDGET, PLANNING, CONTROL AND STAFF MATTERS
This division deals with budget planning, preparation and expenditure control, processing of approved expenditure, administering staff loans & advances and, emolument and other staff matters.
The division will be made up of the following units:
1.1 Budget unit
1.2 Expenditure Control Unit
1.3 Staff Loans & Advances Unit
1.4 Creditors Control unit
1.5 Capital Project Unit
1.6 Salaries & Wages Unit
1.1. Budget unit.
This Unit is responsible for the preparation of University’s Capital, Recurrent and Internally Generated Revenue (IGR) budgets as required by the University’s regulatory agencies and the Management.
1.2. Expenditure Control unit
It is responsible for processing of all payments either to staff or outsiders. The requests are in form of Bills, Duty Tour Allowance, Purchase Advances, Imprests, Local Purchase Orders (LPO) to mention just a few. It also puts in place strict budgetary control mechanism.
1.3. Staff Loans and Advances unit
This Unit deals with the various loans and advances that are granted to staff.
Apart from keeping adequate records of Staff Loans and Advances, the unit also prepares periodic report for Management consumption. It also ensures prompt retirement of advances taken by staff.
1.4. Creditors Control unit
This unit is responsible for raising of payment vouchers for approved recurrent expenditure. Functions of this unit include the following: -
1.4.1 Raising of vouchers for all authorized recurrent expenditure.
1.4.2 Processing of Suppliers/ Contractors claims.
1.4.3 Updating of suppliers/creditors Ledger.
1.4.4 Preparation of Schedules to Creditors’ accounts.
1.4.5 Updating of Retention Ledger.
1.5 Capital Project unit
Functions of this unit include the following: -
1.5.1 Raising of vouchers for all authorized capital expenditure.
1.5.2 Processing of capital Contractors claims.
1.5.3 Updating of Capital Project Register.
1.5.4 Preparation of Schedules to Creditors’ accounts for capital projects.
1.5.5 Updating of Retention Ledger.
1.6. Salaries & Wages unit
The Unit is responsible to processing and payment of regular and non-regular staff salaries and every other payment that relates to emoluments.
It also generates reports for Management use and for the various Supervisory Agencies of the University.
2 FINAL ACCOUNTS DIVISION
This division undertakes efficient book-keeping and financial reporting obligations to both management and the university’s regulatory agencies. It also maintains an efficient archival system on the assets of the University.
The Final Account Division consists of the following Units:
2.1 Final Accounts Unit
2.2 Reconciliation Unit
2.3 Fixed Asset Monitoring Unit
2.4 Central Stores Unit
2.5 Stock Verifying Unit
2.6 Students Account Unit
2.1 Final Accounts Unit
The Final Accounts Unit processes the output of other units and sections for the purpose of preparing the University’s Financial Statements. The outputs of all other sections and divisions are the inputs of Final Accounts Unit.
2.2 Reconciliation Unit
The Unit is charged with the responsibility of reconciling the University bank accounts with the cashbooks. It also has the responsibility of investigating any error(s) discovered in the course of carrying out its reconciliation function. It prepares Bank Reconciliation Statements for all the University’s TSA Sub Accounts.
2.3 Fixed Asset Monitoring Unit
This Unit is responsible for keeping records of University’s fixed assets and keeping track of such assets at their respective locations through the use of Inventory List.
2.4 Central Stores Unit
The unit is responsible for stocking items needed for day to day use in the University. The stores also serve as suitable places for safe keeping of non-stocking items bought that may not be for immediate use. This unit also supervises the activities of other stores located in other places within the university e.g., Health Centre, Works and Services, etc.
2.5 Stock Verifying Unit
This unit functions as checks and balances to the stores in the university. It oversees store receipts, issues, transfers, and adjustment. It also ensures strict compliance with specifications vide local purchase order (LPO) as well as actual delivery of goods.
2.6 Students Account Unit
This is the unit that interfaces with the students of the university in matters relating to students’ finances. It ensures that stipulated school fees are paid and accounted for. It also processes students’ final clearances on presentation of relevant receipts.
3. TREASURY SERVICES AND INVESTMENT DIVISION
The division ensures fund mobilization, efficient receipt and payment of money to university stakeholders such as students, staff, service providers, government and many others. The Division’s activities also include investment of funds for optimal returns, foreign exchange management, custodian of the University’s financial instruments such as investment, treasury certificates and receipts.
The division comprises the following units.
3.1. Treasury Unit
3.2 Grants and agency (Foreign Transactions) unit
3.3 Internally generated revenue (IGR) unit
3.4 Insurance and Investment unit
3.1 Treasury Unit
The Treasury Unit deals with the collection, keeping records of all monies paid into the University Treasury Single Account (TSA) and payment of approved vouchers.
3.2 Grants and Agency - Foreign Transactions
This unit is responsible for processing of all foreign accounts transactions of the University which are domiciled with the Central Bank of Nigeria (CBN). It also processes the following:
3.2.1 Tertiary Education Trust Fund (TETFUND) Scholarship Award
3.2.2 Receipt of Foreign Grants into Domiciliary Accounts
3.3 Internally Generated Revenue (IGR) Unit
This unit records, compiles and analyses all grants received by the University and prepares Financial Situation Report for Bursar’s presentation to the University Management and Governing Council.
3.4. Insurance and Investment
The unit oversees the process of insuring the properties and staff of the University by ensuring prompt payment of premium and settlement of claims. It also deals with the investment of funds in corporate shares and Treasury Bills.
4. DIVISION OF SPECIAL ACCOUNTS AND BURSARY ADMINISTRATION
The division coordinates the activities of all Bursary outstations. It also deals with the University’s consultancy and project development ventures. Units under this directorate are as listed below:
4.1 School of Postgraduate Studies (SPGS)
4.2 Centre for Continuing Education (CCE)
4.3 FUTA Business Development Company (BDC) Limited
4.4 FUTA Staff Primary School
4.5 Health Centre
4.6 Centre for Research and Development (CERAD)
4.7 Computer Resource Centre (CRC)
FUTA Business Development Company (BDC) Limited
FUTA BDC Limited is a limited liability company registered with the Corporate Affairs Commission, Abuja. The University is the promoter of the company. It is the consultancy and business research unit of the University.
It comprises:
(a) University Printing Press (b) International Scholars’ Lodge
(c) FUTA Water Factory (d) FUTA Block Making Industry
(e) Paint Making Industry (f) FUTA Bakery and Fruit Juice industry and
(g) Cleaning Services Venture
FUTA Staff Primary School
The Staff Primary School has an account section that handles the finances of pupils at Nursery and Primary levels.
Non-Self Accounting Units
These are units that do not fall under the definition of Self Accounting Units.
• FUTA Health Centre
• FUTA RADIO
• CERAD
• CENT
Bursary Administration
The units under Bursary Administration include:
a. Bursar’s Secretary’s Office
b. General Office
The Secretary to the Bursar is in charge of the Bursar’s Office and the Secretariat.
