Finance Directorate
Ensuring financial sustainability and transparency to support KIUT's academic mission.
Mr. Peter Kaahwa
"Driving financial excellence to support KIUT's mission of delivering world-class education."
Overview of the Directorate of Finance
The Finance Directorate is an integral section of the University administration that develops, reviews, monitors, and takes part in the implementation of financial policies and procedures that are in line with Kampala International University in Tanzania (KIUT) financial procedures and policies and internationally accepted accounting principles.
Despite planning, allocating and controlling finances for university sustenance and growth, the directorate owes its success to the assist of the university management across the board, personnel and collaboration with other universities and stakeholders who are exemplars of best practice within the provision of financial services and management. This has enabled the directorate to identify and borrow unique techniques to help the college in achieving its vision.
Presently, financial management in any respect stages entails effective planning, control, communication, and decision making to permit informed conclusions with the aid of information users. With this, the finance directorate is mandated to conduct monetary control features relevant to the anticipated changing needs of the university together with its diverse stakeholders.
Mission and Vision
Mission
The mission of the Directorate of Finance is to manage the financial resources of KIUT effectively and efficiently, ensuring that funds are used in the best interests of the university community. This includes providing accurate and timely financial reports, offering financial advice to university leadership, and ensuring compliance with national and international standards.
Vision
The vision is to become a leader in financial management within higher education institutions in Tanzania, ensuring sustainable financial practices and contributing to the growth and development of KIUT.
Financial Authority
The financial authority for the Directorate and university at large begins with the budgetary process and approval by the Finance, Planning and Development Committee of Council which vests the authority in the Vice Chancellor to approve budgeted expenditures within the limits as set by the Audit Committee and the Board of Trustees from time to time.
The Director of Finance reports to the Deputy Vice-Chancellor – Administration and Finance who on behalf of the Vice Chancellor is responsible for the day-to-day operations, compliance and ensuring that resources are utilized efficiently and in accordance with approved procedures, work-plans, and budgets thus providing good and exemplary leadership and management to the university.
DVC – Finance and Administration Responsibilities
Coordinating and assist the Finance Department in the preparation of the annual budget, collection, and submission of the annual budgets for recommendation by the Finance, Planning and Development Committee of Council and submit to the Audit Committee and Board of Trustees for approval.
Ensuring achievement of targeted growth and profitability in the strategic plan and annual budgets.
Coordinating and monitoring of the designing of faculty/departmental targets and head of department’s targets in line with the strategic plan and annual budgets.
Coordinating and mobilization of, allocation, utilization, control, and supervision of the University’s resources in accordance with the corporate strategic plan, policies, procedure’s rules, and regulations.
Being accountable to the Audit Committee for the overall financial expenditure of the University.
Being ready to have the Vice Chancellor delegate to the office of the DVC – Finance and Administration some of the responsibilities of the Vice Chancellor to the DVC – Finance and Administration office or any other office as the Vice Chancellor may deem it necessary.
Key Departments and Units
Budgeting and Financial Planning
Responsible for preparing annual budgets, ensuring they are aligned with the university's goals and objectives.
Financial Reporting and Accounting
Prepares financial statements and reports, ensuring compliance with regulatory standards.
Internal Audit
Monitors financial activities and conducts internal audits to ensure efficiency and compliance.
Student Finance Services
Manages student fees, payment schedules, and financial aid for smooth transactions.
Key Functions of the Directorate
Financial Planning and Budgeting
Prepares annual financial plans with revenue forecasts and expenditure estimates aligned with university objectives.
Financial Reporting and Compliance
Produces accurate and timely financial statements, including income statements, balance sheets, and cash flow statements, compliant with standards.
Internal Controls and Risk Management
Implements robust controls to safeguard assets and minimize financial risks through policies and monitoring.
Audits and Financial Review
Facilitates internal and external audits to ensure financial integrity and addresses audit recommendations promptly.
Managing Student Financial Services
Handles tuition, fee collection, payment systems, and financial aid processes for students, including loans and scholarships.
Fundraising and Financial Strategy
Manages investments, grants, and donor funds, advising on long-term financial strategies for sustainability.
Key Financial Policies
The Directorate of Finance at KIUT operates according to well-established financial policies, ensuring consistency, accountability, and transparency in all financial dealings. These policies include:
- International Financial Reporting Standards (IFRS): These standards guide how the university’s financial statements are prepared, ensuring that they provide an accurate picture of the financial position.
- Institute of Certified Public Accountants of Tanzania (ICPAT) Standards: These standards ensure that the financial practices at KIUT align with Tanzanian accounting regulations.
- Ethical Financial Practices: The Directorate adheres to ethical guidelines, ensuring that all financial transactions are carried out with integrity and transparency.
Training and Capacity Building
The Directorate places a significant emphasis on continuous training and professional development for its staff. This ensures that the financial team is equipped with the latest knowledge and skills, especially in areas like new financial technologies, changes in accounting standards, and university financial management best practices.
Technological Integration
The Directorate of Finance embraces modern financial technology to enhance efficiency and accuracy in financial management. This includes the use of financial management software to automate processes such as fee collection, budgeting, and financial reporting.
General Aspects
The Directorate of Finance at Kampala International University in Tanzania is a cornerstone of the institution's financial stability and growth. By managing resources effectively, ensuring financial compliance, and providing services to both students and university staff, the Directorate plays a crucial role in supporting KIUT’s academic mission. It maintains a balance between accountability, transparency, and sustainability, ensuring that the university is financially equipped to deliver high-quality education.
Contact Information
Director of Finance
Kampala International University in Tanzania
P. O. Box 9790, Dar es Salaam, Tanzania
Email: finance@kiut.ac.tz | dof@kiut.ac.tz