The Finance Department is in charge of planning, organizing, controlling, and evaluating the finances of the organization. The department is in charge of making sure that cash receipts are received and properly reported and accounted for. The department is in charge in making sure that cash and check disbursements are authorized and properly accounted for. The department makes sure that there is sufficient cash flow available to meet day-to-day operational expenses and major expenditures related to operations. The Finance Head oversees daily collections at the end of the day and reviews all proposed disbursement for approval. The Finance Associate makes sure student ledgers are well-accounted for, and statements of accounts are collected on time from the parents/legal guardians. The Finance Associate makes sure that payments to various stockholders are prepared accurately according to what was agreed upon.
The Finance Department reports regularly to the board members as to the status of its budget vs actual expenditures. Because of this reporting, variances are seen and calibrations can be made to forecast next school year’s school fees, budget and expenditures.
The Finance Department serves as an integral part of an organization for without cash flow, the institution won’t be able to continue operating its mission and vision. All employees are expected to maintain confidentiality of school and student records.