Financial Management and Operation of Consultancy Projects

  1. The day-to- day management of the finances of the Unit shall be under the control of the Director of the Consultancy Unit.
     
  2. The Director shall sign all cheques which shall be counter-signed by the Vice- Chancellor/Pro-Vice Chancellor/Director of Finance (i.e. any of these).
     
  3. The Consultancy Unit shall, in addition to local account, operate a foreign account with a local bank into which foreign currency shall be paid.
     
  4. The Vice-Chancellor shall be a mandatory signatory to the foreign account.
     
  5. The Consultancy Unit shall present an audited annual financial statement by the end of July every year to the Consultancy Advisory Board which in turn shall submit a report to the Finance Sub-committee of Council.