FINANCIAL OPERATIONS UNITS

• Income Section – Responsible for timely collection and accounting for all revenues that accrue to the University.
• Expenditure Section – Handles processing of payments for goods and services, and accounting for all current and non-current liabilities.
• Payroll Section – Manages salary processing and other benefits for both regular and temporary staff, including remittance of all statutory and payroll deductions.
• Students Finance Section – Oversees collection of student fees, updates student ledgers, and ensures communication with parents, guardians, HELB, Universities Fund, CDF, and other sponsors.

ASSET & BUDGET MANAGEMENT UNITS

• Assets Management Section – Responsible for management and accounting of all current and non-current assets.
• Budgeting and Financial Reporting Unit – Prepares budgets, monthly, quarterly, and annual financial reports, management and investment appraisal reports, and coordinates internal and external auditing.

OVERALL FINANCIAL PERFORMANCE

Prof. Elyjoy M. Micheni Ag. DVC, Academic, Research and Students Affairs(Left), and CPA Julius O. Otieno Head of Finance, Tom Mboya University receiving Certificate of recognition for Excellence in Financial Reporting from FCPA Fredrick Riaga(Centre) CEO Public Sector Accounting Standards Board during the FiRe Award Ceremony held at Safari Park Hotel on 16th December 2022.

FINANCIAL EXCELLENCE AND COMPLIANCE

• Clean and unqualified audit reports since inception, earning the University recognition from the promoters of the 2022 Financial Reporting (FiRe) Award, and emerging the Winner in the 2023 FiRe Awards under the Public Universities category.
• Prudent Financial Management resulting in major capital projects and items such as:
  • Completed and ongoing phased construction of the Administration and Lecture Halls Block
  • Perimeter wall and gate
  • ICT equipment and infrastructure
  • Motor vehicles
  • Power generator
  • Clean and conducive working environment for all staff
  • Purchase of assorted teaching materials and equipment
• Investment of surplus funds in call deposit accounts, earning additional revenue through strategic negotiations with University bankers.
• Effective internal control systems to mitigate financial risks.
• Full implementation of the 2017–2021 SRC-approved salaries for public university staff.

OPERATIONAL EFFICIENCY AND INNOVATION

• Streamlined financial operations via the implementation of Microsoft Dynamics 365 ERP software.
• Integration of ERP with banking systems to facilitate online receipting of fees.
• Valuation and tagging of university assets, along with maintenance of an updated asset register in the ERP.
• Timely salary payments to staff—by the 24^th of every month.
• Prompt settlement of bills for goods and services, including payments to part-time lecturers and casual workers, ensuring no pending obligations.

FINANCIAL EXCELLENCE AND COMPLIANCE

Prof. Charles. O. Ochola, Vice-Chancellor front row second left, Dr. Augusta N. Abate, Chair of Council, other members of the University Council and Finance Department Staff receiving trophy for emerging the Winner in FiRe Award 2023 under the Public Universities Category during the FiRe award Ceremony held at Safari Park Hotel on 8th December 2023.