CATHOLIC UNIVERSITY COLLEGE OF GHANA, FIAPRE and Departments/pages/FO/fr1.pdf · Catholic...

Catholic University of Ghana Financial Regulations April 2012

CATHOLIC UNIVERSITY COLLEGE OF GHANA, FIAPRE

Financial Regulations

April 2012


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TABLE OF CONTENTS

TABLE OF CONTENTS ...................................................................................... i-ii FOWARD ............................................................................................................. iii 1.0 DEFINITIONS ............................................................................................ 1 2.0 INTRODUCTION ........................................................................................ 2

2.1 Board of Trustees (BOT) ............................................................................... 2

2.2 Finance and Audit Committee of the Board ............................................ 3

2.3 Estimates Committee of Senate ................................................................. 3

3.0 SENIOR OFFICERS OF THE UNIVERSITY .............................................. 3 4.0 PREPARATION OF ANNUAL ESTIMATES ............................................... 4

4.1 Budgets and Resource Allocation ................................................................ 5

4.2 Virement ............................................................................................................ 5

4.3 Heads of Department/Centres (Budget Holders) ................................... 5

5.0 ACCOUNTING PROCEDURES ................................................................. 6 5.1 Financial Reporting ............................................................................................. 6

5.2 Financial Records ................................................................................................ 6

6.0 CAPITAL EXPENDITURE .......................................................................... 7 7.0 REVENUE EXPENDITURE ....................................................................... 7 8.0 APPROVAL OF CAPITAL AND REVENUE FUNDED PROJECTS ........ 7-8 9.0 EXPENDITURE CONTROL ....................................................................... 9

9.1 Approval Limits ............................................................................................... 9

10.0 PETTY CASH AND CASH FLOATS ........................................................ 10 10.1 Petty Cash Floats ......................................................................................... 10

10.2 Honour Certificate ........................................................................................ 10

11.0 CAPITALISATION OF EXPENDITURE ...................................................... 11 12.0 BANKING AND INCOME ............................................................................ 11 12.0 Banking arrangements ................................................................................ 11

12.1 Reconciliations ............................................................................................. 12

12.2 Cash Receipts ............................................................................................... 12

12.3 E-Zwich and POS Procedures ................................................................... 13

12.4 Investment ...................................................................................................... 13

12.5 Treasury Management ................................................................................. 13

12.6 Borrowing ....................................................................................................... 14

12.7 Income ............................................................................................................. 15

12.8 Student Fees .................................................................................................. 15

12.9 Credit terms ................................................................................................... 16

12.10 Debt Collection Procedure ..................................................................... 16

12.11 Internally Generated Funds (IGF) ......................................................... 17

12.12 Foreign Currency Transactions ............................................................ 17

12.13 Taxation ....................................................................................................... 17

13.0 PROCUREMENT ........................................................................................ 18

13.1 Purchasing of Goods and Services ......................................................... 19

13.2 Receipt of Goods and Services ................................................................ 19

14.0 INVENTORIES ................................................................................................... 20

14.1 Inventory Identification ............................................................................... 20


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14.2 Verification ..................................................................................................... 20

15.0 STORES AND INVENTORY ........................................................................ 21

15.1 Stock Taking .................................................................................................. 21

16.0 ASSET DISPOSAL ........................................................................................ 22

16.1 Land and Buildings ....................................................................................... 22

16.2 Furniture and Equipment ............................................................................... 22

16.3 Authorization Limits ....................................................................................... 23

17.0 SALARIES AND WAGES ......................................................................... 23 17.1 Recruitment ....................................................................................................... 23

17.2 Method of Payment ...................................................................................... 24

18.0 RESEARCH GRANTS AND CONTRACTS ................................................ 24 18.1 Projects Budget and Approval ..................................................................... 25

18.2 Research Applications ................................................................................ 26

18.3 Private Consultancy and other Work ...................................................... 26

19.0 COMMERCIAL ACTIVITIES ....................................................................... 27 20.0 CONFIDENTIALITY .................................................................................... 27 21.0 INSURANCE ............................................................................................... 27 22.0 AUDIT ...................................................................................................... 28

22.1 Internal Audit ................................................................................................ 28

22.2 External Audit ................................................................................................ 28

22.3 Other External Bodies ................................................................................. 29

23.0 RECEIPT OF GIFTS AND HOSPITALITY ............................................... 29 23.1 Register for Receipt of Gift and Hospitality ............................................. 29

23.2 Unacceptable Gifts/Hospitality ................................................................. 30

23.3 Acceptable Gifts / Hospitality .................................................................... 30

20.4 Disciplinary Actions ..................................................................................... 30

24.0 CONFLICT OF INTEREST ....................................................................... 31 25.0 FRAUD ..................................................................................................... 31 26.0 ACCOUNTING SYSTEM SECURITY ...................................................... 32 27.0 STUDENT REPRESENTATIVE COUNCIL (SRC) ...................................... 32 APPENDICES ..................................................................................................... 33

Appendix 1: Matters to be considered in formulating a financial strategy33

Appendix 2: Cheque Payment Voucher ......................................................... 34

Appendix 3: Petty Cash Voucher ..................................................................... 35

Appendix 4: Local Purchase Order ................................................................. 36

Appendix 5: Stores Received Voucher ........................................................... 37

Appendix 6: Internal Requisition ...................................................................... 38

Appendix 7: Stores Issue Voucher .................................................................. 39

Appendix 8: Register of Gifts/Hospitality ...................................................... 40

Appendix 9: Record of Quotations Received ............................................... 41

Appendix 10: Issues to consider in formulating a Procurement policy .... 42


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FOWARD

The University spends over two thirds of its expenditure on goods and services. It

is essential to our future that effective and formal control is exerted and

demonstrated to ensure that:

1. The best value for money is being obtained by the University

2. Purchases are made efficiently and in the University’s interest, and

3. Financial codes of conduct are fully complied with.


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1.0 DEFINITIONS

For the purpose of this document the following definitions will apply. 1.1 ‘The University’ Catholic University College of Ghana, Fiapre - Sunyani 1.2 ‘The Staff’

All employees, full or part-time, of the Catholic University College of Ghana, Fiapre - Sunyani

1.3 ‘The Board’

The Board of Trustees of the University. 1.4 ‘The Regulations’

The financial regulations of the University 1.5 ‘Cost Centre’

An area within the University which has responsibility for the provision of service and has been allocated an income and expenditure budget for this purpose.

1.6 ‘Budget Holder’

Dean/Head of Department/Directors who has responsibility delegated to him/her by the relevant member of the executive for the management of a portion of the overall budget.

1.7 ‘The Council’

National Council for Tertiary Education (NCTE)

1.8 ‘NAB’ National Accreditation Board

1.9 ‘The Conference’

Ghana Catholic Bishops’ Conference (GCBC)

1.10 ‘The Finance and Audit Committee’

The Finance and Audit subcommittee of the Board of Trustees

1.11 ‘The Senate’

The University’s Academic Board


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2.0 INTRODUCTION

i. These Regulations have been prepared to document the internal financial procedures for the University. Their purpose is to ensure that assets are safeguarded and financial statements are in conformity with generally accepted accounting principles, and that finances are managed with responsible stewardship.

ii. All personnel with a role in the management of the University’s operations

are expected to uphold the policies in this guideline. It is the intention of the University that this Regulation serves as our commitment to proper, accurate financial management and reporting.

iii. These Regulations apply to all activities of Catholic University College of

Ghana, Fiapre and to its subsidiary companies (where applicable). The Regulations will also be the subject of review and any necessary revision at least once every three financial years by the finance and Audit committee in accordance with the committee’s terms of reference.

2.1 Board of Trustees (BOT)

i. The Board is the Governing Body of the University. The Board in

accordance with section 9 of the University’s Trust Deed shall have the control and disposition of all the property, funds and investment of the University and shall have power, on behalf of the University: a. To sell, buy, exchange, lease and accept leases of property. b. To borrow money on behalf of the University or otherwise. c. To generally enter into, carry out, vary and cancel contracts.

ii. The Board shall, be responsible for all measures necessary or desirable for

the safeguarding of the assets of the University for the effective and efficient use of its resources.

iii. The Board shall annually determine the expenditure necessary for the

maintenance of : a. The property of the University b. An adequate staff of transacting the financial and administrative business

of the University and c. Shall in its discretion, appropriate such funds as necessary for those

purposes.

iv. The board shall be responsible for all measures necessary or desirable for the conservation or augmentation of the resources of the university, and for this purpose may from time to time specify any matter affecting the income or expenditure of the university in respect of which the consent of the Board shall be obtained before action is taken or liability is incurred.


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v. The Board exercise financial responsibilities on the recommendation of the

Vice Chancellor. 2.2 Finance and Audit Committee of the Board

The finance and Audit committee recommends to the Board the annual revenue and capital budgets and monitors performance in relation to approved budgets. It also reviews the University’s annual financial statements.

2.3 Estimates Committee of Senate

The Estimates Committee of Senate is responsible for considering the Annual Draft estimates of income and expenditure. The Senate on the advice of the Estimates Committee may make such amendments to the estimates as they deem fit before submitting it to the Board and Finance and Audit Committee for consideration.

3.0 SENIOR OFFICERS OF THE UNIVERSITY i. The Vice Chancellor

a. The Vice Chancellor is the Chief Executive Officer of the University. b. The Vice Chancellor is a member of the Board and is accountable to it for

actions which he/she may take on its behalf. c. The responsibilities of the Vice chancellor are set out in the University’s

Trust deed. d. The Board requires the Vice Chancellor to take personal responsibility,

which may not be delegated, for the proper and effective operations of the controls which it has put in place and for giving effect to the Board’s policies for securing the efficient economical and effective management of all the University’s resources and expenditure.

e. The Vice Chancellor will be responsible for advising the Board at any time

any action or policy under consideration by the Board is incompatible with the terms of the NCTE financial guidelines.

ii. The Pro - Vice Chancellor The Pro – Chancellor shall perform the functions stipulated in the Deed.


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iii. The Registrar The Registrar is the Secretary to the University and as such the Secretary to the Chancellor, The Chairman of the Board and provides secretarial services to the Senate and all statutory and ad hoc committees of the University.

iv. Finance Officer

The Finance Officer is the Chief Accounting Officer of the University and is principally responsible to the Vice Chancellor for ensuring that the funds and properties of the university are spent in accordance with the statutes laid down by the Board and that no monies of the university are spent without proper authority.

v. Deans/Head of Departments/Directors

Deans, HODs and Directors shall be responsible for the preparation of their Estimates of their Faculties, Schools, Colleges, Institutions and Departments in accordance with their research teaching and operational aspirations and other directives’ issued by the Vice Chancellor.

4.0 PREPARATION OF ANNUAL ESTIMATES

a. The University’s financial year is from 1st July to 30th June. The Vice Chancellor is responsible for ensuring that annual estimates of income and expenditure (revenue and expenditure) are prepared for consideration by the Board and its Finance and Audit Committee.

b. The Finance Officer will specify the format, time table and price base for the preparation of the capital and the revenue budgets.

4.1 Budgetary Control

Under normal circumstances, actual spending should not deviate from agreed budgets. Budget Holders will plan the spending or budget allocations, taking account of possible variations in expenditure or income. 4.2 Budgets and Resource Allocation

The Vice Chancellor is responsible for the management of Budget and resources within the estimates approved by the Board and will be advised by the Finance Officer.

The Budget allocation to Budget Holders will be within the overall budget approved by the Board and will reflect an expenditure profile which will support Budget Holders in achieving their planned objectives.


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4.3 Virement

Virement of budget allocations from any expenditure category to another shall receive prior approval of the Vice Chancellor. The Vice Chancellor may approve virement provided that it will not cause an excess on the total budget allocations for the fiscal year. 4.4 Heads of Departments/Centres (Budget Holders)

Upon the authority of the Vice Chancellor on the advice of the finance officer Budget Holders will be authorised to commit funds for each spending arreas which has a budget allocation.

5.0 ACCOUNTING PROCEDURES

The Board in consultation with conference may establish funds from the income surplus for special project and make provisions as it deems appropriate for special projects.

5.1 Financial Reporting

The Finance Officer will in addition to the financial reporting requirements stipulated in the University Status/Deed; i. Provide the Board as soon as practicable after the end of the University’s

financial year with the accounts for that year, management accounts and such other information relating to the financial affairs of the University as the Board may require.

ii. Be responsible for all the University accounting systems and records, and iii. Be responsible for the completion of the final accounts and for any other

financial returns required either by NAB, NCTE or other bodies.

5.2 Financial Records

The finance officer is responsible for the retention of financial documents in a form acceptable to the university and in accordance with audit practices. The University is required to retain prime documents for as long as practicable. Prime documents may include:

i. Official purchase orders and tender documents

ii. Paid invoices

iii. Bank statements

iv. Copies of receipts

v. Paid cheque vouchers

vi. Paid cash vouchers

vii. Full and part-time staff offer letters


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viii. Accounting system transition records

6.0 CAPITAL EXPENDITURE Capital Expenditure by the University on land, buildings, furniture, equipment and costs associated with them may only be incurred by the University as part of specifically approved allocations by the Board of Trustees.

All arrangements to lease furniture and equipment must first be approved by the Vice Chancellor upon advice from the Finance Officer. No expenditure on acquisition or adaptation of buildings shall be made by Budget Holders without prior approval of the Vice Chancellor.

The Finance Officer will, in the preparation of the revenue budget, take account of the implications of capital expenditure (for example any new or increased maintenance and running cost resulting from a project). 7.0 REVENUE EXPENDITURE

The Vice Chancellor may incur expenditure in the financial year within the approved Revenue Budget.

8.0 APPROVAL OF CAPITAL PROJECTS A Capital project in these Regulation mean:

i. Any capital transaction involving land, building or equipment of value in excess

of GH¢10,000.

ii. Any proposed transaction which falls within any of the above criteria and which have not been approved in the annual budget and for which no provision exists, should go through supplementary budget process.

a. Projects will be identified and presented annually to the Board of

Trustees at the meeting which approves the budget for the forth coming financial year. Progress on all those projects or any new projects that arise during the year will be the subject of a brief report to the Finance and Audit Committee. Such reports will signal at an early stage if or when project approvals are likely to be sought.


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d. The project shall be brought forward to the Senate by the Vice Chancellor

and the details to be provided shall include:

Description of the project

Financial Information including estimates of capital and/or revenue costs; impact on the current and future years’ budget.

Consent required e.g. Funding/Donor agency

Professional advice to be sought were necessary

Timescale for further progress

c. Detailed Approval shall be sought from the appropriate authority prior to any or all of the following: i. Financial liabilities being incurred ii. Invitation to tender iii. Use of the University Seal; In addition, the following details should be included in the submission:

Details of borrowing/financing arrangement;

A sensitivity analysis of the risk;

Formal, confirmatory advice from the University’s professional advisers (solicitors, valuers and any other as necessary);

d. The authority of the Board is required for a detailed approval upon

recommendation put to the Board by the Finance and Audit Committee. The approval of the chairman of the Board should only be sought where it is so urgent that a meeting of the board cannot be scheduled within the necessary time.

9.0 EXPENDITURE CONTROL

a. The Board of Trustees and the Finance and Audit Committee shall monitor expenditure (capital and revenue) against annual Budget and shall receive reports for this purpose at each quarter.

b. The Finance Officer is responsible for ensuring that proper procedures exist

for the monitoring of expenditure against approved budgets. c. Apart from payments made from the University’s imprest accounts under

arrangements approved by the Finance Officer (e.g. payments from petty cash) the payments of all amounts due from the University such as salaries, wages or other payments to employees will be made by the finance officer, upon authorisation and approval of the Vice Chancellor.


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9.1 Approval Limits

The relevant officers or body may approve the draw downs depending on the value as shown below: i. Up to GH¢10,000 Finance Officer and the Registrar or any two authorized

officers may approve. ii. GH¢10,000 to GH¢500,000 Finance Officer and Vice Chancellor may

approve. iii. GH¢500,000 to GH¢1,500,000 Vice Chancellor and the Finance and Audit

Committee may approve. iv. Over GH¢1,500,000 the Board may approve. 9.2 Signatories to University Accounts

All cheques or negotiable instruments drawn on the University’s bank accounts will be signed by the Finance Officer and the Vice Chancellor or other authorized signatories.

10.0 PETTY CASH AND CASH FLOATS a. Imprest accounts may be maintained at the discretion of the Finance

Officer to meet minor payments and disbursements.

b. Although such accounts are the responsibility of the member of staff to whom they are entrusted, they will nevertheless be managed and control by the Finance Officer.

c. Payments from imprest accounts must not exceed ¢500 for any one

purchase and must be supported by appropriate invoices. Imprest accounts must not be used for:

i. Personal expenditure loans or advances to employees or students, or for

cashing personal cheques.

ii. Payments of wages or salaries (including overtime and casual payments for work done, whether to employees or otherwise;

iii. Payment of any bill or invoice in respect of which a University purchase

order has been issued.


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10.1 Petty Cash Floats

a. If a Faculty, Department/unit petty cash float is required for regular minor expenses, the Head of Department, faculty or Unit will be required to make a request to the finance officer. The request must state the amount required and the reason(s) for the float, or any change in its level.

b. The person nominated by the faculty/Department or Unit to manage the

Float should ensure that at all times the Cash remaining plus the value of receipts awaiting reimbursement is equal to the amount of the authorized Float.

10.2 Honour Certificate

If for any valid reason, no receipt is obtained from the payee of an amount not exceeding ¢20 spent from Petty cash account. Honour Certificate shall be provided by the Paying Officer as follows:

“I certify that the above payment was made by me in the interest of the University and that no receipt could be obtained”.

Honour Certificates shall be authorised by the Head of Department receiving the goods or services. 10.3 Accountable Imprest

i. Heads of department/Faculty/Units may be granted accountable imprest

to enable them pay for goods and services where it is not possible to obtain such goods and services before is made.

ii. Accountable imprest must be accounted for within 21 days after the receipt of the amount.

iii. Heads of Departments/Faculty/Units who fail to account for Accountable imprest after three (3) months will have the amount recovered from their salaries with interest at the prevailing bank rate.

iv. Heads of Department/Faculties/Units who have not accounted for previous accountable imprest shall not be granted further accountable imprest.


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11.0 CAPITALISATION OF EXPENDITURE a. The University’s accounting treatment requires that only Tangible Fixed assets

expenditure on the following categories are capitalized:

New properties,

Major refurbishment which enhances the economic value of the asset, and

Property Plant Equipment (PPE) costing more than GH 200 per Individual item or group of related items.

b. The finance Office is responsible for ensuring that any such expenditure on assets are properly capitalized.

12.0 BANKING AND INCOME 12.0 Banking arrangements a. The University’s banking arrangements will be reviewed from time to time by the

Finance and Audit Committee and a recommendation made to the Board accordingly.

b. With the exception of bank accounts operated by the various Catholic Dioceses

to temporarily mobilize fundraising proceeds, no other department, unit or individual shall be empowered to operate bank accounts on behalf of the University.

c. No cheque or financial instruments made payable to the University or to a

department or units or cost centre may be credited to any other account.

d. No bank account of any type may be opened or closed in the name of the university by any faculty, department/unit of the university unless authorized by the Vice Chancellor.

12.1 Reconciliations The finance Officer is responsible for ensuring that reconciliations between the bank statements of the university accounts with the University’s own records are completed to proper professional standard – at least once a month, prior to the end of the following month. The following items should be included in the reconciliation procedures.

i. A comparison of dates and amounts of daily deposits as shown on the bank statements with the cash receipts journal.

ii. A comparison of inter-organisation bank transfers to be certain that both sides of the transactions have been recorded.

iii. An investigation of items rejected by the bank, the returned cheques or deposits.


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iv. A comparison of wire transfer dates received with dates sent. v. A comparison of cancelled cheques with the Payment Cash Book as to

cheque number, payee and amount. vi. An accounting for the sequence of cheques both from month to month

and within a month. vii. An examination of cancelled cheques for authorized signature, irregular

endorsements and alterations. viii. A review and proper mutilation of void cheques. ix. Investigate and write off cheques which have been outstanding for more

than six months.

12.2 Cash Receipts

a. All income received must be banked daily or the next working day.

b. Official receipts must be given for all payments made for the University. c. Monies or cheques held prior to Banking must be held securely in the

University Cashier’s Safe.

d. It is the responsibility of the Finance Officer to ensure that all receipts have been properly banked and accounted for. Any omissions or discrepancies must be investigated immediately.

e. Personal or other cheques must not be cashed out of monies received on

behalf of the University. 12.3 E-Zwich and POS Procedures

a. With the approval from the Finance Officer Point of Sale (POS) machines may

be placed at some revenue collection points to enable payments to the University to be effected either by debit or credit cards.

b. These machines must be used according to the user guides supplied. The

receiving officer must ensure that one part of the two-part receipt issued by the machine must be attached to the supporting document provided to the officer.

12.4 Long term Investment

The Finance and Audit Committee will consider funds available for investment annually and will determine any investment for a period in excess of one year based on the approved investment strategy of the university. The Finance Officer will be responsible for:


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i. The Investment of Surplus funds

ii. Ensuring safe custody of all documents relating to investment of funds, and

iii. Reporting investment performance to the Finance and Audit Committee every six months through the Vice-Chancellor.

12.5 Short-Term Investment

Investment of short term nature shall be carried out in accordance with the University’s approved investment strategy. .

The Vice Chancellor and the Finance Officer may be authorized by the Finance and Audit Committee to make short term investment on behalf of the University subject to the provisions of the university’s statutes. 13 Borrowing

a. Short term borrowing to cover day to day cash shortfalls shall be authorized by

the Vice Chancellor. This authority will be limited to the arrangements with the University’s bankers agreed by the Finance and Audit Committee from time to time.

b. Borrowing for periods in excess of twelve months shall require the

authorization of the Board. The Finance Officer will prepare for the Finance and Audit Committee through the Vice Chancellor a report for proposed long term borrowing. The report may include the following;

Amount required

Purpose of the loan

Proposed lender

Interest rate

Other borrowing cost

Collateral

Security arrangement (if required)

cash flow projections

Legal issues/matters

Any other matters which might assist the Finance and Audit Committee and the Board in considering the proposal.


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13.1 Income

a. The Finance officer is responsible for ensuring that appropriate procedures exist to enable the University to receive all income to which it is entitled.

b. Deans, Heads of Department and others concerned with the generation of income, in collaboration with the Finance Officer should ensure that all income/revenue generated are properly accounted for.

c. The Registrar will maintain a record of all persons registered as students of the

University. All students’ fees charge by the Finance Office shall be based on the student register maintained by the registry.

d. The University Senate through the recommendation by the Finance Officer will

determine any review of fees or charge to be made by the University for tuition and other services, facilities and amenities such as accommodation on an annual basis for the approval of the Board.

13.2 Student Fees

a. Any student whose fees or other debt due to the University that are in arrears shall not be permitted to attend lectures, tutorials, classes or any kind of teaching or to participate in research activity of the University, to sit or receive the results of any examination, or to use the University library or any other University facility or to remain in University accommodation.

b. Any outstanding debt to the University will normally prevent registration for a

subsequent session of the University course.

c. Any student who has not paid an account for fees or any other debt owing to the University will not normally be eligible to have a degree conferred or otherwise to receive an award of a diploma or certificate or other qualification from the University until the account has been paid.

d. The Registrar may authorize an arrangement for deferred payment which will

exempt the student from any of the consequences of non-payment with the exception of (c) stated above for as long as he or she complies with the agreed arrangements.

e. Waivers of tuition and other fees for university staff require the approval of

the senate on the recommendation of the registrar and may be subject to full or partial repayment if the employee leaves within a given period.

f. Waivers of tuition and other fees require the approval of the senate upon the

recommendation of the Registrar.


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g. In the event of a dispute relating to the type of fee applicable, it is the responsibility of the Vice Chancellor through the recommendation of the Registrar to make a decision on the fee status of the student concerned.

13.3 Credit terms

The Finance Officer in consultation with the Registrar will determine the credit terms for all customers of the University for Senate approval.

13.4 Debt Collection Procedure

Senate acting through the Finance Officer is responsible for an efficient and effective debt control and collection system in line with the University’s under mentioned procedures on payment of fees and other revenue

a. Debtors, who fail to make payment of an invoice rendered by the University

within the specified credit limit from the date of issue, will receive a statement of the amount due together with a reminder.

b. Debtors who fail to make payment within 21 days of this first reminder will

receive a second reminder.

c. Debtors who fail to make payment within 14 days of this second reminder will receive a warning letter and in accordance with section 13.2, request payment within seven days.

d. On the recommendation of the Finance Officer and the Registrar to the Board

of Trustees for Debts exceeding one year legal action will be taken against debtors who fail to make payment in accordance with the above.

e. Debts may only be written off as irrecoverable with prior approval of the Board

through the Vice-Chancellor on the recommendation of the Finance Officer.

The Finance Officer will maintain a register of income written off as irrecoverable.

13.5 Other Revenue

Fees for short courses and for any other services provided to organizations and individuals must be calculated on the basis of the recovery of full economic cost plus, wherever possible, a surplus margin. All fees and charges must be approved by Senate in advance of the offering of course or service.


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13.6 Foreign Currency Transactions

a. The University accepts cheques, cash, Euros, dollars, pounds sterling, and in other currencies.

b. All invoices are in cedis. Payment in Euros, dollars or pounds sterling is

accepted for all invoices at the prevailing exchange rate. c. Foreign currencies paid to the University are converted to cedis at the inter

bank prevailing exchange rate on the day they are entered onto the University Financial System.

13.7 Taxation

a. The Finance Officer will make proper arrangement for the prompt payment of

any taxes which are due from the University for the submission of tax returns within the deadline specified by the Internal Revenue Service or other Revenue Agencies, and will ensure that the University does not incur penalties for the incorrect treatment of taxes.

b. Any matter or enquiry which may have tax implications for the University must

be referred to the Finance Officer.

14.0 PROCUREMENT a. All University purchases must be made in accordance with the University’s

guidelines on procurement. b. The Procurement Committee must ensure that the best value for money is

obtained in approving all purchases of the University.

c. Deans, Heads of Departments or Units are responsible for all requisitions and local purchase orders issued against their Budget Allocations.

d. The procurement officer is responsible for all purchases throughout the

University. This entails responsibility for: i. Setting, monitoring (in conjunction with the Internal Auditors) and

maintaining mandatory minimum guidelines for the conduct of purchasing activity.

ii. Monitoring University performance and leading initiatives designed to ensure that the University obtains best value for money from purchasing activities.

e. The following outline will be observed by all involved in the purchasing activity so as to ensure best value for money:


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i. Purchases of all goods and services greater than ¢1,000 require at least three quotations.

ii. The University may in some cases deploy Sole or Single source where

only one known supplier is capable of meeting the requirements and specifications of the Goods or Services being procured. The details criteria under which Single or Sole source may be exercised are as prescribed in the procurement Guidelines.

iii. Purchases of all goods and services greater than ¢200,000 are subject

to the formal tender procedures. f. The Internal Audit is responsible for monitoring the integrity and reliability of

the University Financial System. The Internal Auditor will evaluate not only compliance with instructions but also the achievement of value for money for the University.

g. The University’s legal officer should be consulted on the legal content and

terms of all contracts.

14.1 Purchasing of Goods and Services

a. All purchases must be made using Local Purchase Orders (LPO). All orders placed must be in accordance with the University’s guidelines on procurement. The procurement committee must approve all purchases of the university.

b. Any contract for goods or services exceeding one year must receive the

prior approval of the Senate through the procurement committee.

c. All professional services to the University will be reviewed annually.

14.2 Receipt of Goods and Services

a. All goods received into store shall be accompanied by suppliers invoice, way bills and packing lists where applicable. The receiving officer shall enter up particulars of the goods in a Stores Receipt Voucher (SRV) after having been satisfied that the quality, weight and quantity are correct and agree with the local purchase order and invoice. Any discrepancies discovered shall be reported to the Unit, Department or Faculty.

b. It is the duty of the faculty, departments or units acknowledging receipt of

goods and services to satisfy themselves that the goods or services have been properly supplied in accordance with the Local Purchase Order. Where this is not the case it is the duty of the person acknowledging receipts of goods or services to ensure that the University does not pay for


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such goods or services by notifying the Finance Department through the Heads of the receiving unit, departments or Faculty.

c. In cases where there is no Local Purchase Order and related documents,

the evidence will be limited to invoices endorsed by the heads of unit, department or faculty.

15.0 INVENTORY OF FIXED ASSETS a. The Finance Department is responsible for maintaining a register of all the

University’s major Fixed Assets. Deans, Heads of Departments or Units are responsible for ensuring that adequate inventory register are maintained for all relevant assets in their sections.

b. Inventory register must include all non-consumable items with an individual

cost or replacement value of greater than ¢200. Examples of items to be included are:

i. Plant, Vehicles, Furniture, Equipment and Computers.

ii. All such Assets, whether used for teaching, research or administration must be recorded.

iii. All Faculties/Departments/Unit’s assets within the criteria set must be

included in its inventory register, regardless of the original source of funding, including any donated items and those held on trust.

iv. Faculty/Department/Unit may record lower value items in their

inventory register if this is considered beneficial for operational/safety reasons e.g. other electrical equipments.

c. The University’s property shall not be removed except in accordance with specific direction issued by the Registrar or the Vice Chancellor.

15.1 Inventory Identification Where possible, all inventory items must be marked on acquisition in a suitably permanent and prominent way, in order to identify the assets as University property. 15.2 Verification

a. At the end of each financial year, all faculties/Departments/Units shall notify

the Finance Officer of the quantity of all inventories.

b. It is the responsibility of the Finance Officer to verify at least once every financial year fixed assets register.


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c. Items may be deleted from the inventory register only with the approval of the

Finance Officer and the Internal Auditor.

15.3 INVENTORY AND STORES

a. Each Dean, Head of Department or Unit is responsible for establishing

adequate arrangements for the custody and control of any stocks or stores of materials held in their area within the overall security arrangements of the University.

b. Items in the University stores may be issued out by a storekeeper only on a

properly authorized Requisition and Stores Issue Voucher (SIV) approved by the Dean, Head of Department or Unit.

c. Where any stores or stocks are maintained, adequate records must be kept to

enable the quantity and valuation of items held to be ascertained at any time. The system for recording stock must, as a minimum, include the following:

i. Quantity, cost and type of stock issued out;

ii. Stock write offs; and

iii. Where stock are owned by the University but held off-site, then they should be fully recorded and included within the accounts.

15.4 Stock Taking

a. Stocks must be physically counted, checked for obsolence and valued at the

end of every financial year by the finance office. Stocks are valued at the lower of cost and net realisable value. Any discrepancies between these checks and the levels of stock recorded should be investigated by the internal auditor. Differences in stock valuation must be promptly notified to the Finance Officer so that an appropriate adjustment can be made in the accounting records. Any material shortfall found between the actual levels of stock held and the accounting entry will be written off against the appropriate unit with prior approval of the Finance and Audit committee.

b. All Units/Faculties/Departments are responsible for supplying the Finance

Officer with a valuation of all materials/stock held in their various units at the end of the fiscal year (30th June).

i. The relevant officer delegated with the responsibility for each set of stores must sign to confirm the accuracy of the year-end valuation.


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ii. This certification must be supplied within one week of the year-end.

c. Stock held shall not be in excess of three months requirements and the Finance Officer (or nominee) shall periodically review all existing stock with a view to reducing the number of slow moving items.

d. The University’s internal and external auditors have a right of access at all

times to inspect stocks and carry out checks to confirm the accuracy of stock records.

16.0 ASSET DISPOSAL

Where it is not considered practical or advantageous to re-use an asset of the University then it should be disposed off in accordance with the guidelines set out by the University’s Assets disposal policy. 16.1 Land and Buildings

Disposal of any freehold property or the surrender, assignment or sub-lease of any leasehold property must be approved by the GCBC on the advice of the Senate through the board of Trustees. In seeking the approval of the GCBC to the disposal of any freehold or leasehold interest details of professional advice from the University’s valuers must be provided together with confirmation that all necessary consents have been obtained. Where the asset has been purchased out of funds provided by an external body, then the conditions of the award need to be checked for any restriction that may apply on disposals. 16.2 Furniture and Equipment Deans, Heads of Departments or Units will adopt the following procedure for the disposal of surplus and redundant furniture and equipment:

i. No item may be disposed of without the explicit written approval of the appropriate Dean, Head of Departments or Units or Faculties.

ii. The surplus item must first be offered to all faculties departments or units. To facilitate this, surplus items must first be notified to the Finance Officer who will periodically circulate information to all Departments and Units.

iii. Where an item is surplus to the requirements of a Faculty, Department or Unit is transferred to another, the Finance Officer will arrange the required transaction.


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iv. If a surplus item is not required by another Department or Unit the Finance Officer will advertise to staff or to companies or external organisation by way of public announcement. In the case of obsolete computer equipment, this will be advertised internally. Staff receiving such equipment must have paid any amount due prior to taking possession of the equipment.

v. In instances where an item with a high value is to be disposed off but is not required by Faculty, Department or Unit, disposal will normally be by tender to the highest bidder.

17.0 SALARIES AND WAGES 17.1 Recruitment a. The University may employ a member of staff only where a financial provision

has been made within the approved annual budget, or for whom sources of finance e.g. research grant have been provided.

b. Letters of appointment and variation to terms and conditions of service may only

be issued by the Registrar in consultation with Senate. c. Eligibility to join appropriate superannuation scheme will be set out in the letters

of appointment.

d. Individuals may be employed temporarily, on a short term contract, if a budget provision is available to meet the cost. All appointments must be authorized by the Vice-Chancellor.

e. The Registrar shall be responsible for the maintenance of personnel records

and for the provision of relevant information to enable all salaries, wages, pensions and other emoluments to be paid. The Finance Officer shall be responsible for making such payments and for the maintenance of the related records, including those of a statutory nature.

17.2 Method of Payment

a. All payments of salaries, wages, fees, expenses and similar disbursements

must be made by or arranged through the University’s payroll. The Finance Officer is responsible for the establishment and monitoring of the University’s payroll procedure.

b. Payments are made in accordance with pay scales approved by the Board of

Trustees and any backdated pay entitlements are paid as soon as is practicable and when approved by the Board or a Committee delegated for the purpose.


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c. The Registrar will notify the Finance Officer of any changes in staffing, or in salaries (other than normal increments) or benefits to be paid to employees of the University or any other information which may be required.

d. The Conditions of Service of all categories of University staff include provision

for the payment of salaries, or wages during period of sickness, and this entitlement is governed by length of service.

e. Where a member of staff has been overpaid for any reason the University will

reclaim this amount from the individual. The method and period of repayment will be discussed between the member of staff and the Registrar.

f. Apart from making deductions for PAYE, SSF, PF and other statutory

deductions the University may accept instructions from staff to deduct funds for a member of other purposes. The payroll officer will be responsible for ensuring that these deductions are properly paid out or transferred to the appropriate account, on a timely basis after each payroll.

18.0 RESEARCH GRANTS AND CONTRACTS Deans, Heads of Department or Units are responsible for ensuring that their sections abide by the financial regulations as they apply to Research Consultancy and Contracts and other outside interests and observe these regulations and any Codes of practices or other procedures referred to in these regulations. 18.1 Research Projects Budget and Approval a. A project budget will be prepared for each project in conjunction with the

Finance Department. Projects must break-even at least, and preferably generate a surplus.

b. Where approaches are to be made to outside bodies for support for research

projects or where contracts are to be undertaken on behalf of such bodies, it is the responsibility of the Dean or Head of Department to ensure that the financial implications have been appraised by the Finance Officer in advance of the formal application being made.

c. The Finance Officer should ensure that the full cost of research contracts is

established. The research agreement must be in line with the institution’s policy with regard to direct and indirect cost and other expenses and take account of different procedures for the pricing of research projects, depending on the guidelines of the funding body.

d. Activities such as research and consultancy may give rise to ideas, designs

and inventions, which may be patentable. These are collectively known as


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Intellectual Property. Any patents accruing to the institution from inventions and discoveries made by staff in the course of their research shall be managed in accordance with the university’s intellectual property guidelines.

e. A project budget disbursement will require authorization from the Vice-

Chancellor, and the Dean of the Faculty. Research grants and contracts shall be accepted formally by the Vice-Chancellor or designated officer on behalf of the University.

18.2 Research Applications

a. The University encourages its staff to seek funding support and on

appropriate terms from external sponsors for specific research programme and projects which are consistent with the University’s academic interests and its corporate strategy. Although a sponsor’s funding, is usually to enable a named “member of staff or Department” to undertake a specified project, the formal agreement for funding whether in the form of a grant or contract is between the funding agency and the University and not the individual or department. Hence, the result is subject to the University’s regulations and procedures as well as to any terms the University has accepted in the agreement with the funding agency.

b. In approving proposals, Faculties/Departments Research and Conferences Committees must be satisfied:

i. As to their quality ii. That they fall within the University’s research strategy. iii. That the individual or department can perform the work in a

satisfactory manner and in the time proposed. iv. That they have been fully budgeted for and include full direct and

indirect cost. v. That the proposed price complies with University policy. vi. That sufficient resource including space and any services will be

available.

18.3 Private Consultancy and other Work Under no circumstances shall the University’s name or logo be used in connection with private consultancy works. University facilities are intended for exclusive use in connection with the University’s functions. No use of facilities, resources or materials shall be allowed for private consultancy work without prior approval of the Vice chancellor. Any usage approved will be charged at a rate to be determined by the Dean or Head of Department in consultation with the Finance Officer.


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19.0 COMMERCIAL ACTIVITIES

a. All commercial activities must be approved by the Registrar and Finance Officer before any undertakings are given or commitments are entered into. Under no circumstances should any Commercial contracts involving the use of the University name and / or logo for any purposes be entered into without reference to the Registrar.

b. The University should retain the right of approval over all promotional

materials and activities bearing the University brand for commercial events, advertisement or joint promotion.

20.0 CONFIDENTIALITY

All financial and commercial information and records of the University are confidential and must not be disclosed to any one who is not authorized to have access to them. All staff must ensure that any financial or other information that they hold, either manually or on computer is kept secure and that access to it is controlled in accordance with the relevant guidelines issued by the University. 21.0 INSURANCE

a. The Finance Officer is responsible for effecting insurance cover as determined

by the Senate or the Board. He/she is responsible for obtaining quotes, negotiating claims and maintaining the necessary records, and also deals with University’s insurers and advisers about specific insurance problems.

b. Deans, Heads of Departments/Units must ensure that any agreement negotiated within their outfits with external bodies cover liabilities to which the University may be exposed. The Finance Officer’s advice should be sought to ensure that this is the case.

c. Deans, Head of Department/Unit heads must give prompt notification to the

Finance Officer of any potential new risks and additional property and equipment which may require insurance and any alterations affecting existing risk.

d. Deans, Head of Department/Unit must also advise the Finance Officer, immediately, of any event which may give rise to an insurance claim.

e. The Finance Officer will maintain a register of all insurances effected by the

University and the property and risk covered.


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22.0 AUDIT

a. The University will arrange to maintain an Audit code of practice for internal audit work. The code will be the Board’s view on how effective audit coverage will be achieved. It will set out the Board’s minimum requirement for external and internal audit arrangements and also the broad frame work in which they should operate within the University and gives general guidance on good audit practices

b. Internal Auditors will normally report to the Board through the chairman of the Finance and Audit Committee.

c. Auditors are authorized to visit all university premises and to gain access to any

assets, minutes, books, documents or any information kept by the university. Trustees the Vice Chancellor and other staff must provide to those engaged in audit functions whatever information, explanations and access as they may require.

d. In general terms, internal audit will be an independent function within the

University’s activities. The prime responsibility of this function is to provide the Board, the Vice Chancellor and other managers of the University with assurance on the adequacy and the effectiveness of the Internal Control System.

e. The prime role of external auditors is to report on the financial statements of the

University and to carry out such examination of the statements and underlying records and control systems as is necessary to express their opinion on the statements.

f. External Auditors are appointed annually by the Board of trustees of the

University.

22.1 Other External Bodies

Other external bodies such as the National Council for Tertiary Education (NCTE), the National Accreditation Board (NAB), have rights of access to records in connection with financial matters. Social security and National Insurance Trust (SSNIT) officers have powers of inspection in connection with the administration of Social Security deductions. Internal Revenue Officers have powers in connection with the deduction of PAYE, withholding taxes and other taxes. Any approach from such an agency must be referred to the Vice Chancellor.


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23.0 RECEIPT OF GIFTS AND HOSPITALITY

The University’s guidelines on the receipt of Gifts and Hospitality are designed to prevent the University and its staff being open to allegations of bribery, corruption and inappropriate working practices. All staff are required to be aware of these guidelines and comply with their provisions. Particular care is required when gifts/hospitality are offered by companies, organizations, consultants and individual seeking business from the University. 23.1 Register for Receipt of Gift and Hospitality

In order to protect the integrity of the University and its staff, faculties, department and units are required to maintain a register for the receipt of Gifts and hospitality. The register for receipt of gifts and hospitality shall be kept at individual Units/Faculties 0r Departments and must always be available for inspection. Copies of each register must be sent to the Registrar on an annual basis. The following information must be detailed within each register: i. Name of staff ii. Name of company/consultant/organization and relationship with the University; iii. Details of gift/hospitality received; and iv. Date of gift/hospitality received. v. A copy of the format that all registers must take is attached as an Appendix. 23.2 Unacceptable Gifts/Hospitality

The types of gift/hospitality detailed below are unacceptable. Acceptance of such gifts/hospitality by a member of staff will result in disciplinary action being taken. They include: i. Gifts and/or hospitality which are lavish or expensive.

Expensive gifts received on regular basis from the same source. ii. Payment or other reward from a company/organization for work undertaken in

an individual’s official capacity as an employee of the University. iii. Gifts/Hospitality which could be deemed as influential in the award of a contract

or business etc to an organization. iv. Demanding Gifts/Hospitality. 23.3 Acceptable Gifts / Hospitality

The following types of gifts/hospitality are considered to be acceptable and need

not be recorded in the register;

i. A small gift of a promotional or advertising nature such as

calendars, diaries or charts

ii. A small gift where refusal would cause needless offence

iii. A working meal that is part of an established events.

iv.


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NB: This is not an exhaustive list of unacceptable types of gift/hospitality. Each offer needs to be considered with due regard to its particular circumstance and the nature of the gift/hospitality offered. A gift/hospitality should be recorded on the register where a staff has any doubt about its needs for inclusion on the register.

Disciplinary Actions

Under the university’s disciplinary procedure, dishonesty (such as corruption and

bribery) associated with the work place or job of a member of staff, constitutes a

gross misconduct and where such allegations are substantiated, appropriate

disciplinary action may be taken by the university.

24.0 CONFLICT OF INTEREST

a. Any member of staff of the university who may benefit materially, personally,

financially or otherwise from any transaction between the university and a

third party must disclose in writing to the Registrar the nature and the extent

of their interest immediately they are aware of any possible conflict of

interest.

b. Thereafter the member of staff must not take part in negotiation related to or

work connected with, the matter in which they have declared an interest.

25.0 FRAUD

a. Any person who has reason to believe that a fraudulent irregularity with

financial implications for the university (including those involving cash,

stores, physical or intellectual property) has or is about to take place is

required to inform the Vice Chancellor, the Registrar or the Finance Officer

immediately. It is the university’s policy to involve the police in any case of

alleged fraudulent irregularities.

b. Vandalism, personal theft and intruders on university property should be

reported directly to the university security and/or the Police.

26.0 ACCOUNTING SYSTEM SECURITY


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a. The System Accountant is responsible for backing up the hard drive of the

accounting system of the University each day. Each back up should be

clearly labelled e.g. A1, A2, etc indicating the date of the backup.

b. The Finance Officer will lock up all backups in a fire proof safe. Monthly

backups should be produced and kept in a fire proof safe at all times.

Annual backups should be compressed and kept in a fire proof safe.

c. The Finance Department will develop appropriate user access levels of the

financial system to enforce security and control.

27.0 STUDENT REPRESENTATIVE COUNCIL (SRC)

a. The SRC as a constituent part of the university is responsible for maintaining

its own bank account and financial records and preparing its own annual accounts. At year end the SRC account will be audited by a firm of auditors approved by the University and a report presented to Senate.

b. In accordance with an agreement between the University and the SRC, the

University’s Internal Auditor shall have access to records, assets and

personnel within the SRC in the same way as other areas of the University


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APPENDICES Appendix 1: Matters to be considered in formulating a financial strategy

a) Forecast cash flow for the next three financial years

b) Maturity ladder of existing loans

c) Analysis of present levels of short and long term interest rates, comparison

with historical trends and estimated trend movement in interest rates over

the financial years

d) Strategy for financing new loan requirements over the next three years

(If required):

Proposed sources of finance

Proposed maturity structure

Whether fixed or floating rate (etc) and if floating rate proposed roll

over periods

Suggested mechanism for controlling interest rate exposure

Estimated rate of interest

Effect of proposed loans on the university’s overall security position

Proposed new maturity ladder

Estimated effect on revenue budget of financing strategy

e) Surplus funds

The extent to which surplus funds are earmarked for short term requirements or to repay maturing loans, if applicable the extent to which surplus funds should be available to meet contingencies

The proposed strategy (type of instrument and maturity period) for each of: i. Surplus funds earmarked for short term requirements or to repay loans

ii. Surplus funds to be held available to meet contingencies

iii. Surplus funds not held against anticipated requirement; the revenue

effect of the proposed strategy.


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Appendix 2: Cheque Payment Voucher

BPV NO: ………………………

CHQ NO: ………………………

Date; …………………………

NO. AMOUNT ¢

AMOUNT ¢

the sum of ¢ ………………..

Signature; …………………………………………………………………………………………………Date: ……………………………………………………………….

1

INTERNAL AUDIT CHECKCharge Account

2

AMOUNT

IN WORDS

Received by or on behalf of: ………………………………………………………………………………………………………………………..

Amount in Words: …………………………………………………………………………………………………………………………………………………………………………………………………..

Date;

Amount ¢

Passed By;

Date;

Approved By: Date:

Finance Office Use:

…………………………………………………………………………………………………………………………………………………………………………………..

NARRATION / PARTICULARS


P. O. BOX 363, Sunyani, B/A, Ghana, West Africa

CHEQUE PAYMENT VOUCHER

Certified By: ………………………………………………………………

Payee: …………………………………………………………………………………………………………………………………………………………………………

Date: ………………………………………………………………………………………………

Date: ……………………………………………………………………………………………..

Prepared By: ………………………………………………………………

Address: ……………………………………………………………………………………………………………………………………………………………………

……………………………………………………………………………………………………………………………………………………………………………………

Authorized By: …………………………………………………………. Date: ……………………………………………………………………………………………..

3

4

5

Checked By;


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Appendix 3: Petty Cash Voucher

PCV NO: ……………

Date: ………………

No. Amount ¢

AMOUNT ¢

the sum of ¢ ……….

Signature; …………………………………………………………………………………………………

INTERNAL AUDIT CHECK

Passed By;

Amount ¢

Date;

Checked By;

Date: …………………………………

Date: ………………………………..

Date: …………………………………

Date;

Approved By: …………………………………………………………. Date: ………………………………..

Received by or on behalf of: ……………………………………………………………………………………………………………………

Amount in Words: ……………………………………………………………………………………………………

Prepared By: ……………………………………………………………

Certified By: ………………………………………………………………

4

5

2

3

Charge Account

1

AMOUNT

IN

WORDS

Address: ………………………………………………………………………………………………………………

…………………………………………………………………………………………………………………………

Partticulars (and for what purpose)



PETTY CASH VOUCHER

Payee: …………………………………………………………………………………………………………………


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Appendix 4: Local Purchase Order

Date: ………………………………………….

NO. QTY DESCRIPTION UNIT (GH¢) AMOUNT (GH¢)

Authorized By: ……………………………………. Date: ………………………….

NB: Delivery with invoice must be made to the Head of Department that made the order.

Please, supply the following items:

AMOUNT IN

WORDS



LOCAL PURCHASE ORDER (LPO)

Suppliers Name: ………………………………………………………………………………………………………

Proforma Invoice No: …………………

LPO NO: ………………………………

Address: ……………………………………………………………………………………………………………………………………………………………………

……………………………………………………………………………………………………………………………………………………………………………………

Dept Name: ………………………………….

Certified By: ………………………………………. Date: ………………………….

Date;

Prepared By: ……………………………………… Date:………………………… Checked By;

INTERNAL AUDIT CHECK

Date;

Amount ¢

Passed By;


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Appendix 5: Stores Received Voucher

SRV NO: …………

Invoice No…….

Way Bill No…….

NO. DESCRIPTION

QTY

RECEIVED

UNIT PRICE

(GH¢) AMOUNT (GH¢) REMARKS

Date ………………………………………………..

Received By: …………………………………………………... Date:…………………………………………….

All items have been received except No.(s) ………………………………………………………………………………………….

Certified By: ……………………………………………………….. .



Suppliers Name: ………………………………….

STORES RECEIVED VOUCHER (SRV)

Address; …………………………………………


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Appendix 6: Internal Requisition

IRN NO: …………

Date: ………………………………………….

QTY

ISSUED REMARKS

Signature: ………………………………………………..

Date: …………………………………………………….

Approved By: ………………………………………………….. Date: …………………………………………………….

Please, supply the following items:

Requisition From: ………………………………….

INTERNAL REQUISITION



Signature: ……………………………………………………….. .

Requisition By: …………………………………………………... Authorized By:…………………………………………….

Items have been supplied except No.(s) ………………………………………………………………………………………….

Issued By: ……………………………………………………… Date: …………………………………………………….

QTY

REQUIRED FOR WHAT PURPOSE

Finance/Stores use only

DESCRIPTIONNO.

Date: ……………………………………………………………...


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Appendix 7: Stores Issue Voucher

SIV NO: …………

NO. DESCRIPTION

QTY

ISSUED

UNIT PRICE

(GH¢) AMOUNT (GH¢) REMARKS

Date ………………………………………………..

Received By: Date:…………………………………………….

Certified By: ……………………………………………………….. .

STORES ISSUED VOUCHER (SIV)

Issued By: …………………………………………………... Date:…………………………………………….



Items Issued to: ………………………………….

Requisition No: …………………………………………


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Appendix 8: Register of Gifts/Hospitality

8 GR NO: …………

NO. DATE

NAME OF

STAFF

NAME OF COMPANY /

INDIVIDUAL

RELATIONSHIP

WITH CUCG

GIFT

RECEIVED COST

DATE OF

RECEIPT REMARKS

GIFTS & HOSPITALITY REGISTER




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Appendix 9: Record of Quotations Received

Description of Item: …………………………………………………….

NO. NAME OF FIRM

QUOTED PRICE

(GH¢) ACCEPTED BASIS OF ACCEPTANCE

1

2

3

supplementary form(s)

I declare that to the best of my knowledge and belief no employee of the University has any interest in any of the firms listed and that the

accepted quotation represents the best value for money for the goods / services concerned

Signed: ………………………………………….

Please Note: Three is the minimum number of quotes required; if more than three quotes are obtained, please, complete and attach

RECORD OF QUOTATION RECEIVED



Name of person completing the form: ………………………………….

Department: …………………………………………


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Appendix 10: Issues to consider in formulating a Procurement policy An overview of the procurement act of Ghana The extent to which the procurement act affects procurement practices of the University. Competitive quotation procedures

Negotiation strategy

Competitive tendering procedures

Short listing supplies for tender

Tender documents

Pre-tender meetings

Tender opening

Tender evaluation

Post tender negotiation

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