Background
The University of Strathclyde is a major financial enterprise with an annual income of around £400,000,000. This income comes in three ways:
- income from public funds via a block grant from the Scottish Funding Council and tuition fees paid by the Scottish Government or by local authorities
- tuition fee income from UK and overseas students
- income from other sources including research contracts, services rendered, courses and conferences, endowments, residence and catering operations, grants and donations
Responsibility for finance within the University is laid down in the Charter and Statutes in various documents from the Scottish Funding Council (SFC) and is amplified in the financial regulations. Day to day administration of University finances is delegated to the Chief Financial Officer.
Finance aims & objectives
Overall aim
to ensure the University’s continued financial health through a system of financial management which facilitates the generation of private income but which recognises the requirements of public accountability.
Specific objectives
- to ensure that appropriate financial planning and financial control systems exist within the University
- to monitor the financial performance of the University and report regularly to the Executive Team and Court
- to identify and evaluate financial opportunities for the University to strengthen its position in capital, revenue and operational terms
- to maintain and develop the University’s financial systems and processes
- to prepare the annual Financial Statements within the timescale laid down by Court and in accordance with prescribed accounting standards
- to prepare an Annual Budget and Financial Forecasts for approval by Court
- to provide regular financial management information in an understandable form to all budget holders
- to maintain appropriate records and process all transactions in respect of research grants, contracts, services rendered and other external activities
- to make payments to staff and suppliers promptly and accurately
- to ensure the receipt of all income (including tuition fees) due to the University and pursue debts within an acceptable timescale
- to receive, record and bank all cash within an appropriate timescale
- to invest the University’s cash balances in accordance with the Treasury Management Code of Practice approved by Court
- to ensure that the University has sufficient cash at all times to undertake its planned activities
- to arrange borrowings if necessary for approval by Court
- to ensure that the University’s assets are safeguarded by appropriate insurance arrangements
- to ensure that the University complies with instructions given by the tax authorities: H.M. Revenue and Customs and the Department of Work and Pensions
- to maintain detailed records relating to employees' pension arrangements
- to ensure that the procedures in operation are in accord with the University’s Financial Regulations
- to ensure that the University complies with the terms of the Financial Memorandum between the Funding Council and the University
Organisation
The Finance Directorate is organised into functional sections order to achieve the objectives listed above:
- Accounting Services
- Finance Business Partners
- Finance Operations:
- Transaction Helpdesk
- Transaction Processing
- Payroll
- Pensions
- Financial Systems
- Procurement
- Research Finance