ADVOKS GLOBAL · KENYA
The Africa International University Charter
33. Annual Budget
Edition: 2022-12-31 · In force
33. Annual Budget
(1)Before the commencement of the fiscal year, the Management Board shall prepare estimates of revenue and expenditure of the University for that year and submit the same to the Council for approval.(2)The annual budget, developed from the estimates, shall make provision for all the estimated expenditure of the University for the fiscal year concerned, and in particular shall provide—(a)for the payment of all salaries, allowances, and other charges in respect of the staff of the University;(b)for the payment of any pensions, gratuities and other charges in respect of retirement benefits which may be payable out of the funds of the University;(c)for the proper development and maintenance of the buildings and grounds of the University;(d)for the proper maintenance, repair and replacement of the equipment and other moveable property of the University;(e)for the funding of the cost of teaching and research activities of and in the University;(f)for the creation of such reserve funds to meet future or contingent liabilities in respect of retirement benefits, insurance or replacement of buildings or equipment or in respect of such other matters as the Council may think fit; and(g)for the operating and capital costs of the University.(3)No expenditure shall be incurred for the purposes of the University except in accordance with an annual budget approved by the Council or as the Council may authorize.