ADVOKS GLOBAL · KENYA
The Charter for Islamic University of Kenya
33. Annual estimates
Edition: 2024-12-23 · In force
33. Annual estimates
(1)Before the commencement of a financial year, the Council shall cause to be prepared estimates of the revenue and expenditure of the University for that financial year.(2)The annual estimates shall make provisions for all the estimated expenditure of the University for the financial year concerned, and in particular shall provide—(a)for the payment of the salaries, allowances and other charges in respect of the staff of the University;(b)for the payment of the pensions, gratuities and other charges in respect of retirement benefits which are payable out of the funds of the University;(c)for the proper maintenance of the buildings and grounds of the University;(d)for the proper maintenance, repair and replacement of equipment and other movable property of the University;(e)for the funding of the cost of teaching, research and outreach activities of the University;(f)for development purposes; and(g)for the creation of such funds to meet future or contingent liabilities in respect of retiring benefits insurance or replacement of building or equipment and in respect of such other matters as the Council may think fit.(3)Annual estimates shall be approved by the Council before the commencement of the financial year to which they relate, and shall be submitted to the Board of Trustees for approval, and after the approval, the Council shall not increase any sum provided in the estimates without the consent of the Board of Trustees.(4)No expenditure shall be incurred for the purpose of the University except in accordance with the annual estimates approved under subparagraph (3) or in pursuance of an authorization of the Council given with the prior approval of the Board of Trustees.