ADVOKS GLOBAL · KENYA
The Charter for Pan Africa Christian University
30. Financial Year and Budget
Edition: 2022-12-31 · In force
30. Financial Year and Budget
(1)The Financial Year of the University is the period of twelve (12) months commencing 1 September of each year.(2)In the event of any change in the Financial Year, and for the purposes of the transition from the old Financial Year to the new Financial Year because of this change, the transitional period, whether more or less than twelve (12) months, is regarded as a Financial Year for the purposes of this Charter.(3)The Executive Board is to propose and submit annual estimates to the Council two months before the start of the financial year.(4)The annual estimates are make provision for all the estimated expenditure of the University for the financial year, and in particular provide—(a)for the payment of salaries, allowances, and other charges in respect 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 maintenance and development 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 retiring benefits, insurance or replacement of buildings or equipment or in respect of such other matters as the Council may think fit;(g)for the funding of student scholarships; and(h)for the operating costs of the university.