ADVOKS GLOBAL · KENYA
The Charter for the East African University
31. Annual Estimates
Edition: 2022-12-31 · In force
31. Annual Estimates
(1)The Council shall, three months before the commencement of a financial year, cause to be prepared an annual budget of estimates or revenue and expenditure of the University for that year.(2)The budget shall make provision for all the estimated expenditure of the University for the fiscal year concerned, and in particular shall provide for—(a)the payment of the salaries, allowances and other charges in respect of the staff of the University;(b)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)the funding of the cost of institutional scholarships, teaching and research activities;(d)the development of the physical plan;(e)the proper maintenance of the building and grounds of the University;(f)the proper maintenance, repair and replacement of the equipment and other movable property of the University; and(g)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 Board of Trustees deem fit.(3)The annual budget shall be approved by the Council and ratified by the Board of Trustees before the commencement of the financial year to which it relates.(4)No expenditure shall be incurred for the purposes of the University, except in Accordance with subparagraph (3) above, or in pursuance of an authorization of the Board of Trustees.