ADVOKS GLOBAL · KENYA
The Charter for Zetech University
30. Financial year and budget
Edition: 2022-12-31 · In force
30. Financial year and budget
(1)The financial year of the University shall be the period of twelve months commencing the 1st January and ending the 31st December of each year or such other period as may be prescribed by the Statutes.(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 months, shall be regarded as a financial year for the purposes of this Charter.(3)The University Management Board shall propose and submit annual estimates to the Council two months before the commencement of the financial year for its approval in consultation with the Board of Trustees.(4)The annual estimates shall make provision for all the estimated expenditure of the University for the financial year in performance of its functions, and in particular shall provide for—(a)the payment of salaries, allowances, and other charges in respect of the University;(b)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)the proper maintenance, development of the buildings and grounds of the University;(d)the proper maintenance, repair and replacement of the equipment and other moveable property of the University;(e)the funding of the cost of training, research and community service;(f)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 in consultation with the Board may think fit;(g)the funding of student scholarships; and(h)the operating costs of the University.(5)No expenditure shall be incurred for the purposes of the University except in accordance with an annual budget approved by the Council in consultation with the Board of Trustees.(6)The University Management Board shall submit quarterly financial reports to the Board of Trustees through the Council within each financial year.