ADVOKS GLOBAL · KENYA
The Charter to Establish Africa Nazarene University
25. Annual Budget
Edition: 2022-12-31 · In force
25. Annual Budget
(1)At the beginning of each financial year, the Council shall cause to be prepared a budget for the revenue and expenditure of the(2)The annual budget shall make provision for the following—(a)the payment of 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 proper maintenance of the buildings and grounds of the University;(d)the proper maintenance, repairs and replacement of the equipment and other movable property of the University;(e)the funding of the cost of teaching and research activities in the university;(f)the creation of such reserve funds to meet future or contingent liabilities of the University in such matters as the Council may deem fit.(3)The Budget shall be approved by the Council before the beginning of the financial year to which it relates.(4)Except with the approval of the Council, communicated through the Vice Chancellor, no expenditure shall be incurred except in strict adherence to the approved budget.