ADVOKS GLOBAL · KENYA
The Charter to Establish United States International University
24. Financial Year, Audit and Budget
Edition: 2022-12-31 · In force
24. Financial Year, Audit and Budget
(1)The financial year of the University shall be the period of twelve months commencing on such day in each year as the Board may determine.(2)In the event of any change in the financial year and for the purposes of the transition from the old financial year to a new Financial year, consequent upon the change, the transitional period, whether more or less than twelve months, shall be deemed for purposes of this Charter to be a fiscal year.(3)The Vice-Chancellor shall submit a proposed budget to the Chancellor two (2) months before the start of each financial year. After review, the Chancellor will recommend a budget for consideration and approval of the Board.(4)USIU shall submit monthly financial reports to the Board.(5)The accounts of USIU shall be audited by an auditor appointed by the Board.(6)Within a period of six months after the end of the financial year, the auditor shall report the examination and audit of the accounts USIU to the Board.