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Department of Finance


 
Mohmmad Ibrahim Al Hawi, Director

Vision

The Finance Department Strives to Contribute to achieving the University's vision and objectives through the best use of feasible resources , and attaining the best outcomes for all stakeholders.

 

Mission

Recruiting highly qualified cadres to ensure proper implementation of the University's regulations and policies as well as the international accounting standards and provide accurate and timely financial data reports  to stakeholders for the purpose of taking appropriate administrative decisions.

In addition to its normal work the Finance Department has performed the following tasks:
  • Receipt of and duly checking the various financial documents and transactions coming to the University related to the above Department.
  • Registration of all the financial transactions according to daily entry vouchers and entering them in the journal and then posting them to the subsidiary ledgers according to their respective relevance.
  • Payment of the sums owed by the University through issuance of bank checks and according to regular issue vouchers with serial numbers of according to sundries issue vouchers to be attached later to the above mentioned issue vouchers with serial numbers and then to be registered later in the journal and posted to their various accounts in subsidiary ledgers.
  • Receiving the sums of money coming daily to the University by students and other people according to regular receipt vouchers with serial numbers to be registered in the general journal and then recorded in their respective various accounts in the subsidiary ledgers.
  • Depositing the daily collected sums of University accounts at the banks (the Arab Bank or Jordanian Kuwaiti Bank) without keeping any amounts of cash which conflict with financial regulations as a preliminary step for required entries later on, and them to be re-registered in the general journal and posted to their various respective accounts in subsidiary ledgers.
  • Daily follow up and observation of the cash flow and balances at the cashier's of treasurer's office and at the banks while following up the actual loan balances step by step, bringing that to the President's notice and obtaining his signature to that effect.
  • Follow up of the student's obligations balances and one by one posting the financial transactions pertaining to them to be well acquainted with the student's financial position at any moment; follow up of the student's inquiries and periodic daily queries. After the completion of the semester registration process, the Department computes the student’s credit hours' fees, and the grants and deductions due to them; follows up the bank checks, collecting those refused by banks from the students. The receipt vouchers have been activated on the computer to facilitate direct posting to the students' obligations.
  • Computation and payment of the employees' monthly salaries, while overtime work will be computed for each semester separately.
  • At the end of each month, monthly totals shall be posted from the general journal to the general ledgers, which will lead to monthly scales and eventually and actually to the University general budget at the end of the year.
  • An estimate budget has been prepared and compared with the actual figures until August 31; 2002; a statement has been prepared about the sources and uses made of the funds until August 31, 2002. Then an estimate budget has been prepared until December 31, 2002.
  • Preparation of revision scales each month.  

The Finance Department has recently held a Scientific Symposium on The International Accounting Standards (IAS) Base number (36) (Impairment of assets). It was attended by a number of staff members of The University. The (IAS) No. 36 is valid starting from 1/1/2001.

Future Perspectives

Adopting effective financial policies with the aim of applying the best practices in financial resources management and  fostering financial  sustainability and the University's competitive status through creating a culture of excellence ,team work, transparency, integrity and enhancing staff's competencies in using leadership and innovation tools effectively to ensure the realization of the University's strategic objectives.