Policy Statement
EDUWEB College is committed to controlling and monitoring its financial resources to ensure that our quality objectives are met and students’ learning outcomes are achieved. The College shall maintain prudent accounting and management practices.
The Finance Policy of EDUWEB College is divided into the three subset policies below:
• Resource Allocation and Budgeting Policy
Each functional within EDUWEB College plays an important role in ensuring that objectives are met and outcomes are realized. The college's Resource Allocation Policy, budgetary controls and financial controls are designed to ensure that these functional areas receive a proper financial allocation thus allowing committees and divisions to operate and outcomes to be realized.
• Financial Delegations Policy
The Delegations Policy empowers staff in committees and divisions to expend their approved budgets. Staff is encouraged to participate in the budgetary process but it is management who approve the budgets and any adjustments to the budgets.
• Financial Monitoring and Control
The budget is a well thought out financial plan for the coming period. It is essential to compare actual financial performance with what was budgeted and determine the factors that were responsible for any variances. EDUWEB College produces monthly financial reports and investigates variances on a quarterly basis. This policy provides a framework for achieving and improving financial performance.
Effective January 1st, 2019
