The University of the West Indies, the Vice Chancellery Homepage

The University of the West Indies

at the Vice Chancellery


The Office of Finance is responsible for the overall direction and coordination of the financial affairs and financial management of the University. This is achieved through the collaboration of the Director of Finance/University Bursar and his management team with the Vice-Chancellor, the Principals, the Pro Vice-Chancellors, the University’s Senior Management and the management teams of the campuses. More specifically the Office of Finance, in conjunction with the Bursaries of the campuses, monitors the day to day financial and accounting functions and operations of the University.

 

The Office also has direct responsibility for managing the financial affairs of the offices of the Open Campus, and the Centre Departments located at the campuses as well as supporting and monitoring the new and ongoing initiatives of the Vice-Chancellor.

 

Highlight of Activities - Strategic Plan 2007 - 2012

The Office of Finance was very involved in all the stages of the development of the Strategic Plan, and played a leading role in the development and coordination of the financial projections for all the emerging Themes and Enablers. The Office will, in conjunction with the Office of Planning and Development, continue to be engaged in the alignment of current resources, and the identification andacquisition of new resources to finance the Plan.

 

Biennium Budgets

Annually,the Office of Finance coordinates the University’s budget process, from the issuing of the Budget Guidelines to the meetings of the Grants Committees. The Budget Guidelines set out in detail the procedures to be followed in preparation for the Biennium Budgets. It also includes the Budget Cycle which shows the targeted dates for the completion of the various steps.

 

Financial Reports

Consolidated Financial Reports of the campuses and the Centre with accompanying Financial Statements were presented to the meetings of the University Finance and General Purposes Committee (F&GPC) in October 2006, February 2007, and May 2007.

 

Discussion is ongoing with the campus management on improving significantly the timeliness of the inflow of information from the campuses so that reports can be completed and circulated to members of F&GPC at least one week before the meetings. Similar discussions have also taken place with respect to the delays in the preparation of the Annual Financial Statements of each entity, and the Consolidated Financial Statements, and the consequent delays in the external audits of these Statements.The Vice-Chancellor has requested the Principals and the Chairpersons of the Audit Committees to assist in the resolution of the foregoing problem.

 

Banner Finance Update

Banner Finance software, widely used by universities, provides the accounting services for the University of the West Indies. The following modules of Banner have been successfully implemented: Accounts Payable, Accounts Receivable and Cashiering, Fixed Assets, Stores, and General Ledger. 

SunGard, owners of the software, visited the University to conduct training sessions on the Research Module.An upgrade to version 7 will facilitate the testing of this module.

The Banner Summit was attended by representatives from all the campuses and the University Centre. The interaction with staff members of other universities was invaluable, as this provided the opportunity to form informal support groups for the administration and use of Banner.

The University is considering the use of a report writer, ARGOS,to enhance the use of Banner in the preparation of Financial Statements. An evaluation pack has been received from e-Visions, suppliers of the software, and is
being tested.

University Consulting Company

The Office of Finance managed and co-ordinated to successful completion, the various activities related to the establishment of the Consultancy Company which is now offering its services.These included obtaining partial funding from the Caribbean Development Bank (CDB) for the engagement of a consultancy firm to establish the UWI Consulting Inc;monitoring the required tender process; assisting in the hiring of the consultant firm; liaising with the University staff selected for interviews by the Consultant firm, coordinating the entire process to the required standards of the CDB; and assisting the Chief Executive Officer in administrative matters. The official launch is being planned for March 5, 2008 in Barbados.

Regional Endowment Fund

A Position Paper was prepared and presented to University F&GPC which gave its approval.The Company’s Incorporation documents have been submitted to the Registrar of Companies in Jamaica requesting the relevant tax exemption. The Legal Unit has been assisting in this matter.

Capital Development Needs

The Office of Finance continues to pilot the implementation of this assignment. The total projected capital needs,
excluding those of the UWI-12 Countries, is estimated at US$308 million over a three year period. Approximately 50 projects covering the campuses and the Centre have been identified, and these have been categorised according to proposed funding types.

All campuses and the Centre are making progress with respect to identifying funds, and in some cases have commenced construction. With respect to Debt source of financing, discussions have been held with the Caribbean Development Bank (CDB) which has indicated its willingness to provide financing, and the requisite Government guarantees are currently being discussed with the respective Governments. 

The Revised Financial Code

The Office has been directing, monitoring and collating the revision of the Financial Code. The current edition of
the Code was last revised in 1995 and the revision process, near completion, will be submitted to the University
F&GPC for approval in academic year 2007/2008.

The Financial Code guides and regulates all financial and finance-related transactions and operations of the
University in order to ensure accountability, transparency and integrity. Some of the more significant revisions concern policies and procedures for handling Purchasing, Procurements and Contracts (Chapter 5); Special Projects (Chapter 8); Financial Investments (Chapter 9) and Investments in Business Enterprises (Chapter 10). The Financial Code will be supported by a companion document entitled Financial Procedures and Guidelines which, as the name implies, will provide more detailed instructions and guidance for the conduct of transactions and operations.

FSSU/UWI Pension Scheme

The Office of Finance was actively involved in the transition of the administrative services from Capita Hartshead/FPS to Northgate HR. The transition was completed in June 2007.This means that all FSSU pension contributions for June 2007 and onwards have been sent for processing by the new administrator, Northgate HR. The post transition work involved:

  • Monitoring the reconciliation of closing balances of members as submitted by Capita Hartshead/FPS with
    the opening balances reported by Northgate HR. 
  • Working with Legal Counsel, and advised by Sacker and Partner with respect to the Administrative
    contract.
  • Extensive communication with campuses – bursaries and departments – with respect to the timely and
    accurate transfer of information from campuses to Administration and Fund Manager.
  • Communication with consultants/advisors in London to assist in guiding the process of short-listing applicants for replacing a Funds Manager.
  • Finalising details for a re-launch of the Website, and constant communication with the membership.