TERMS OF REFERENCE OF THE FINANCE PLANNING AND INVESTMENT COMMITTEE

The Finance, Planning and Investment Committee shall;

• Within  a  period  of  four  months  before  the  end  of  each  financial  year,  receive  and consider all proposed estimates of income and expenditure of the University for the ensuing year as presented by Management and recommend to Council for approval.
• Ensure  that  all  resources  are  allocated  in  a  manner  that  supports  the  University
• Strategic Plan.
• Receive and consider Managements budget performance reports, on a quarterly basis and make appropriate recommendations to the University Council.
• Ensure that the University keeps proper books of Account
• Oversee all expenditures of the University under approved annual estimates.
• Receive and consider all Managements requests for authorization of expenditure outside the annual approved estimates and make appropriate recommendations to Council.
• Consider the proposed fees and rates by Management and recommend to Council for approval
• Receive and consider proposals for opening and closing of University Accounts in the different financial institutions and make recommendations for approval by Council.
• Review  strategic  initiatives  of  financial  or  administrative  nature  as  presented  by Management including initiative to borrow and submit to Council for approval.
• Receive and consider the final statement of accounts of the University and submit to Council for approval.
• Receive and consider the draft strategic plan of the University and recommend to Council for approval.
• Receive and consider the annual operational plan of the University.
• Annually monitor and evaluate the implementation of the University’s strategic plan against agreed performance indicators.
• Ensure the formulation of the capital development plan for the University.
• Ensure that a comprehensive updated inventory of all University property is kept.
• To keep the University Council informed about the performance of all commercial units in the University

Advise Council on strategic and financial implications of proposals from Management for;

• The establishment, organization and control of different units of the University 
• Measures or programmes proposed by Senate for development
• Offers of assistance, financial or otherwise from outside the University and allocation of responsibility for the different units and branches of learning.
• Consider proposals for acquisition, investments or disinvestments of all equity investments including associated companies to the University for approval of the University Council.
• Consider all proposals of new academic and administrative posts on the staff establishment and review the existing establishment and make recommendations to Council.
• Review staff terms and conditions of service and make appropriate recommendations to the University Council.
• Perform such other function assigned to it by the University Council.