Al-Madinah International University

Department Name: Financial Planning and Control Department

Functions:

1. To administer and keep watch over the steps of the planning process and the budget, and to oversee and pursue the initial steps of the strategic plan by coordinating between the administration and other concerned divisions.
2. To supervise the continued development of policies and procedures which encompass regulated audits, the budget and complete oversight of the Financial Affairs Department by coordination with the Committee for Policies and Procedures, and to maintain quality control oversight of the execution of policies.
3. To undertake all procedures of authentication, delivery and receipt, and to maintain all functions related to the Financial Planning and Control Department.
4. To provide the higher administration and other concerned divisions of the University with information upon request.

Unit Name : Planning & Budgeting Unit

Functions:

1. To prepare guidelines and directives for strategic planning activities so that the Financial Affairs Department can issue them to all the other operational divisions and administrative units.
2. To assist the other operational divisions and administrative units in guaranteeing congruity between the activities of strategic planning and the vision and mission of the University as a whole.
3. To gather suggestions for strategic planning from the administrative departments and operational divisions, review and unify them, and then present them to the higher administration for final review and recommendation to the Academic Senate for approval.
4. To participate in the discussions carried out between the higher administration and the administrative and operational divisions regarding proposed changes to the strategic plan and the budget before their final approval.
5. To administer and maintain oversight of the initial implementation of the strategic plan by coordinating between the administration and operational divisions.
6. To closely supervise the progress of the strategic plan to make sure it is proceeding in line with the approved strategic plan.
7. To prepare and distribute financial reports regarding the administrative departments and divisions to elicit feedback regarding the activities that pertains specifically to those administrative departments and divisions.
8. To collect reports from the administrative departments and divisions and prepare the final report for the University administration.
9. To present the monthly financial report to the Higher Administrative Committee for its review of the University’s financial status that results from the implementation of the strategic plan.
10. To prepare the University budget for each financial year in coordination with the concerned divisions and administrative departments and then present it to the higher administration for discussion with the concerned divisions and administrative departments as a prelude to recommending that it be sent to the University Senate.
11. To prepare a report on the distribution of the budget and deliver it to all divisions and administrative departments after its approval.
12. To supervise and stay apprised of the implementation of the budget, and to prepare reports on the University’s financial status with accompanying analyses, and to conduct studies, with the participation of the affected divisions, on how to deal with budget shortfalls.
13. To prepare plans for transfers between the divisions of the budget or supplementary estimates for approval by concerned divisions.
14. To provide the Financial Planning and Control Department with information upon request.

Unit Name : Standards and Internal Control Systems Unit

Functions:

1. Establishment of formal policies and procedures.
2. Development of System of Management Control and Delegation of Authority Guidelines.
3. Close monitoring of all financial activities and other activities which have financial implication or liabilities.
4. Establishment of periodical unit internal assessments and reporting.
5. Establishment of review to ensure minimum control standards are in place.
6. Establishment of central audit committee as an independent body. Identification and appointment and external auditors and coordination for audit activities.
7. Coordination with relevant Divisions of the University regarding issues arising from conflict of interest and safeguarding of confidentiality
8. Establishment of formal contracting policies and procedures to protect the interest of the University
9. Formulation of accounting and financial policies and procedures to account and control all financial transactions.
10. Establishment of formal Human Resource Policy and contracting for manpower and personnel.

Department Name : Finance Department

1. To oversee the safekeeping of checks, bank statements and other bank documents, such as withdrawal and deposit slips, applications and bank drafts.
2. To make sure the financial system is up to date by providing the latest information related to cash transactions and bank transfers in order to assure precision and excellence.
3. To administer and continually monitor the procedures of the Accounts Receivable and Credit Control Unit.
4. To make sure the financial system is up to date by providing the latest information related to receipt of bank transfers in order to assure precision and excellence.
5. To supervise the receipt and recording of all payables, invoices, receivables requests and other supporting documents of suppliers and contractors.
6. To administer and scrutinize the activities of the Invoice Processing and Accounts Payable Unit.
7. To make sure the financial system is up to date by providing the latest information related to account payments in order to assure precision and excellence.
8. To undertake the processes of authentication, delivery and receipt and to maintain all functions related to the Finance Department and its units.

Unit Name : Cash and Banking Operations Unit

Functions:

1. Serve as custodian of cheques, bank statements and other banking documents such as deposit and withdrawals slips, orders and transmittal documents.
2. Carry out day-to-day banking activities and documentation for the University such as preparing of cheques based on approved payment vouchers, obtaining signatures from applicable signatories and controlling the sequential issue of cheque numbers.
3. Ensure daily funds adequacy to meet University’s expenditure commitment based on the cheques issued.
4. Forward the signed cheques to Invoice Processing and Accounts Payable Unit for mailing or hand collection by vendors or contractors.
5. Conduct and prepare weekly bank reconciliation statement for Division’s review to ensure all receipts, cheques issued, cheques presented and cleared, uncleared cheques and bank statement are reconciled.
6. Handle and reconcile tuition fee payments from students via direct account deposits.
7. Handle cheques, and cash received and prepare control document for deposits with banks.
8. Ensure all money received are accounted for and the source of funds including the identity of senders are known and confirmed. Only authorized and legal transactions are permitted. No unauthorized or doubtful source of money should be received into the banks’ accounts, nor the accounts be made use of to transit such money transactions.
9. Handle payment of living expenses to scholarship students based on verified approved student list.
10. Handle all activities relating to petty cash funds for the Headquarters and Centres.Carry out posting and updating into the Financial System of related cash and banking transactions.
11. Prepare cheque control listing and fund statement in support of payment vouchers for cheque signatories.
12. Ensure all cheques are signed by the authorized cheque signatories.
13. Prior to month-end especially during payroll cycle, verify with banks to ensure there is sufficient funds available in the bank account for payroll disbursement and remittance.Prepare required checks to transfer funds as necessary from other accounts if the level of funds for payroll disbursement and remittance are inadequate.
14. Liaise with banks on all matters to resolve any issues relating to banking transactions.

Unit Name : Accounts Receivable and Credit Control Unit

Functions:

1. Prepare records pertaining to receipts and incomes from students from all centres in close coordination with Centre Department.
2. Carry out periodical reconciliation of all receivable accounts and deposit accounts to ensure accuracy and completeness in conjunction with Centre Department.
3. Monitor to ensure compliance regarding students’ installment payments to University are in accordance with the credit policy.
4. Carry out posting and updating of Financial System of related to receivable transactions.
5. Prepare aging report for review with Division management on the current status of receivables and to resolve outstanding amount with Centre Department.
6. Issue credit control report for decision by Learning Centre on student status.
7. Issue billing statements to students to ensure timely payment of fees by paying students.
8. Advise on methods and the appropriate forms to facilitate payment of fees by students.
9. Forward all student receipts to Cash and Banking Operations Unit for further handling.
10. Carry out monthly reconciliation with Cash and Banking Operations Unit and prepare reconciliation report of students’ receipts, refunds and cancellation for Division’s review.
11. Implement student refund policy as appropriate.

Unit Name: Invoice Processing and Accounts Payable Unit

Functions:

1. Vendors submission of bills and invoices with supporting documents and receipt of these documents by Finance Department.
2. Checking and confirming purchase orders and / or contract reference of the vendors bills and invoices.
3. Establishment of payment date commitment based on payment policy after receipt of all third-party invoices.
4. Checking and verification process of all third-party invoices.
5. Forwarding of received bills and invoices to Division initiating the original request for materials and / or services from suppliers or vendors.
6. Executing of accounting coding and entries into the Financial System.
7. Preparation of various payment vouchers and supporting documents.
8. Review and approval of processed bills , payment vouchers and other supporting documents.
9. Issuing and signing of cheques by authorized cheque signatories.
10. Control the remittance and collection of cheques by vendors and acknowledgement.

Department Name : Contract and Procurement Department

Functions:

1. To administer and scrutinize the activities of the Contract Administration Unit and to oversee the process of preparing documents related to contracts.
2. To supervise the centralized safekeeping of all University contracts that have been signed and executed.
3. To administer and scrutinize the activities of the Procurement Unit.
4. To undertake the process of authentication, delivery and receipt and to maintain all the functions related to the Contract and Procurement Department and its units.
5. To present regular weekly reports to the administration of the Financial Affairs Department regarding the department’s activities and any impediments and restrictions encountered and how to overcome them.

Unit Name : Contract Administration Unit

Functions:

1. To prepare documents related to contractual agreements such as purchase orders, pricing agreements, and contract agreements in coordination with the concerned division or administration.
2. To procure tenders from local and international specialized firms for desired materials and equipment by using various available means such as purchasing agents and correspondence by fax, telex and letters.
3. To prepare price analysis for procurement orders and bid invitations, and to review financial conditions agreed to and contract schedules in coordination with the concerned division or administration, in order to make sure that all conditions and articles of the contract are in the best interests of the University and consistent with the rules, regulations, policies and systems of the University.
4. To prepare invitations for general and limited bidding and to open them for competition in accord with the system.
5. To issue intentions of purchase and prepare contracts after securing binding financial commitments.
6. To review financial conditions agreed to and contract schedules for contracts in order to ensure precision and excellence.
7. To review contracts with the higher administration, with respect to principal contracts, in order to approve them, before the individuals authorized to sign contracts actually sign them.
8. To organize the signature and stamping process for contracts and guarantee the signatures of those individuals granted signatory authority by the University as specified in the contract and the sanctioned procurement process.
9. To participate in the materials receiving committees.
10. To undertake the role of central custodian for all the University’s signed and executed contracts.

Unit Name : Purchasing Unit

Functions:

1. To prepare bid invitations related to requests for estimates and bids by suppliers and contractors.
2. To prepare schedules for submitting documents related to estimates and bids, and to open bidding in coordination with the concerned divisions.
3. To send requests for estimates and invitations for bids, relying upon the list of approved bidders.
4. To scrutinize the replies of tender officers and receive bids and price offers, and to organize the opening of bidding.
5. To supervise the setting up of the Committee for Bid Evaluations to evaluate the submitted tenders for final approval and awarding of contracts.
6. To survey the markets and prepare a list of appropriate potential contracting entities and ensure that their introductory dossiers are consistent with the University’s needs.
7. To keep the above mentioned list current to ensure its precision and usefulness.
8. To communicate and coordinate with the operating departments with regard to issues related to procurement orders and approved contracts.
9. To communicate with the Contract Administration Unit as soon as bid evaluation has been concluded and a contract has been awarded, in order to prepare the contract.
10. To prepare financial settlements for suppliers.
11. To follow up with suppliers to secure price tenders and delivery of goods.
12. To bring goods from the suppliers’ warehouses to the University’s depositories.
13. To clear goods and books imported by the University through customs and deliver them to the depositories.

Department Name : Accounting Department

Functions:

1. To administer and scrutinize the activities of the Financial Analysis and Reporting Unit and to prepare and present requested reports.
2. To administer and scrutinize the activities of the Projects and Assets Accounting Unit.
3. To administer and scrutinize the activities of the General Accounting Unit.
4. To undertake the processes of authentication, delivery and receipt and to maintain all the functions related to the Accounting Department and its units.

Unit Name : Financial Analysis and Reporting Unit

Functions:

1. Carry out accuracy and completeness check on accounts related to income statement, expenditure report, and balance sheet and cash flow statements prior to their finalization.
2. Coordinate with General Accounting unit on matters and problem resolution pertaining to accuracy and completeness of financial reports.
3. Regardless of whether the periodical management reports are reported on an accrued or cash basis, there must be reconciliation carried out between management reports and financial data contained in the official financial system.
4. Carry out thorough and detailed quantitative analysis of financial transactions in terms of significant qualitative factors in close liaison with operating Divisions.
5. Prepare detailed internal and external management reports for review by Financial Affairs Division.
6. Present monthly consolidated and summary financial report to TMC on the financial status of the University and its Holding company.
7. Liaise with external auditors on specific detailed quantitative analysis for their review and consolidation of audited reports.
8. Review the accuracy and completeness of audited financial reports prior to official signing of the final reports by members of the Board of Directors.
9. Submit external financial reports where required under Companies Act, Taxation or Government Agencies as applicable.
10. Provide financial reports to Audit Committee as requested pertaining to specific activities of the University once the Audit Committee is set up.
11. Liaise and communicate with corporate secretary on matters pertaining to recommendation on the appointment or subsequent reappointment of external auditors.

Unit Name : Projects and Assets Accounting Unit

Functions:

1. Handle all matters pertaining to project accounting activities and project financial controls.
2. Implement project capital budget procedure to ensure compliance and in accordance to with the policy and procedure.
3. Handle capital budget appropriation and approval of project documents initiated by operating Divisions.
4. Handle the setting up of appropriate project accounts in the Financial System.
5. Analyze development expenditure accounts for work-in-progress and project reporting.
6. Prepare project accounting reports and analysis for consolidation with other financial reports by with Financial Analysis and Reporting Unit.
7. Conduct close out of project expenditure and budget upon completion by the operating Division.
8. Carry out periodical asset verification for the whole University in coordination with all operating Divisions.
9. Analyse and reconcile discrepancies based on the physical verification and the financial records of the assets.
10. Issue periodical project and asset reports as required by operating Divisions.
11. Ensure all completed assets and project items are tagged with appropriate identification record to facilitate physical inventory.
12. Maintain and update project and asset record schedules on periodical basis.

Unit Name: General Accounting unit

Functions:

1. Serve as advisor to Financial Affairs Division on chart of account interpretation and application for the financial and accounting system.
2. Develop chart of account dictionary and update as appropriate for reference by relevant Units of the Financial Affairs Division.
3. Prepare financial reports such as trial balance, income statement, expenditure statement, balance sheet and cash flow statement for Financial Analysis and Reporting Unit.
4. Execute monthly and annual financial closing processes to ensure proper and timely closing of all University’s accounts for the preparation of relevant financial reports.
5. Liaise with other Units of Financial Affairs Division and other operating Divisions to ensure activities related to accounts accruals, journalizing and provisions are properly handled according to correct accounting principles and practices.
6. Liaise with external auditors relating to financial accounts and handle specific queries on all accounting entries and all accounting documentations.
7. Ensure general accuracy of financial records and accounts and carry out any correcting adjustments or reversals as required.
8. Handle all matters pertaining to notes to the accounts and account disclosure items for the audited accounts.
9. Issue year-end financial closing activity schedules to all operating Divisions for timely submission of all accounting and financial documents in preparation of closing of financial book of accounts.
10. Advise Financial Analysis and Reporting Unit on the completion and accuracy of all closing activities.
11. Handling of foreign exchange gains and loses (use current exchange rate per the Star publication).
    (Note: Reporting currency is Ringgit. Transaction currency is individual currency for each location).