The Financial Services Division is divided into two major sections, namely:
Financial Management Section
Financial Planning Section
There is also a central Administrative Support Office which provides secretarial support to the above-mentioned sections.
Financial Management Section
This Section is responsible for the University’s annual financial statements as well as for monitoring and analysis of the income and expenditure arising during day-to-day operations. It also handles payments, receipts, invoicing and payroll.
Accounts Payable Office
The Office is dedicated to making prompt, accurate payments in accordance with University policies and Cyprus laws. It handles with all processes involved in making payments authorised on behalf of all the organizational units within the University.
It ensures that all University funds are disbursed and recorded according to standard accounting principles.
Payments related to salaries are handled by the Payroll Office and those for research projects are handled by the Financial Management of Research Projects Section.
Accounts Receivable Office
The Office is responsible for the efficient collection of all income and for all other accounting matters, in accordance with the financial regulations and procedures of the University. This includes credit control and debt management, student fees and miscellaneous invoicing.
Financial and Tax Reporting Office
The Office is responsible for maintaining an integrated system of accounting and preparing financial accounts.
It is also responsible for the University bank accounts.
Budget Monitoring and Management Reporting Office
The Office monitors the income and expenditure budget and balances the University bank accounts.
It prepares budget reports for all academic departments, administrative services and other Offices on a monthly, quarterly and annual basis.
Financial Planning Section
This Section prepares detailed income and expenditure budgets, and cash-flow forecasts for each financial year, as well as various financial reports. It ensures that goods and services are purchased at the competitive rates and according to internal and EU regulations. The Section also administers the University’s supply chain of goods.
Budget Office
The Office prepares all University revenue and expense budgets, including academic departments and administrative services.
Its also develops budget forecasting models, prepares the daily agenda for the Finance and Personnel Committee of the Senate, handles its administrative work (preparation of minutes) and ensures application of its decisions.
Costing and Earned Income Activities Office
The Office provides support for the financial administration of the University’s activities that generate income (project costing, cost-benefit analysis etc), prepares reports and gives administrative assistance for the various subsidies and contracts undertaken by the University.
