About Department
The Student Fund Management Board is a crucial administrative structure within universities and higher education institutions. The board is responsible for proposing general policies, overseeing technical, administrative, and financial aspects of the fund, and making necessary decisions to achieve its established objectives. It also has the authority to discuss the draft budget of the fund and any amendments to it, leading to its approval by the university board.
The Board's Responsibilities
- Discussing the estimated budget project of the fund and any amendments to it, in preparation for its approval by the University Board
- Studying ways to increase the resources of the fund within and outside the university and making recommendations accordingly
- Developing financial, accounting, and investment policies and procedures for the fund, to be approved by the university board based on the President of the University's recommendation
- Recommending the acceptance of grants, endowments, gifts, and donations presented to the fund, in accordance with regulations and instructions, and elevating them to the university board
- Recommending the appointment of external auditors for the fund and tasking the external auditors of the university to review the fund's accounts
- Discussing the final account of the fund after it has been reviewed by the external auditors in preparation for its approval by the university board
- Discussing the annual report of the fund after it has been reviewed by the external auditors in preparation for its approval by the university board
- Ensuring the implementation of the fund's activities in accordance with its regulations and approved budget
- Recommending approval for contracts with the employees and collaborators of the fund and elevating them to the president of the University for approval
- Proposing salaries, allowances, bonuses, and any other benefits for the fund's staff, in accordance with the regulations and financial rules applicable at the university, and elevating them to the university board for approval
- Submitting periodic reports to the president of the university, illustrating the activities, operations, and financial status of the fund. Additionally, presenting a comprehensive report to the university board at the end of each fiscal year summarizing its activities throughout the year
- Discussing specialized matters referred by the president of the university or proposed by the chairman of the board or any of its members.