The Finance department at Kaimosi Friends University (KAFU) plays a crucial role in managing the financial operations and resources of the University. It is responsible for budgeting, Revenue collection, financial reporting, student finance, payment of suppliers, payroll management and ensuring effective and efficient use of financial resources. This department works closely with various academic and administrative units to provide financial support, maintain transparency, and ensure compliance with both internal policies and external regulatory requirements. Additionally, it oversees fee collection, payment disbursement, and financial planning to ensure the university’s sustainability and growth.

Key responsibilities of the department:

1. Financial Planning and Budgeting:
   1. Develops and oversees the university’s annual budget.
   2. Works closely with various departments to ensure the proper allocation of financial resources.
   3. Conducts long-term financial planning to support the university’s strategic goals and expansion.
2. Revenue Collection and Student Finance:
   1. Oversees the collection of fees, tuition, and other revenue streams.
   2. Manages student fee accounts, ensuring timely invoicing, payments, and debt collection.
   3. Implements policies to handle student fee payment plans, student financial aid, scholarships, and HELB loan disbursements.
3. Expenditure Management:
   1. Monitors and controls departmental spending to ensure alignment with the approved budget.
   2. Payment of suppliers, ensuring value for money and compliance with procurement laws (such as Kenya's Public Procurement and Disposal Act).
   3. Manages payroll for academic and non-academic staff, ensuring salaries, benefits, and statutory deductions (such as PAYE, NSSF, NHIF) are handled accurately.
4. Payroll and Benefits Administration:
   1. Manages payroll processing, ensuring timely payment of salaries and compliance with tax regulations.
   2. Ensure timely payment of statutory deductions (such as PAYE, NSSF, NHIF, NITA, Affordable Housing Levy and Pension).
5. Cash Flow Management:
   1. Ensures liquidity by managing day-to-day cash flow, balancing short-term operational needs with the long-term ones.
6. Grant and Research Funding Management:
   1. Administers and monitors external research funds from government bodies, donors, and international organizations.
   2. Ensures compliance with grant terms, preparing detailed financial reports for funders.
7. Risk Management and Compliance:
   1. Identifies financial risks and implements strategies to mitigate them.
   2. Ensures the university complies with government financial regulations, tax laws, and international best practices.
8. Support to Decision-Makers:
   1. Provides financial analysis and advice to University management and council to guide strategic decisions.
   2. Prepares financial reports and projections for the University Council and other governing bodies.
9. Financial Reporting:
   1. Manages the preparation and maintenance of financial records, ensuring compliance with all relevant accounting standards, regulations and government policies and guidelines.
   2. Prepares periodic reports and financial statements which include both quarterly and annual reports and financial statements.