Finance officer

Mr. Nashon Luge

finance

Finance officer oversees the day-to-day financial management activities of the funds, ensuring the accuracy of the accounting records, internal controls are in place and adhered to, financial reports are prepared and communicated to the Accounting officer (Principal) timely. The Finance officer, is responsible for the preparation and maintenance of the accounting software chart of accounts, maintenance of the general ledger, reconciliation of subsidiary system accounts such as cash management, accounts payable, accounts receivable, payroll, journal entries, and responsibility of preparing required financial reports in compliance with the Public finance and management Act,2012.

Accounting methods employed by the Coast Institute of Technology is accrual accounting basis as per the Government requirement. Additional accounting methods shall be employed to satisfy applicable General accepted accounting principle promulgated by such competent authoritative Sources as the General Accepted Accounting Principle (GAAP), International Financial Reporting Standards (IFRS) and Financial Accounting Standards Board (FASB), where applicable.

Revenue shall be recognized in the accounting period in which they are earned and measurable but not received.
The major revenue categories are:

• Governmental Grants/Capitation: These Grants revenue are recognized when received. Capitation Grant revenues are recognized based on the total number of students placed by KUCCPS.
• Student’s fees: This revenue are recognise for the accounting period earned but not received.
• Donations and Contributions: Revenues are recognized when received.
• Other Income: These are Revenues generated from hire of facilities i.e. venue. It is recognized as earned.
• Gain/Loss on sale of assets: A gain or loss is recognized when an asset is sold or disposed of.

 

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