Harare Institute of Technology Student Loan

Financial Directorate

The Financial Director who is the Chief Financial Officer of the Institute heads this key office. The primary role of this office is to safeguard the funds and assets of the Institute. This office report to the Vice Chancellor and the Institute Board for the overall organization, administration and management of the Institute’s accounting function. The Financial Directorate is split into two major functions headed by Deputy Financial Directors. Accounting Services and Treasury as well as Planning and Control.

Accounting and Treasury Services

This section is responsible for the following services:

Collecting and receipting revenue due to the Institute and liquid receivables
Processing all payments to supplies and other claims
Attending to banking enquiries
Processing accounting transactions
Placing and monitoring investment

Salaries and Staff Benefit

This section is charged with managing employment cost and obligations in liaison with Human Resources Department. The focus areas are:

Maintaining staff payroll records
Payroll of salaries and other benefits
Remittance of payroll deductions
Attending to staff pensions and medical aid queries

Student Accounts and Debtors

This section is responsible for all students’ financial matters and offers the following services:

Students registration in liaison with academic registry
Charging students accounts for fees and levies
Receipting students payments and maintaining fees accounts
Issue students statements of accounts
Managing student financial assistance schemes
Follow-up on outstanding fees debtors

Budgeting, Budgetary Control and Management Accounting

This is the main financial planning unit of the Institute charged with preparation and consolidation of budgets. It performs the following functions:

Liaise with all departments in preparing Institute budgets
Liaise with departments on managing budget overruns
Control expenditure patterns
Produce periodic budget reports

Risk and Asset Management

This Unit is responsible for the safe custody of the Institute’s assets and performs the following functions:

Maintain asset register
Identification and verification of assets
Maintaining accounting records for all assets
Undertake periodic stock verifications in all laboratories and stores

Procurement and Supplies Logistics

This section administer the procurement regulations of the Institute and the following are the key functions:

Publishing and custody of suppliers’ register
Produce procurement report
Assist user departments in preparing product specifications and tender documents
Liaison with suppliers for concessions and or discounts
Procurement of general purpose provisions for central stores