The Financial Affairs Division
Introduction
Financial affairs are a fundamental part of the operations of any organization or individual. These affairs involve managing money and financial resources in a way that ensures their efficient and effective use to achieve specific goals.
Mission
Working towards providing advanced courses and workshops to achieve positive advancement in the level of the college and university affiliates, as well as state institutions, and preparing them to deliver the best services to their communities. Additionally, providing students with practical skills to equip them for the job market and to serve the needs of our Iraqi society.
Vision
The vision of financial affairs reflects the primary goal that the institution or individual seeks in the field of financial management. It is the desired future image of how to achieve financial sustainability and attain specific financial goals.
Aims of the Unit
Budget Preparation: Developing and preparing annual budgets for the college, including financial planning for academic and administrative departments, as well as research and development projects.
Budget Control: Monitoring expenditure and ensuring budgets are not exceeded, providing guidance to departments on how to better manage their financial resources.
Account Management: Supervising current accounts, processing financial transactions such as invoices and payments, ensuring their accuracy and compliance with accounting standards.
Cash Management: Controlling cash flow for the college and managing funds to ensure timely fulfillment of financial obligations.
Financial Reporting: Preparing periodic financial reports, including annual financial statements, to provide a comprehensive overview of the college’s financial position.
Compliance with Regulations: Ensuring the college’s compliance with applicable financial laws and regulations, including external and internal auditing.
Financial Risk Management: Assessing and managing financial risks facing the college, and developing strategies to mitigate these risks.
Funding and Investment: Managing the college’s investment portfolio and seeking new sources of funding to support academic and research projects.
Procurement and Contracts: Managing procurement operations for the college and negotiating contracts with suppliers and contractors to ensure the best value for money.
Financial Aid for Students: Managing financial aid programs, including scholarships and student loans, to support needy students.
Financial Support and Consultation: Providing financial consultation to senior management and academic departments on various financial issues.
