The University Management, on Wednesday, organized an in-house training for Heads of Units and Heads of departments in Precious Cornerstone University on the intricacies of budgeting and the operations of the bursary unit.
The training, which held on Wednesday in the University’s auditorium, was a strategic move by the University Management to fortify the financial operations of the institution, thereby fostering institutional development. Emphasizing the importance of budgeting, the Vice Chancellor, Professor Timothy Adejumo, stressed, “Efficient fund management is crucial even in an academic environment.”
Professor Timothy Adejumo expounded that budgeting goes beyond expense management as it plays a pivotal role in the proper allocation of funds. “In economics, we understand that human wants are insatiable, but prioritizing our needs is essential. Without a plan, expenditures become impromptu. For an organization like ours, meticulous planning is imperative.”
Commending the in-house training, University Bursar, Mr Festus Oladokun, highlighted its role in ensuring a smooth transition for the incoming Bursar. “I commend the Vice Chancellor for providing this opportunity to prepare the ground for the incoming Bursar, reducing tension and promoting understanding of the university’s operations,” he remarked.
The comprehensive 4-part training session was facilitated by Bursary staff members in partnership with the Internal Auditor of which the Vice Chancellor described all facilitators as “knowledgeable and qualified personnels”. Mrs Kemi Olalusi, one of the facilitators, delved into intricate details on budgeting, shedding light on effective financial planning skills needed to operate the different departments in Precious Cornerstone University seamlessly.
Another facilitator, Mr Israel Oladimeji, focused on the Students’ tuition fee payment system and clearance permit, elucidating the processes involved in fee collection. Additionally, Mrs Comfort Babatunde shared insights on advance collection and retirement, clarifying the reviewed procedures for requesting and approving cash disbursements.
The Internal Auditor, Mrs Tolulope Olatoyan, educated the participants on the importance of the Audit Unit which includes the evaluation of financial documents for accuracy and compliance amongst many other roles.
Participants lauded the training as enlightening and indispensable. Mr Adetipe, an ICT staff member, remarked, “It introduces a new approach to fund requests. With these developments, monitoring everything becomes possible. It’s a positive development for the university.” Dr Felix Okunlola, Acting Head of Natural Sciences Department, acknowledged the practical value of the knowledge. He said, “This information has upgraded my knowledge on financial processes I need to run the day-to-day operations of the department”.
Heads of Units and Departments listening during the training
The University Matron, Mrs Olajoke Olufemi, expressed appreciation for the session, emphasizing its role in enhancing her understanding of the institution’s financial processes. She remarked, “As nurses traditionally don’t handle retirement procedures, I have always approached it reluctantly. Now, I fully understand the reasons behind it – accountability.”
The Registrar , Mrs. Morenike Afolabi highlighted that this training is just one of many aimed at fostering staff development and growth. Dr. Olajide Afolabi, the University Librarian, commended the quality of the presentations. Following a productive Q&A session, University Chaplain Pastor Adesoji Adeniji concluded the event with closing prayers.