27.2 General Considerations

The budget breakdown structure is designed to reflect as much as possible the University organizational and management structure, allowing for a clear identification of responsibilities and accountabilities.

 

The exercise of budgetary responsibilities requires easy access to accurate and timely information on budget execution status. The University implements an ERP system that enables such access. Budget supervisors and budget holders must be familiar with this system before accepting budgetary responsibility.

 

The President undertakes budget allocation upon delegation from the BOG, which has the ultimate authority and responsibility for the management and operation of the Corporation, through the Vice President for Financial Management, under the supervision of COO. The Vice President for Financial Management sub-delegates his responsibility for budget planning and execution to the Vice President or equivalent (see 2.4 ) who are accountable for budget execution.

Budget revisions and reallocations are possible after the initial budget allocation.

Income and Expenditure Budget consists the budget of the University. The budget of the University consolidates all University sources of funding, and all its operation expenses and capital expenditures, including building and facilities.

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