The Accounting and Finance department regularly tracks income, expenditures and budget variance and reports to the President. The amount budgeted for each Unit is incorporated into ECMIT’s automated accounting and records systems. The Unit heads have real-time access to departmental expenditure statements through the Office of the Finance and Accounting that enables each person responsible for a budget to adhere to budgetary limits. The Accounting Office develops a monthly cash flow and expenditure chart which is reviewed by the President and a representative of the BOG to insure the financial integrity and viability of the College.
In particular, the college has well designed procedures to ensure compliance with standard accounting and auditing functions in the handling and disbursement of funds in the following areas:
Accounts Payable Procedures
Contracts and authorized signatures
The department of Accounting and Finance is currently managed by two staff members: a Chief Financial Officer who holds an MBA degree in finance and an Accountant who holds a bachelor degree in commerce. The accountant is also responsible for logistics, human resources management and payroll. These individuals are well experienced professionals who have been associated with the college for over five years. This unit reports directly to the President. In addition, the BOG has appointed an internal auditor who receives financial and cash flow reports on weekly basis.