FINANCE DEPARTMENT

Finance Department
Finance Department

The finance department is responsible for the financial management of the institution in line with the Constitution of Kenya 2010, Public Finance Management Act of 2012, and regulations of 2015. The department in consultation with the principal and Board of Governors designs accounting and Financial procedures that are efficient, effective, and economical to safeguard the Institute Finances. Currently, the department is manned by four competent officers who are active members of the Institute of Certified Public Accountants of Kenya (ICPAK) and in good standing. Active ICPAK memberships have enabled the officers to be effective, relevant in their work, and value additions.

The department is charged with the responsibilities of annual budget preparation, collection of revenue, expenditure management, and reporting. We initiate the budget process, consolidate the departmental budget into a master budget, and ensures it is within the capacity of the Institute. The budget is tabled before the Board of Governors for discussion and approval before forwarding to the State Department for Vocational and Technical Training and the National Treasury for further consolidation into the National budget and within the time limit set. The department also oversees budget implementation, control, and reports budget performance to the management.

Under Article 209 of the Constitution, the national government entities may impose user-charge and fees for services they provide. Consequently, the finance office has been charged with the responsibility to collect revenue on behalf of the institute based on the service delivered. School fee is the major source of revenue and is based on the approved fee structure. Students are encouraged to register with Kenya University and colleges central placement service (KUCCPS) through the Institute Registrars office to enable them to benefit from government capitation. Students are further advised to apply for HELB loans and bursaries through the Dean’s office to enable them to reduce the fee burden and concentrate on their studies and training.

Fees payment methods:

  1. Fees can be paid through bankers cheque in favor of RIAT INSTITUTE
  2. Or Direct deposit at National Bank Kisumu Branch

Account Name: RIAT INSTITUTE

Account Number: 01020023523500

  • Through Pay Bill No.3131419 account Trainees’ Name and Admission Number

 

The finance department is also responsible for expenditure management. Procurement for goods and services is done by the designated procurement department as per the public procurement and Assets Disposal Act of 2015 and relevant regulations. The institute is happy to report that for the last three years we have had no pending bills. This has been possible by prudent financial management and effective and efficient controls put in place. We have also complied with all statutory obligations including tax laws, NSSF, NHIF, and NITA.

The accounting procedures and processes are computerized (with the use of Enterprise Resource Planning) and duties are properly segregated. This is to ensure that resources are protected, accounting information is accurate and complete, and can be used with confidence in decision making. The use of Enterprise Resource Planning has increased efficiency in service provision in the department. Students can confirm fee status online and financial reports are automatically generated. The department is also tasked to provide timely financial reports for decision making. These reports are prepared in conformity with International Public Sector Accounting Standards Accruals (IPSAS Accruals). The reports also conform to the requirement of the Public Sector Accounting Standard Board of Kenya (PSASBK) and relevant circulars issued by the National Treasury from time to time. Finally, the accounts of the Institute are subjected to the Audit by the office of the Auditor-General as per the Public Audit Act of 2015.

CPA George Adero - Finance Officer

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