The Financial Services Division is divided into three major sections, namely:
- Financial Management Section
- Financial Planning Section
- Financial Management of Research Projects Section
There is also a central Administrative Support Office which provides secretarial support to the above-mentioned sections.
Financial Management Section
This Section is responsible for the University's annual financial statements as well as for monitoring and analysis of the income and expenditure arising during day-to-day operations. It also handles payments, receipts, invoicing and payroll.
Accounts Payable Office
The Office is dedicated to making prompt, accurate payments in accordance with University policies and Cyprus laws. It handles with all processes involved in making payments authorised on behalf of all the organizational units within the University.
It ensures that all University funds are disbursed and recorded according to standard accounting principles.
Payments related to salaries are handled by the Payroll Office and those for research projects are handled by the Financial Management of Research Projects Section.
Accounts Receivable Office
The Office is responsible for the efficient collection of all income and for all other accounting matters, in accordance with the financial regulations and procedures of the University. This includes credit control and debt management, student fees and miscellaneous invoicing.
The Office is responsible for issuing pay checks to all faculty staff and student employees. The Office distributes paycheques and makes direct deposits during each pay cycle and issues all required Internal Revenue documents. The Office is also responsible for withholding the taxes required by the Internal Revenue, and for making the necessary Social Security deduction.
Financial and Tax Reporting Office
The Office is responsible for maintaining an integrated system of accounting and preparing financial accounts.
It is also responsible for the University bank accounts.
Budget Monitoring and Management Reporting Office
The Office monitors the income and expenditure budget and balances the University bank accounts.
It prepares budget reports for all academic departments, administrative services and other Offices on a monthly, quarterly and annual basis.
Financial Planning Section
This Section prepares detailed income and expenditure budgets, and cash-flow forecasts for each financial year, as well as various financial reports. It ensures that goods and services are purchased at the competitive rates and according to internal and EU regulations. The Section also administers the University's supply chain of goods.
The Office prepares all University revenue and expense budgets, including academic departments and administrative services.
Its also develops budget forecasting models, prepares the daily agenda for the Finance and Personnel Committee of the Senate, handles its administrative work (preparation of minutes) and ensures application of its decisions.
Costing and Earned Income Activities Office
The Office provides support for the financial administration of the University's activities that generate income (project costing, cost-benefit analysis etc), prepares reports and gives administrative assistance for the various subsidies and contracts undertaken by the University.
Stores and Fixed Asset Management Office
The Office provides high-demand stocked and non-stocked items at competitive prices and ensures their timely delivery.
The Office accepts delivery of orders such as stationery, office furniture and equipment, cleaning materials, etc. and distributes them as required.
It also updates the fixed-asset register and the register of valuable objects.
Financial Management of Research Projects Section
The Section handles all externally funded research projects. Once a research grant has been awarded, the Section administers the award in compliance with the relevant laws and regulations. It provides support and advice on managing the awarded grant.
Management of Research Funds and Budget Preparation Office
The Office ensures that both internal financial regulations and the regulations of the sponsoring bodies are adhered to, including the timely payments of invoices and preparation of financial statements of expenditure.
The Office offers advice on the management of the research funds.
Financial Monitoring and Management of Research Programs Office
The Office offers professional advice and support to the academic community in its effort to obtain research funds. It helps prepare the preparation of the budget for the proposed research project and provides the necessary documents and financial information (i.e, University's bank account, VAT registration number, Income tax office registration number, copies of audited financial statements).