(3) Meanwhile, five members of the Finance and Planning Committee shall constitute the quorum for a meeting of the Finance and Planning.

Functions of the Finance and Planning Committee

The Finance and Planning Committee shall:

• Prepare the annual statement of accounts as well as propose annual budget estimates and advise the Board thereon.
• Review periodically the financial position of the University.

Advise the Board on all matters relating to fee structure, finance, investments and accounts of the University. They hence perform such other functions as may be prescribed by the Regulations.

Key Functions of the Finance and Planning Committee

The Finance and Planning Committee plays a crucial role in the financial health and strategic development of an organization. Its primary function is to oversee budget preparation, financial planning, and resource allocation. The committee ensures that financial decisions align with the organization’s goals and long-term vision. It reviews and approves annual budgets, monitors expenditures, and evaluates financial reports to ensure transparency and accountability.

Additionally, the committee assesses funding needs, explores investment opportunities, and provides recommendations on financial policies. It also collaborates with other departments to integrate planning efforts across the organization. Risk management and compliance with financial regulations are also key responsibilities. By maintaining fiscal discipline and promoting effective planning, the Finance and Planning supports sustainable growth and informed decision-making. Its role is vital in guiding the organization toward achieving its mission while maintaining financial stability and operational efficiency.