16.2.7 Publish financial data

The financial well-being of any institution is pivotal for its growth and sustainability. At AASTMT the Financial Department takes center stage in shaping and achieving financial goals that align with the institution's overarching mission. This article explores the key goals and tasks undertaken by the AASTMT Financial Department.  This document shows Financial Management guidelines in AASTMT in addition to the services offered by the department in AASTMT.

AASTMT Financial Management Guidelines

• Ensuring Financial Sustainability: by creating and implementing strategies that allow AASTMT to operate efficiently, cover operational costs, and invest in future development.
• Budget Planning and Allocation: by forecasting financial needs, determining income sources, and allocating funds to various departments and initiatives. The goal is to ensure that financial resources are distributed optimally to support academic and operational requirements.
• Diversification of Revenue Streams: by diversifying revenue streams through exploring opportunities for partnerships, increasing enrollment, securing research grants, and other avenues that contribute to a robust and varied financial portfolio.
• Strategic Investments: by upgrading infrastructure, investing in cutting-edge technologies, or expanding academic programs, strategic investments aim to position AASTMT as a leader in education, science, and technology.
• Fiscal Transparency and Accountability: by adhering to high standards of financial reporting and accountability, the department builds trust among stakeholders, including students, faculty, staff, and external partners.
• Cost Management and Efficiency: by assessing operational costs, identifies areas for efficiency improvement, and implements measures to maximize resources without compromising the quality of education and services.
• Collaboration with Academic Departments: by working together with academic leaders to understand their budgetary needs and support the development of innovative and impactful programs.
• Compliance with Financial Regulations: by staying informed about financial laws and regulations, conducting internal audits, and cooperating with external auditors to guarantee that AASTMT operates within legal and ethical boundaries.
• Financial Education and Awareness: by engaging in promoting financial education and awareness within the AASTMT community through providing workshops, seminars, and informational sessions to help students, faculty, and staff understand the financial processes and decisions that impact the institution.

Services Offered by AASTMT Financial Management

The Financial Department at AASTMT plays a vital role in managing the financial situation within AASTMT.

The following services are provided by the financial department in AASTMT.

• Tuition Fee Management: by providing services related to fee collection, payment plans, and addressing inquiries from students regarding their tuition accounts.
• Financial Aid and Scholarship Assistance by offering services related to any financial aid and scholarships, managing the disbursement of funds to eligible students.
• Budgeting and resources allocation: by ensuring that financial resources are allocated efficiently to meet academic and operational needs.
• Procurement Services by overseeing procurement processes, ensuring compliance with financial regulations, and facilitating the acquisition of goods and services needed for daily operations.
• Payroll Administration: by managing payroll administration for faculty and staff. This includes processing salary payments, addressing payroll-related inquiries, and ensuring that employees receive their compensation accurately and on time.
• Financial Reporting and Analysis: by generating Regular reports to provide insights into the institution's financial health, enabling informed decision-making by university leadership and stakeholders.
• Grant and Research Funding Management: by setting financial budgets for scientific research and reporting to external funding agencies.
• Student Account Services: by keeping the students’ information which includes information on account balances, transaction history, and assistance with resolving any financial issues they may encounter.
• Financial Advisory Services: by providing financial guidance to departments, assisting in financial planning, and offering insights into financial implications for strategic decisions.
• Internal and External Audit Coordination: by ensuring accountability and compliance in internal and external audits. This includes collaborating with audit teams, providing necessary documentation, and implementing recommendations for continuous improvement.
• Financial Technology Integration: by integrating financial technologies to streamline processes through using modern accounting software, online payment systems, and other digital tools to enhance efficiency and accuracy.
• Financial Literacy Programs: by enhancing financial awareness of students, faculty members, and staff through Workshops, seminars, and educational programs.
• Vendor and Contractor Payment Services: by facilitating payments to vendors and contractors through ensuring timely and accurate payments is crucial for maintaining positive relationships with external partners providing goods and services to the institution.
• Investment Portfolio Management: by managing investment portfolios. Through involving strategic decision-makers to maximize returns while aligning with the institution's ethical and financial principles.
• Financial Crisis Management: by providing crisis management services through developing strategies to navigate financial crises, communicating with stakeholders, and implementing measures to stabilize the institution's fiscal health.

AASTMT Financial Specialists Roles and Responsibilities

The attached annex clarifies the Roles and Responsibilities for Financial Management Employees at Arab Academy for Science, Technology and Maritime Transport (AASTMT). The specified roles and responsibilities include: the duties and responsibilities of:

• Chief Financial Officer
• Deputy Academy President for Financial Affairs,
• Director of Financial Accounts Management,
• Financial Accounts Management,
• Director of Internal Audit and Control Management,
• Internal Audit and Control Management,
• Director of Budget and Financial Monitoring Management,
• Budget and Financial Monitoring Management.

Annex:

Roles and responsibilities of AASTMT Financial Department