WVSU

Finance Division

Aims to provide excellent, fast and customer-oriented services.

The Financial Division, headed by the Chief Administrative Officer is responsible for the three units, the Budget, Accounting and Cash Units. Reporting to the Vice President for Administration and Finance, these units are responsible for financial management, planning and control, financial accountability and establishment and maintenance of quality financial systems.

 

Financial Planning and Control includes the preparation of the budget, monitoring and control of allotment and expenditures, long range financial planning and forecasting

Financial Accountability involves the preparation of financial and management reports to account for financial transactions of the University.


Establishment and Maintenance of Quality Financial Systems requires the development, operation and maintenance of accounts and internal control systems to control spending, safeguard assets comply with government rules and regulations and provide management information while ensuring compliance with generally accepted accounting principles and government financial laws.

Goals and Objectives

The primary mission of the Finance Division is to serve and support the academic, research, and public service functions of the University and the various other support functions (e.g., academic support, student services, institutional support, and physical plant operations) of the University. In providing this support, we must:

  1. provide high-quality responsive support services and communications in a courteous, cheerful, and friendly manner to all of our faculty, staff and student customers;
  2. make each visit to our offices by our faculty, staff, and student customers a hassle-free experience; and
  3. find better and more efficient ways to provide support services to our faculty, staff, and student customers.

Generally, the Finance Division has the following responsibilities:

  • Develops, coordinates, and maintains an integrated system of financial support services, including accounting and management of financial reporting,
  • Exercises effective control over the financial resources of the University,
  • Coordinates and synthesizes financial and management data to interpret the composite financial results of operations for all levels of the University,
  • Advises on the development, coordination, and compliance with fiscal policies, procedures, and plans,
  • Analyzes, evaluates, and reports on program accomplishments in financial terms

Advises and assists top management by providing financial management information as required to make managerial decisions, and establish organizational goals and objectives

Contact Information

Mrs. Jasmin L. Vargas
Chief Administrative Officer – Finance
Tel: (033) 320-0870 to 78 loc 1120
Email: [email protected]

Finance Division

Among the services offered by the Finance Division are as follows:

Accounting Office

The Accounting office has the following areas of responsibility:

  1. Provides control over the University’s financial transaction
  2. Prepares the quarterly and annual financial statement of the University
  3. Disburses funds for payment of all University obligations subject to DBM and COA rules and regulations, to include the preparation of payroll for payments of salaries and other personnel benefits of members of faculty and administrative staff and University officials
  4. Handles student accounts and maintains subsidiary ledger for student loans
  5. Ensuring the establishment of financial controls necessary to comply with governmental, requirements and generally accepted accounting principles;
  6. Identifying, analyzing and promoting best practices, emerging accounting, tax and business trends for adoption by the University.

Budget Office

The Budget Office has the following areas of responsibility:

  1. Prepares the annual operating budget of the University
  2. Administers the operating budget according to approved policies
  3. Monitoring budgetary status of University accounts,
  4. Monitoring budget changes for compliance with policy, and
  5. Advising administrators on budgetary status, as needed.
  6. Makes recommendations for budget-related plans, policies, and procedures.
  7. Prepares budget reports, analyzes budget and related data, and prepares recommendations for administrative action.
  8. Helps to support institutional planning from the standpoint of available resources.
  9. Assists administrative offices in identifying program goals and objectives and in coordinating the objectives with budgetary decisions.
  10. Analyzes and projects tuition and fees based on current rates and anticipated enrollment increases.

Cashier's Office

The Cash Unit has the following areas of responsibility:

  1. Collection of all revenues from school fees and all other fees approved by the Board of Regents to be collected.
  2. Releasing of checks approved for disbursement
  3. Maintains records of all cash transactions in the Universit