Josephine Butler College, a constituent college of Durham University, operates a dedicated finance office to manage its financial affairs. The finance office is crucial to the college’s smooth functioning, ensuring responsible stewardship of funds and adherence to university financial regulations.
The primary responsibility of the Josephine Butler College Finance Office is to manage the college’s budget. This involves meticulous planning and forecasting of income and expenditure. Income sources for the college can include student accommodation fees, conference bookings, catering revenue, and endowment income. Expenditure covers a wide range of areas, including maintenance of buildings and grounds, utility bills, staff salaries, academic and pastoral support for students, and funding for student activities and events. The Finance Office works closely with the College Principal, Bursar, and other senior staff to develop a budget that reflects the college’s priorities and strategic objectives.
Beyond budgeting, the finance office handles the day-to-day financial transactions of the college. This encompasses processing invoices for goods and services purchased, managing accounts payable and receivable, and reconciling bank statements. They also administer the college’s petty cash system and ensure compliance with VAT regulations. Careful record-keeping is paramount, maintaining accurate and up-to-date financial records for auditing purposes and to provide a clear picture of the college’s financial health.
Student financial matters are also a significant part of the finance office’s remit. They deal with the collection of accommodation fees and other college charges from students. They might also provide guidance and support to students regarding tuition fee payment and available financial aid options. The finance office collaborates with the university’s wider finance department to administer bursaries and scholarships awarded to students attending Josephine Butler College.
Compliance is a key aspect of the finance office’s work. They ensure that the college adheres to all relevant financial regulations set by Durham University, as well as external regulatory bodies. This includes implementing appropriate internal controls to safeguard the college’s assets and prevent fraud. They also prepare financial reports for internal management, university authorities, and external auditors. Transparency and accountability are crucial, ensuring that the college’s financial affairs are managed in a responsible and ethical manner.
In essence, the Josephine Butler College Finance Office plays a vital role in supporting the college’s academic mission and providing a positive student experience. By managing the college’s finances effectively and responsibly, they contribute to the overall financial stability and long-term sustainability of Josephine Butler College within Durham University.
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