In 2024, the Financial Affairs Division at the College of Management and Economics demonstrated remarkable progress, achieving numerous milestones that enhanced financial and administrative performance while optimizing resource management. Below are the key accomplishments of the year:

Effective Budget Planning and Execution

The division successfully prepared and implemented the college’s annual budget with precision, ensuring that financial allocations aligned with actual priorities and needs. This approach enabled a balanced distribution of revenues and expenditures.

Cost Optimization and Financial Efficiency

A strategic approach to expenditure control was adopted to ensure the optimal utilization of financial resources. As a result, significant savings were achieved in various budget areas without compromising the quality of services provided.

Modernizing Accounting Systems

Advanced accounting systems were introduced to automate financial processes, improving the accuracy of financial reports, reducing human errors, and expediting report generation.

Regular Financial Reporting

The division remained committed to issuing periodic financial reports, providing a transparent overview of the college’s financial standing and enabling informed decision-making by senior management.

Enhancing Self-Generated Revenues

In collaboration with various departments, the division worked on optimizing revenue streams by improving the management of college investment projects and expanding continuous education programs and training courses.

Timely Settlement of Financial Obligations

All financial commitments, including salaries and payments to suppliers, were settled on time, strengthening trust between the college and its financial partners.

Improvement of Payroll Processing

The payroll system was upgraded through the implementation of advanced electronic mechanisms, ensuring accuracy, efficiency, and prompt resolution of any employee inquiries regarding salaries.

Training and Capacity Building

Several workshops and training programs were organized to enhance the financial staff’s expertise in using modern accounting systems and financial data analysis techniques.

Overcoming Financial Challenges with Resilience

Despite financial constraints, including reduced governmental funding, the division successfully coordinated with relevant entities and identified alternative funding sources to sustain academic operations.

Enhancing Internal Financial Auditing

Stringent internal auditing procedures were implemented to ensure compliance with financial regulations and best practices, reinforcing transparency and credibility in financial operations.

These achievements reflect the Financial Affairs Division’s commitment to improving financial management and sustainability, contributing to the overall efficiency and stability of the college in 2024.