The Bursary was established in accordance with the provisions of the Universities and University Colleges Act 1971 and the Constitution of Universiti Malaya to administer and manage the financial affairs of the University.
The Bursary plays a pivotal role in ensuring the smooth and efficient operation of the university's financial matters. It serves as the financial nerve center of the university, responsible for managing and overseeing all fiscal aspects related to the institution's operations. This department is essential in maintaining the financial health and sustainability of the university, as well as supporting its mission to push the boundaries of knowledge and nurture aspiring leaders.
In September 2023, the Bursary restructured its organization in order to manage the financial resources efficiently and effectively.
One of the primary functions of this division is to develop, manage, and monitor the university's budget. This involves working closely with various departments and stakeholders to allocate resources for academic programs, research initiatives, infrastructure development, and administrative functions. The division is responsible for ensuring that the university's budget aligns with its strategic goals and objectives. Apart from that, this division is also responsible for managing and overseeing the university's credit and accounts receivable functions. This division plays a pivotal role in ensuring that the university collects rental, services, and other outstanding payments in a timely and efficient manner while maintaining positive relationships with the stakeholders.
Accurate and transparent financial reporting is crucial for both internal and external stakeholders. This division is responsible for preparing and disseminating financial statements, reports, and analyses that reflect the university's financial performance. This information aids in decision-making, accountability, and compliance with accounting standards.
For many students, navigating the financial aspects of their education, such as fees, tuition payments, sponsorship, and invoicing, can be complex. This division provides student financial services to assist with these matters, helping students access and manage their financial resources for their education.
This division is responsible for managing various aspects of the department's administrative affairs, ensuring that resources are allocated optimally and that the department runs smoothly. Some of the key responsibilities and functions of this division include the department's Human Resources Management, Financial Management, Facilities Management as well as Bursary's administrative services such as mail services, central records management, procurement, and payment management.
One of the primary functions of this division is managing the payment process including salaries, vendor payments, and other financial obligations. This division ensures that the university meets its financial commitments accurately, on time, and in compliance with regulatory and contractual obligations. Some key responsibilities of this division include Invoice Processing, Payment Authorization, Compliance, and Reporting.
Besides that, this division also engages in investment activity to support the university's growth and sustainability. This includes assessing investment strategies, and financial forecasting to secure the institution's financial future.
This division is responsible for handling all aspects related to the receipt, disbursement, and management of collections. It plays a pivotal role in ensuring the efficient and secure handling of money, while also maintaining accurate financial records and complying with relevant financial regulations and policies. Some of the key responsibilities of the Cash Division include collection management, disbursements, petty cash, and banking management.
Last Update: 22/10/2023