Bursary

BURSARY DEPARTMENT   

The Bursary department started with the establishment of the University in 2005.  As the financial management hub of the University, it performs the financial and accounting functions of the University. It is headed by the University Bursar who is the Chief Financial Officer of the University and is responsible to the Vice-Chancellor for the day-to-day administration and control of the financial matters of the University.

Currently, the Bursary is being headed by the Acting Bursar in person of Mr. Momodu Samuel Aigbokhai  

 

The Bursary is charged with responsibility of;

  1. Overall control of the Institution’s financial resources;
  2. Guidance to other departments/units on all financial matters, particularly as regards the preparation and   monitoring of their budgets
  3. Guide Parents and Student on the payment of fees
  4. Maintaining the financial information system;
  5. Administering the pay-roll, loan and Pension schemes;
  6. Arranging adequate Insurance cover for the University’s assets and Staff
  7. Ensures the surplus funds are invested and managed prudently.
  8. Receives all payment, donation and other financial contributions to the University

 

To assist the Bursar, in the day to day running of the department, the Bursary is divided into the following functional units;

  • Bursar’s Office
  • Budget and Tax
  • Students Account
  • Final Account
  • Payroll
  • Fixed Assets and Investment
  • Account Payable and Advances
  • Cash Office
  • Store and Purchasing

 

A strong measure adopted by the University to manage its resources is through budgetary control. The budget must be approved by the council before it becomes operational. Once operational, all requests to spend money must be committed to the departmental vote in order to establish the current balance. No expenditure can be incurred without budgetary provision

 The University financial year is from September to August of every year.

 

Procedure for Cash Advance Request

  1. Complete the Cash advance request form in duplicate (Account details must be clearly stated)
  2. Get your HOD approval
  3. Check outstanding balance with Account payable office
  4. Submit the forms for VC approval
  5. Take the forms to Internal Audit for certification
  6. The forms are finally sent to the Bursar for approval and further processing (Payment)

 

Procedure for Cash Advance Retirement

  1. Complete the Cash advance retirement form in duplicate
  2. Attach all evidence of the expenditure(Receipts for purchase, invoice, Certificate of honour, Receipt for refund etc)
  3. If the total amount collected is not fully spent, Refund is made to the University Account and a receipt is issued( Go to Cash Office for Account details) Attach a copy of this receipt also
  4. Attach a copy of Advance request form use to collect the advance concerned
  5. Attach a copy of Approval for Advance collected
  6. Get your HOD approval
  7. Submit the forms for VC approval
  8. Take the forms to Internal Audit for certification
  9. The forms are finally sent to the Bursar for approval and further processing (To clear the Advance Taken)

 

Out of pocket expenses Refund

  1. Complete the Out of pocket refund form in duplicate(Account details must be clearly stated)
  2. Attached all necessary evidence of the expenses( receipts, invoice, certificate of honour etc)
  3. Get your HOD approval
  4. Submit the forms for VC approval
  5. Take the forms to Internal Audit for certification
  6. The forms are finally sent to the Bursar for approval and further processing (Payment)

 

Payroll

The payroll prepares salary, Pension, Tax and other deductions.  Salaries are paid monthly. The University Management is doing its best to pay salaries on or before the 25th of every month. All inputs for salary must reach the Bursar latest on the 12th of the month

All Staff members are expected to sign the Nominal roll on a monthly basis to enable them receive their salary. In the event where a staff member is out of campus on approved leave, assignment or absence with approval, the HOD signs for such a staff.

 

Pension

  • Register with any PFA of your choice and get a Personal Identification Number (PIN)
  • Retirement Saving Account (RSA) PINs are also submitted for the remittance of Pension to individual Staff Account with the PFA of their choice

 

Methods for School Fees payment

Students are to make the payment of their fees in two major ways;

Option 1

  • Through Etranzact prepaid card where
  1. the Student approach any Bank of his/her choice,
  2.  transfer money into the etranzact cards
  3.  proceed to reg.run.edu.ng and login with the Student details  (Matric No and password) for old students while new Student are to use their JAMB number as (Matric No and password) to the  Student portal for payment activation
  4. Check the box for etranzact, also check the box for fees and type in the amount you want to pay
  5.  make  payment with the etranzact card details
  6. Print a copy of your receipt for payment
  7. Proceed for Courses registration

 

Option 2

  • Through Interswitch Cards (Verve, Visa, MasterCard etc)
  1. The Student approach his/her Bank
  2. pay  money into his/her account with the interswitch card (Verve, Visa or MasterCard)
  3.  proceed to reg.run.edu.ng and login with the Student details  (Matric No and password) for old students while new Student are to use their JAMB number as (Matric No and password) to the  Student portal for payment activation
  4. Check the box for interswitch, also check the box for fees and type in the amount you want to pay
  5.  make  payment with the interswitch card details
  6. Print a copy of your receipt for payment
  7. Proceed for Courses registration

 

 

Contacts;

Mr. Momodu S. A.

08139635010, 08058109732

momodua@run.edu.ng

 

Mr. M. Edevo

edevom@run.edu.ng

08026822497, 08060448630

 

E-mail: dept.bursary@run.edu.ng