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Keele University Finance Department

The Finance Department at Keele University plays a crucial role in managing the institution’s financial resources, ensuring its long-term stability, and supporting its academic mission. The department oversees a wide range of activities, from budgeting and financial reporting to procurement and treasury management.

Key Responsibilities

• Financial Planning and Budgeting: The department develops and manages the university’s annual budget, aligning financial resources with strategic priorities. This involves working closely with academic and administrative departments to understand their financial needs and allocate funds accordingly. Projections and forecasting are vital to ensure sustainable financial health.
• Financial Accounting and Reporting: Accurate and timely financial reporting is essential for transparency and accountability. The Finance Department prepares the university’s annual financial statements, ensuring compliance with relevant accounting standards and regulations. These statements provide stakeholders, including the university council, staff, and external auditors, with a clear picture of the university’s financial performance.
• Treasury Management: The department manages the university’s cash flow, investments, and debt. This includes optimizing investment returns while minimizing risk and ensuring sufficient liquidity to meet the university’s financial obligations. They also handle banking relationships and manage foreign currency transactions.
• Procurement: Efficient procurement practices are crucial for cost control and value for money. The Finance Department develops and implements procurement policies and procedures, ensuring that goods and services are acquired in a transparent and competitive manner. They often provide guidance and training to staff involved in purchasing activities.
• Payroll and Pensions: The department is responsible for the accurate and timely payment of salaries and wages to university employees, as well as the administration of pension schemes. This involves managing payroll taxes, deductions, and compliance with employment law.
• Research Grant Management: Keele University is an active research institution, and the Finance Department plays a key role in managing research grants and contracts. This includes ensuring that research funds are spent in accordance with the terms of the grant agreement and that all reporting requirements are met.
• Financial Systems: The effective operation of the Finance Department relies on robust financial systems. The department manages and maintains these systems, ensuring data accuracy and security. They often play a key role in implementing new technologies and improving existing processes.

Team Structure

The Finance Department is typically structured around various teams, each specializing in a particular area of responsibility. These teams may include financial accounting, management accounting, treasury, procurement, and payroll. The department is led by a Director of Finance who is responsible for the overall financial management of the university.

Impact on the University

The Finance Department’s work directly impacts the university’s ability to achieve its strategic goals. By ensuring financial stability, the department enables the university to invest in its academic programs, research activities, and infrastructure. Efficient financial management also helps to attract and retain talented faculty and staff.

Students also benefit from the Finance Department’s work, as it helps to keep tuition fees affordable and ensures that resources are available to support their learning and development.

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