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Appendix 3: Merger Proposal - Corporate Services
Merger Proposal Document - Corporate Services
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• Providing high quality/accurate financial reporting information to the Board
of Management, Senior Management Team and other budget holders;
• Developing financial regulations that reflect best practice;
• Introducing a financial planning process, which reflects the merged
College's business as well as financial objectives;
• Developing accounting policies and annual financial statements, which
reflect best practice and adhere to relevant SORPS, financial reporting
standards and the additional reporting requirements required as a result of
charitable status;
• Developing a resource allocation model, which fairly and openly allocates
resources across budget centres;
• Developing a financial forecasting model to assist in a forward looking
financial control environment; and
• Making effective use of financial benchmarking information.
Financial Services Objectives
3.3. The College shall provide an efficient and effective financial services function
including the delivery of:
• Student centred financial services;
• Robust financial controls & procedures;
• Web-based financial accounting services;
• Effective and efficient procurement services;
• Effective treasury management systems, which maximise investment
income;
• Systems that result in the timely payments to suppliers; staff, and students;
• Effective collection of income and debt management process; and
• Systems and procedures that meet the College's statutory obligations e.g.
tax collection and related reporting obligations.
Merger Benefits /Opportunities
3.4. Student focussed services will be enhanced through the introduction of new online and web-based
financial services facilitating payment of all fees and
chargeable services. In addition, there will be a greater staff resource to meet
demands of students such as the opening hours of finance offices. The
introduction of new IT services will also offer more flexibility to students and
suppliers regarding payments and document handling.