Higher Education Fund Unit

💰 Higher Education Fund Unit: Overview and Functions

The Higher Education Fund Unit (Wihdat Sandūq Al-Ta'līm Al-'Ālī) is a specialized administrative and financial unit typically established at the Ministry level and within each University, College, and Institute. It possesses legal personality and administrative and financial independence according to the applicable laws and instructions (such as the Law and Instructions of the Higher Education Fund in Iraq).
The primary goal of this Unit is to enhance the financial revenues of the educational institution (University/College/Institute) and invest them transparently and effectively to support and develop educational and research activities not covered by the allocated government budget, and to provide necessary funding to alleviate bottlenecks that may hinder operations.

📝 Key Functions of the Higher Education Fund Unit

The Unit's functions revolve around comprehensive financial management of the Fund, divided into key areas:
1. Financial Management and Collection:
* Account Organization and Management: Managing and organizing all Fund accounts, adhering to the unified accounting system and financial laws.
* Revenue Collection: Receiving all specific Fund revenues (such as parallel/evening study fees, grants, donations, income from courses and services, the institution's share from consulting offices, etc.) against official receipts and depositing them in the bank.
* Record Keeping: Maintaining necessary accounting records and ledgers (such as the general journal, revenue ledger, and advances ledger).
2. Disbursement and Activity Funding:
* Disbursement Organization: Organizing disbursement vouchers and journal vouchers, and disbursing amounts according to the expenditure chapters defined by official instructions and controls.
* Project Support: Allocating financial resources for:
* Funding educational, research, and development projects submitted by different departments.
* Improving infrastructure and equipping laboratories and libraries.
* Supporting student activities and scientific conferences.
* Incentive Distribution: Contributing to the distribution of annual incentives for employees to activate their role in various activities (as per instructions).
3. Follow-up, Oversight, and Reporting:
* Monitoring Expenditure: Monitoring expenditure operations to ensure that funds are used for their intended purposes in a transparent and effective manner.
* Report Preparation: Preparing monthly revenue and expenditure statements and periodic and annual financial statements (including the monthly balance).
* Coordination and Submission: Submitting comprehensive financial reports and data to the College/University management and relevant authorities (such as the Ministry and the Board of Supreme Audit).