The Finance Division of the Tertiary Education Commission (TEC) is responsible for giving effect to the objectives set out in Section 6 of the TEC Act, which stipulates that the Commission has the power to:
"do such things as appear requisite and advantageous in furtherance of the objects of the Commission and may in particular:
- Receive funds from the Government and raise funds from other sources for the provision and development of tertiary education;
- Allocate funds to tertiary education institutions in the light of their annual and long term programmes;
- Require tertiary education institutions to :
- provide information and data on any matter falling within the Commission's functions;
- submit annual and long term plans; and
- submit financial estimates and accounts, and prepare periodic reports, in such form as the Board shall determine; and
- Appoint sub-committees and co-opt such persons to such sub-committees as it may deem necessary".
In pursuance of the aforementioned responsibilities, the Finance Division undertakes the following core activities on an annual basis:
- Preparing, monitoring and reporting on the budget of the Commission.
- Advising on optimum use of resources in the Tertiary Education Sector.
- Preparing guidelines for budget preparation for the TEIs.
- Preparing, examining and making recommendations on budgets of individual institutions.
- Allocating recurrent and capital grants to the TEIs.
- Examining requests for recurrent and capital funds and releasing same to the TEIs.
- Carrying out investigation on financial matters.
- Providing advice to the TEIs, Ministry of Education and Human Resources, Tertiary Education and Scientific Research and other related organisations on financial matters.
The Finance Division is headed by a Financial Controller who is supported by a Deputy Financial Controller and a Senior Financial Officer. Other support staff includes a Programme Officer, Financial Officers and Assistant Financial officers.