ORBIT ANNUAL REPORT 2017_final version

2017 ORBIT TVET COLLEGE Annual Performance Reporting
7.2.1.3 FINANCE COMMITTEE RESPONSIBILITY
The FINCOM reports that it has, as far as possible, complied with its responsibilities arising from its charter, including all relevant legislative requirements.
7.2.1.4 EFFICIENCY AND EFFECTIVENESS OF INTERNAL CONTROL
The FINCOM has effectively and efficiently executed the following responsibilities:
i. Approved finance policies and monitor compliance.
ii. Overseen the preparation of the annual budget and financial statements.
iii. Considered and approved financial strategies and objectives as recommended by the Deputy Principal Finances in support of adopted development
and growth plans for the College.
iv. Monitored financial performance against budgets.
v. Overseen the administration, collection, and disbursement of the financial resources of the College.
vi. Advised the Council with respect to making significant financial decisions.
vii. Considered and assessed all investment opportunities available to the College, in respect of all funds which it administers, and to determine the
manner and extent to which funds are to be invested with a view to ensuring both security and optimisation of income.
viii. Reviewed the actual and projected financial situation of the College as required, including among other matters, the respective level of debt, the
sources of financing and the College’s financial ratios.
ix. Reviewed the financial aspects of any acquisitions submitted to the Council; and as delegated to the Finance Sub-Committee by the Council, to
review and approve any acquisitions covered by such delegation.
x. Monitored the performance of the Finance Component of the College.
7.2.1.5 CONCLUSION
The FINCOM fully supports the College in its vision, as embodied in the strategic documents, and in its journey of improved service delivery to the
Learners of the College.
7.2.1.6 APPRECIATION
The FINCOM expresses its sincere appreciation to the Council, Accounting Officer, Management, Officials, Auditor-General South Africa and the Finance
Unit for their support to the FINCOM during the year under review.
T.C DUBAZANA
CHAIRPERSON: FINANCE COMMITTEE
2017 ORBIT TVET COLLEGE Annual Performance Reporting
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