BUDGET, EXPENDITURE CONTROL & STORES (BEST) UNIT

The Budget, Expenditure and Stores (BEST) Unit of Bursary department is made up of three (3) Sub- Units. Namely:-
i. The Budget Sub-Unit
ii. The Expenditure Control Sub-Unit; and
iii. The Bursary Stores sub-unit

The Budget Sub-Unit is saddled with the responsibilities of :
a. Provision of periodic information on the budget of University
b. Preparation of annual estimates to the National Universities Commission (NUC), in conjunction with the Academic Planning Unit
c. Participation in the preparation and monitoring of the University Annual Recurrent Budget in conjunction with the Academic Planning Unit
d. Preparation of monthly and annual reports on capital projects being financed by TETFUND, NEEDS ASSESSMENT and IGR.
e. Opening of New Vote Books at the beginning of every year for all the Departments, Units and Centres.
f. Monitoring of Faculties, Departments, Centres and Units votes to ensure that there is no extra budgetary spending
g. Commitment of spending into the relevant vote books, such as: Administrative and General Expenditure, General Academic Expenditure, General Maintenance Cost and Finance and Management Cost; and
h. Preparation of monthly returns on commitment/expenditure for the use by the department.
i. Preparation of Budget Performance for use by the Management and Governing Council.
j. Preparation and Issuance of imprest journal vouchers to various Departments, Units and Centres at the beginning of every new year
k. Processing of retirement of Imprest received from various Departments, Units and Centres at the end of financial year.

The Expenditure control sub-unit is saddled with the responsibilities of:
a. Processing of claims/payments due to individual staff and corporate entities for services rendered and supplies made to the University by way of raising appropriate payment vouchers
b. Processing of Advance Payment Guarantee (APG) brought to the University by Contractors
c. Issuance of letter of Discharge of Advance Payment Guarantee (APG) to Contractors that have fully executed the awarded contract.
d. Maintenance of records of all payments made
e. Liaising with all the relevant tax agencies such as KWIRS and FIRS
f. Monitoring of all payments made to various suppliers and contractors.
g. Carryout the stock taking exercise at the end of the year.
h. Issuance of Bank domiciliation letters to various contractors / suppliers
i. Keeping of records of all the deducted WHT, VAT and STAMP DUTY from the payments made to various Contractors

The Bursary Store is responsible for:–
a. Responsible for University of Ilorin Stock management, policy formulation, implementation and accountability.
b. Handling of stock verification against order, letter of award of contract, bill of quantities and invoices.
c. Responsible for receipts, inspections, issuances and documentation of allocated and unallocated materials for faculties, departments, units and centres, school of preliminary studies, institute of education and college of health sciences just to mention few.
d. Preparation of relevant stores documents to cover the supply items for either payment or retirement of advances. These documents include Goods Received Note (G.R.N), Stores Issued voucher (S.I.V), Stores Requisition (S.R), Fixed Assets Registration Form (F.A.R), Stock Cards and Ledgers as the case may be.
e. Handling of manual and electronic processing of acquired University Assets.
f. Compilation of annual report on acquired University equipment and furniture.
g. Generation and inscription of Assets Codes only on acquired University Assets.
h. Compilation and documentation of unserviceable and stagnated stock for disposal by the University Board of Survey.
i. Conducting routine and annual stocktaking exercise on physical materials and equipment.
j. Ensure safety control of Store and Stock.
k. Processing and documentation of water treatment chemicals, Library books and drugs.
l. Processing of materials and equipment during the University ceremonial activities.
m. Rendering report to appropriate authorities in respect of Stores unit functions.
n. Annual stocktaking exercise is also Stores unit responsibilities.
o. Attendance of meetings where Stores unit is expected to play vital roles
p. Any other duties as may be assigned by the Head of Department. 

INSURANCE FUNCTIONS/ACTIVITIES 

The insurance functions of the University are also performed by this unit (Budget, Expenditure and Stores Unit). These functions are handled by the Deputy Bursar, Head of the unit and these functions are:
a. Forwarding of the schedule of all University’s insurable assets to the University’s Insurance Broker, after being compiled by the Works department
b. Cross-checking of the schedule of insurance premium received from the insurance broker, as jointly computed with the underwriters (insurers).
c. Facilitating the payment of insurance premium to the underwriters (insurers), through the University’s Insurance Broker
d. Processing of insurance claims to the Underwriters (Insurers), through the University’s Insurance Broker, whenever losses are suffered on any of the University’s Insurable assets.
1 Holding of meetings with Loss Adjuster sent by the Underwriters (Insurers), after physical assessment of damaged assets, for final determination of the amount due to be paid to the University as indemnification
2 Maintaining proper record of the total amount of indemnification received by the University in any given financial year and;
3 Maintaining a constant relationship with the University’s Insurance Broker on all insurance matters, so as to from time to time, assess the compensation worthiness of each underwriter (insurer)