Glyndwr University Finance Department

Glyndwr University’s Finance Department plays a crucial role in managing the institution’s financial resources, ensuring its long-term sustainability, and supporting its academic mission. The department is responsible for a wide range of functions, from budgeting and financial planning to procurement and payment processing.

Key Responsibilities

• Financial Planning & Budgeting: The department leads the development and management of the university’s annual budget. This involves collaborating with various departments to forecast income and expenditure, allocating resources effectively, and monitoring budget performance throughout the year. They create long-term financial plans aligned with the university’s strategic goals.
• Financial Accounting & Reporting: Ensuring accurate and timely financial records is paramount. The Finance Department prepares financial statements, manages general ledgers, and ensures compliance with relevant accounting standards and regulations. They also handle external audits and reporting requirements to funding bodies and regulatory agencies.
• Procurement & Payments: All purchasing activities across the university are managed by this team, focusing on obtaining value for money while adhering to procurement policies and legal requirements. They process invoices, manage supplier relationships, and ensure timely payment of goods and services.
• Treasury Management: Optimizing cash flow, managing investments, and mitigating financial risks are crucial for financial stability. The department oversees the university’s banking relationships, manages its cash reserves, and monitors investment performance. They also handle matters related to taxation and VAT.
• Payroll: Managing the payment of salaries and wages to all university staff, ensuring accuracy and compliance with tax laws and employment regulations. This includes processing payroll deductions, managing pension schemes, and issuing payslips.
• Student Finance: While often a separate but closely linked function, aspects of student fee collection and related financial support are often coordinated with the central finance department.

Structure & Team

The Finance Department is typically led by a Director of Finance or Chief Financial Officer (CFO) who reports directly to the Vice-Chancellor or a senior executive. The department is usually structured into teams specializing in specific areas, such as financial accounting, management accounting, procurement, and payroll. A team of qualified accountants, finance professionals, and administrative staff supports the department’s functions.

Importance to the University

A well-functioning Finance Department is essential for Glyndwr University’s success. By ensuring sound financial management, the department helps to:

• Allocate resources effectively to support teaching, research, and other core activities.
• Maintain financial stability and solvency.
• Meet its financial obligations to staff, suppliers, and other stakeholders.
• Comply with all relevant financial regulations and reporting requirements.
• Provide accurate and timely financial information to support decision-making.
• Enable the university to invest in its future development and growth.

In conclusion, Glyndwr University’s Finance Department is a vital component of the institution, responsible for managing its financial resources effectively and ensuring its long-term sustainability. Its diverse functions and dedicated team support the university’s academic mission and contribute to its overall success.