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Finance Department
INTRODUCTION
The Finance Department’s prime responsibility is to ensure the financial stability and sustainability of SUC by projecting and assessing risk at regular intervals. This is achieved by implementing effective control systems, supporting & advising departments in managing their budgets and expenditures. The Finance department serves students, staff and SUC community with accuracy. Finance Department provides guidance and orientation on budgeting, accounting and financial services for the academic and administrative departments of SUC that will enable it to achieve its mission. In order to assist SUC in achieving its mission, the department develops implements, maintains and monitors department wise revenues and expenditures that ensure accountability and transparency in managing the financial resources efficiently & effectively. This system requires the department to properly account for the financial transactions in line with the planned budget. It also analyses and reports all budget information in order to help the management take appropriate decisions. The department prepares and supervises the budgetary and financial aspect of the international offices.. The physical resource facility management is another area which is managed by the department. The main responsibility is to keep the campus and the surrounding in pristine condition to allow uninterrupted services.
GOALS
FEE COLLECTION
i. FEE PAYMENT POLICY
Student invoices will be issued with the admission kit and it is the student’s responsibility to go through the same and pay the fees as per the invoices issued and as per the University policy.
The student is required to pay the yearly fees in full by cash or submit postdated cheques, credit card authorization for number of installments of fees at the start of each academic year.
No exchange of cheques is allowed, however, cash payment against the cheques can be done 5 days prior to the date of the cheques.
Fee waiver/Scholarship will be adjusted in the final two years. If student cancels his admission before completion of the program, the fees will be calculated as per the original fee structure and the fee waiver/scholarship granted will be revoked and refund if applicable will be processed as per the refund policy.
In the event that student would like to avail visa letter from SUC, policies pertaining to Visa letter will be applicable. Visa letter will be issued only for a period of one year upon submission of documents and including current and postdated cheques as per the fee structure.
In case of postponement the charge on the credit card will be deferred to the next semester. In case of cancellation of my admission the University has the right to charge the fees accrued till the date of cancellation and subsequently the bank will be informed to cease further debits.
Students who fail to make payment of tuition fees within the first ten days will be charged AED 10/- per day from the 11th of the due month till the payment is received. Student whose fees are outstanding for one month will have their portal services blocked and will be activated only on clearing their dues. Student having two months outstanding will be deactivated and if the fees are not cleared before the final examination, student will be withdrawn from the semester. Students having tuition fee due will have their academic record withheld and would not be allowed to proceed the semester as well as not to register for the next semester.
As a last resort, a notice of termination for non-payment of fees will be sent to the student. The notice will specify the amount of the debt and the date at which the termination becomes effective. The student may have the choice of re-admittance provided the entire dues to the SUC is paid; SUC has the right to impose a re-registration fees which will be payable in a manner specified by SUC at that time. A re-registration fees of AED 5,000/- will be applicable in order to reactivate the student.
iii) FEE STRUCTURE REVIEWS AND AMENDMENTS
The component of the fees and miscellaneous fees are subject to annual review taking into consideration various internal and external factors. Fees are reviewed taking into consideration the affordability of the students and market situations. The change in fees is ratified by the Dean and send to the Board of Governors for final approval.
CENTRE FOR CONTINUING LEARNING
FINANCIAL POLICIES
Admission policies primarily discuss the initial amount payable for any courses managed / operated by the CPD (both IATA and Internally run courses). Considering the high cost of kits it is obligatory that the initial fees collected covers the cost of the kits. Below mentioned is the payment schedule of all IATA courses run by CPD. This payment policy evidently outlines the payment mode and clear payment instructions are to be communicated to the prospective students that Issuance of kits and attendance of classes will be possible only after completing the payment formalities.
CCL COURSES
All courses managed / operated by the CCL department will follow the below mentioned payment mode: At the time of admission- 100% of the course fees (Cash / Current dated cheque only)
IATA COURSES
At the time of admission- Registration fees along with the post dated cheques are mandatory.
CTH COURSES
At the time of admission- Registration fees should be paid and the balance payment to be paid as per the installment plan.
FAQs
What is the role of Finance Department?
The Finance Department's prime responsibility is to ensure the financial stability and sustainability of SUC by projecting and assessing risk at regular intervals.What are the functions of Finance Department?
The Finance Department manages the fiscal resources, fee collections, accounting and auditing, financial reporting, budgeting and forecasting, purchasing and inventory management, risk management and physical facility management.What are the different scholarships offered to the students?
To know more about scholarship policy for the continuing students and the prospective students click hereWhat is Tuition fees payment plan?
Every student will be issued with the invoice upon successful completion of the admission which mentions the amount to be paid and the due date of payment.How can a student apply for a financial transaction details?
Students can apply for the fee statement details through his portal and it will be made available to the students within 48 hours. The student can view his fee status in his portal.What is the due date for the payment of fees?
The rule stipulates that the installment falls due on the first day of every calendar month and should be paid before the 10th of that month.Is there any fine if the payment is delayed?
Students who fail to make payment of tuition fees within the first ten days will be charged AED 10/- per day (excluding 5% VAT) from the 11th of the due month till the payment is received.What are the Security and refundable Deposits?
Refundable Deposits are taken from Visa students as "Passport Guarantee" which is refundable after the cancellation of their visa and from Hostel Students as "Hostel Deposit" which is refundable after exiting from the hostel (after clearance of all dues).What is the reimbursement policy for faculty and staff?
Reimbursements are done as per the policies laid down by SUC.What is purchase policy of SUC?
All the purchases of SUC are done through requisition process. Quotations are sought from the minimum of three vendors to finalize the purchase process. Vendors are selected every year based on their reputation, market standing and by comparing the market prices.How does Finance Department facilitates transportation of the staff?
Transportation is given free of cost to the staff members form the selected locations in Sharjah.How are the budgets of the department prepared?
To develop the budget, the information about the internal and external influences on the organization, estimate amounts for income and expenditures, and bring all this information together in one overall document, the master budget. The assessment of external influences (e.g., economic factors, government legislation, business relationships with customers and competitors, etc.) is very important to prepare the budget. Equally important is the assessment of internal factors, such as the types of products and services provided and the available resources, including capital, land, buildings, and equipment.
