FUNAAB Bursar, Mr. Olusola Ilesanmi

FUNAAB Bursar, Mr. Olusola Ilesanmi

The Bursar, Federal University of Agriculture, Abeokuta, Mr. Olusola Ilesanmi, has enlightened members of staff on the standard procedure for the collection and retirement of Cash Advance.

According to a release, made available to FUNAAB Bulletin, the approved procedure for the collection and retirement of Cash Advances is as follows:

Collection of Cash Advance
1.    Approved request that complied with due procurement process will be processed for release of fund by the Bursary.
2.    Vouchers raised for the release of fund will be audited by the Internal Audit.
3.    Duly-audited voucher is processed for release of Cash Advance to the beneficiary’s (staff’s) account.

Collected Cash Advance should be used for the intended purpose and within the reasonable time allowed for the retirement of Cash Advance, usually Two (2) Weeks, except where it was otherwise agreed to be used for a transaction of a longer duration.

Retirement of Cash Advance
1.    Duly verified /audited evidence of supply/performance of work, e.g. invoice, receipts, etc. should be attached to the retirement report.
2.    Retirement report with verified /audited evidence of supply/performance, duly authorized by the appropriate threshold authority should be submitted to the Bursar for retirement processing.
3.    A copy of the Payment Voucher for the Cash Advance should be attached to the retirement report for ease of retirement.
4.    Cash Advance is to be retired through the Internal Audit to the Bursary. The Internal Audit is to confirm/verify the supply/performance of transaction for which the Cash Advance was collected.

Members of the University community are advised to be properly guided and avoid falling victims to ignorance.