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RA, Vanadzor, st. Tigran Mets 36, tel. (+374.322) 41854 or 41855 - 160

One of the development components of Vanadzor State University is financial resource management. It is a targeted activity of economic and social orientation, so financial management implies the organization of the collection and effective use of necessary financial resources for that purpose. The essence of Financial Resource Management is manifested in the process of distribution of financial resources between different financial entities, as well as the organization of monetary relations that accompanies it.

The mission of the university is to carry out scientific and educational activities, using the available financial resources. While organizing events pertinent to its mission, the university is guided by clear financial strategy. For that purpose the Department of Financial Resource Management organizes and carries out the following functions:

- planning of financial resources,

- distribution,

- accounting,

- control of financial resources and flows,

- audit.

Financial management objects are the followings: the process of forming and using different kinds of financial resources and funds and the distributive relationships that accompany it. Education related services act as subjects of University management.

The principles of financial resource management and distribution of Vanadzor State University are as follows:

  1. Relevance to the University development goals.
  2. Flexibility due to the fulfillment of the corrective actions based on the analysis of the budget and actual expenses.
  3. The simplicity, clarity, and date of preparation of the financial plan formulations.
  4. The unity and completeness of the plan. The budget should be built in a strict and logical sequence.
  5. The participation of stakeholders in the development phase of the financial plan, the separation of rights and responsibilities.
  6. Control: the implementation of the budget should be monitored on a regular basis and plan indexes should be compared to the factual indexes. The budget is adjusted as much as possible as a result of control.

Upcoming doings

  1. Organizing the process of planning and registration properly under existing laws,
  2. staff training along with the changes in legislative field,
  3. flexible reorganization while making changes in the University strategies,
  4. assessment of expenses and risks,
  5. organization of corrective actions.

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