1. Purpose

This policy establishes the financial management framework for Rockview Business School in line with global financial guidelines to ensure transparency, accountability, and compliance.

2. Cash Policy

• Zero cash payments are NOT permitted.
• All payments must be processed through the official Rockview Business School account or legally approved stakeholder account.

3. Petty Cash Account

• Petty cash shall be maintained strictly for minor operational expenses.
• All petty cash disbursements must be documented and approved.
• Monthly petty cash statement and reconciliations are mandatory.

4. Credit Policy

• Rockview Business School shall not extend credit to clients.
• Exceptions are limited to management approved or pro-bono programs.

5. Coding of Transactions

All revenue and expense transactions must be assigned a unique code for tracking and reporting purposes. (Request to see Rockview Business School Chart of Account)

6. Financial Reporting

• Monthly financial statements must be issued, detailing income and expenses.
• Monthly reconciliation of all accounts is mandatory.
• Quarterly asset audits must be conducted and documented.

7. Fraud, Waste, and Abuse

• Any financial fraud, waste, or abuse will result in termination of MOU, contract, or employment.
• Such misconduct may also lead to police arrest and legal action.

8. Accounts Receivable

Rockview Business School accounts receivable are limited to a maximum of 60 days.

9. Purchases and Receipts

All purchases over N10,000.00 (Ten Thousand Naira) must be supported by a valid receipt.

10. Audit Trail

All Rockview Business School transactions must have an audit trail, either physical or digital/electronic evidence.

11. Client Documentation

Rockview Business School must produce invoices or receipts upon request by clients or customers.

12. Financial Status Reporting

Financial status must be an agenda item in weekly, monthly, quarterly, and annual report meetings.

13. Taxation and Liabilities

Federal and State taxation, VAT, and all other statutory obligations must be considered in every transaction.

14. Enforcement

• Compliance with this policy is mandatory for all staff, contractors, and stakeholders.
• Violations will be subject to disciplinary measures, including termination and legal proceedings where applicable.

15. Definition of Financial Statements

Financial statements mean Income statement, Balance Sheet, Cash Flow Statement, General Ledgers, Asset Register and ledgers, Interpretation of statement of accounts, future looking statements, financial statement for tax purposes and other relevant financial statements as deemed fit by Rockview Business School management and stakeholders.