The Institute of Professional Studies (IPS) on Tuesday came up for thumbs up from the Public Accounts Committee for its impressive operational results.
This was when the institute took its turn to respond to management issues raised in the 2003/2004/2005 auditors General’s Report.
The 2004 Auditor Generals report noted that the current assets of the institute rose from ¢351.2 only Ghana cedis in 2002 to ¢1.1 billion cedis in 2003 while current liabilities went down from ¢181.1 million to ¢46.4 million thereby improving the liquidity position.
The report noted that “the Institute’s current ration of 51.8”1 (2003 : 24-7:1) though healthy, implied that it had too much idle balances and therefore recommended that all idle cash and bank balances be invested in short term securities with promising returns.
The audit report also had it that Accumulated fund that stood at ¢2.4 billion also Ghana cedis in 2003 rose to 4.6 billion old Ghana cedis in 2004 as a result of 44r per cent increase in operating surplus for the period under review (2004.
On the issue of management queries regarding withholding taxes that had not been only paid to the internal revenue Service, the Rector of the Institute Professor Joshua Alarbi said those were things of the past.
He explained that after the queries the Institute now has an active Audit report Implementation Committee in line with the financial regulations that was dealing with all queries and putting things in the right perspective.
Earlier Prof Alarbi told the Committee that funding was a major constraint facing the Institute explaining that only 40 percent of its required funding comes from the Central government with the rest 60 per cent coming from the schools internally generated fund.
He said the fund gap was being filled up by the generosity of the students who understood the need to contribute to the sustainability of the Institute.
Prof Alabi said the Institute was a hot cake explaining that averages of 4,000 students apply for admission annually but the Institute was able to absorb only 800 students.
He said most of the expansion projects taking place at the Institute were mainly fund3ed by internally Generated Funds.
The Rector of the Institute was optimistic that between fire and 10 years from now IPS would be the market leader.
Prof. Alarbi said with the receipt of the Charter, Plans were a head to change the name of the Institute to University of Professional Studies.
He also touched on new programmes both at the degree and masters level introduced in the touched on new programmes both at the degree and masters level introduced in the school.+
This was when the institute took its turn to respond to management issues raised in the 2003/2004/2005 auditors General’s Report.
The 2004 Auditor Generals report noted that the current assets of the institute rose from ¢351.2 only Ghana cedis in 2002 to ¢1.1 billion cedis in 2003 while current liabilities went down from ¢181.1 million to ¢46.4 million thereby improving the liquidity position.
The report noted that “the Institute’s current ration of 51.8”1 (2003 : 24-7:1) though healthy, implied that it had too much idle balances and therefore recommended that all idle cash and bank balances be invested in short term securities with promising returns.
The audit report also had it that Accumulated fund that stood at ¢2.4 billion also Ghana cedis in 2003 rose to 4.6 billion old Ghana cedis in 2004 as a result of 44r per cent increase in operating surplus for the period under review (2004.
On the issue of management queries regarding withholding taxes that had not been only paid to the internal revenue Service, the Rector of the Institute Professor Joshua Alarbi said those were things of the past.
He explained that after the queries the Institute now has an active Audit report Implementation Committee in line with the financial regulations that was dealing with all queries and putting things in the right perspective.
Earlier Prof Alarbi told the Committee that funding was a major constraint facing the Institute explaining that only 40 percent of its required funding comes from the Central government with the rest 60 per cent coming from the schools internally generated fund.
He said the fund gap was being filled up by the generosity of the students who understood the need to contribute to the sustainability of the Institute.
Prof Alabi said the Institute was a hot cake explaining that averages of 4,000 students apply for admission annually but the Institute was able to absorb only 800 students.
He said most of the expansion projects taking place at the Institute were mainly fund3ed by internally Generated Funds.
The Rector of the Institute was optimistic that between fire and 10 years from now IPS would be the market leader.
Prof. Alarbi said with the receipt of the Charter, Plans were a head to change the name of the Institute to University of Professional Studies.
He also touched on new programmes both at the degree and masters level introduced in the touched on new programmes both at the degree and masters level introduced in the school.+
