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This department is responsible for all finance and administration within FINSAC and its associated companies, Financial Institution Services (FIS) Limited, Recon Trust Limited and Refin Trust Limited (the companies). The department has several key areas of activity - Accounts, Treasury and Investment, Human Resources and Administration.

ACCOUNTS
The primary responsibility of the Accounts unit is the maintenance of proper accounting records from which the companies’ Financial Statements are prepared. These Financial Statements are prepared monthly as part of the management departments’ reports to the Board of Directors, and are required to give a true and fair view. Annual Financial Statements are prepared from these monthly statements in accordance with generally accepted accounting practices.

TREASURY & INVESTMENT
The Treasury and Investment Unit is responsible for the issuance and management of all FINSAC notes and debentures and FIS Bonds. It is also responsible for managing the investment portfolios of the companies. Specifically the Unit:

• Issues and manages FINSAC and FIS promissory notes and bonds
• Controls custody and maintenance of investment instruments including promissory notes, ordinary and preference shares
• Performs cash management of all funds at the disposal of the companies
• Makes timely payments of interest by way of cash or issuance of notes or bonds

During the year, the Unit developed a database to maintain accurate records of FINSAC notes issued.

HUMAN RESOURCES
To deal with FINSAC’s changing role, it was recognised in mid-1998 that a completely new internal staffing structure would be required. The consulting firm KPMG Peat Marwick & Partners was commissioned to examine FINSAC’s personnel needs and recommend a new structure, together with job descriptions and salary levels. Their proposals were approved by FINSAC’s Board and passed by the Ministry of Finance. 

The new structure organising departments for FINSAC’s core and support functions became effective November 1, 1999. An organisation chart is included in the Appendices to this Annual Report.

Some of the other successful initiatives to date include the institution of a performance appraisal system, the requirement for all staff to sign confidentiality agreements and the preparation of a Human Resources Manual.