Click For:  Annual Report 2000  |  1999  |  1998

FINANCE & ADMINISTRATION

The Finance and Administration 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’s key areas of activity are – Finance and Treasury, Human Resources and Administration.

FINANCE AND TREASURY
The Audited Financial Statements of FINSAC Limited and Financial Services Limited for the period ended March 31, 1999 were completed in August 1999. Meanwhile, fiscal 1999/2000 was characterised by a much needed review and update of the department’s Information Systems. Needs for complex and detailed information had become more demanding. 

With assistance from FINSAC’s Management Information Systems department, a complete review of all information systems needs was undertaken. The result was that by December 1999, FINSAC had acquired and implemented the Fiserv International Comprehensive Banking System (ICBS), along with the Columbia Ultimate Business Systems (CUBS). The ICBS General Ledger and the Time Subsystems are now in use. 

The Time Subsystem is used for the processing of bonds issued and maintained by FINSAC and FIS. For the financial forecasting requirements of the organisation, additional software from IPS Sendero was purchased, and the department is in the process of implementing this. The benefits of these new systems are invaluable to this department, which has to process a great volume of high financial value data on a regular basis. The need for accuracy and timeliness is of paramount importance.

HUMAN RESOURCES AND ADMINISTRATION
FINSAC staff are normally employed under one year contracts ending October 31 each year. All contracts were reviewed during fiscal 1999/2000 with the department heads, and renewals made only for staff required to continue to give their services.

The department prepared a Human Resources Policy and Procedural Manual as part of its commitment to ensure consistency. 

During the course of the year additional accommodation was secured at 7 Trinidad Terrace to house some FINSAC staff. This building is owned by one of the institutions intervened by FINSAC and refurbishing work was completed before occupancy.

- Back -