Ministry of Education prepares for financial account closure

The Ministry of Education is gearing up to close its financial accounts, including the school fund account, as the end of the 2023-2024 fiscal year approaches on the 31st of this month. This is necessary to properly account for all expenses incurred during the fiscal year.

According to an educational source speaking to Al-Rai newspaper, the financial sector has devised certain procedures to streamline operations and get ready to distribute the second batch to schools on April 1st. These procedures involve refraining from holding cash amounts and instead depositing them into the financial fund accounts before the end of the fiscal year. The source also mentioned that any unpaid amounts will be deducted from the second batch allocated to each school.

The source clarified that “the sector has established the end of this month as the deadline for each school to submit its remaining fund expenses to the accounting unit in the educational district for auditing and review.” They emphasized that “the final date for receiving invoices from the accounting unit in the educational district is the 30th of this month, and no receipts will be accepted after this date.”

Furthermore, the source mentioned that the Ministry’s Supply and Warehouse Department will accept damaged materials from schools on May 31, including equipment, furniture, and all recovered materials. They explained that any retrieval request from a school must be approved by the competent authority for the recovered material, such as furniture, technical equipment, office equipment, photocopiers, or fax machines. After retrieving all damaged materials from schools and educational areas, the Supply and Warehousing Department will schedule the date for the annual scrap sale auction in coordination with the Ministry of Finance.