Last Updated: Monday, 15 June 2015 11:56
The Finance Division of NASSCORP has the principal responsibility to ensure that the finance and other assets of the Corporation are secured and accounted for. The division is headed by the Chief Financial Officer (CFO).
The following are specific functions of the division:
- Implement the financial policy of NASSCORP and manage the funds of the schemes;
- Ensure that contributions collected and other income are deposited in approved accounts;
- Ensure that only approved banks maintain any one or more of the following bank accounts on behalf of the Corporation
- National Pension Fund - Account No.1 for Pension Contribution deposits;
- National Pension Fund - Account No. 2 for Pension Benefit & Administration deposits;
- Employment Injury Fund - Account No. 1 for EIS Contributions deposits;
- Employment Injury Fund - Account No. 2 for EIS Benefit & Administration expenditure;
- Any general account as may be opened under the Regulation 66 (iii)
- Maintain adequate and proper accounting Record of all cash receipts and disbursements in accordance with the Generally Accepted Accounting Principals (GAAP) and NASSCORP General Regulations of 1988;
- Maintain the Corporation's Fixed Asset Register;
- Prepare annual and periodic reports on budgetary performance and variance;
- Prepare monthly/quarterly consolidated financial statements for the Corporation;
- Distribute administrative expenditure incurred under the NPS & EIS in the ratio of two-thirds and one-third respectively.