Managing the Resources of the Union: Finances, Assets, and Investments
Effective management of resources such as finances, assets, and investments is essential for the success of any organization, including trade unions like the Academic Staff Union of Polytechnics (ASUP). This paper, delivered by Comrade Biiragbara G. Nnaa, explores the importance of managing union resources, the roles of designated organs, and key concepts like management and resources. Proper administration of these resources is vital for achieving organizational goals and objectives.
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MANAGING THE RESOURCES OF THE UNION: FINANCES, ASSETS AND INVESTMENTS A PAPER DELIVERED BY COMRADE COMRADE BIIRAGBARA BIIRAGBARA G. FORMER NATIONAL FINANCIAL SECRETARY AND INTERNAL AUDITOR OF ASUP G. NNAA NNAA, , Ph.D Ph.D AT THE ASUP ZONE D CAPACITY BUILDING WORKSHOP/RETREAT THEME: EFFECTIVE ADMINISTRATION OF TRADE UNION IN A CHALLENGING ENVIRONMENT. HELD AT RIVERS STATE COLLAGE OF HEALTH SCIENCE AND MANAGEMENT TECHNOLOGY FROM WEDNESDAY 1ST TO FRIDAY 3RD JUNE, 2022.
Introduction There is no organization or business be it private or public, small or large, profit or non-profit that can achieve its objectives without proper management of its resources. For any organization to succeed therefore, there must be effective and efficient management of the rare resources of people, information, knowledge, finances, material and technology. The Academic Staff Union of Polytechnics (ASUP) is a registered Trade Union as categorized in the Trade Union of Extraordinary Gazette No. 6 Vol. 65 of 5th February, 1978. And as contained in ASUP constitution, Article 2 sections 2.01 to 2.11, there are objectives set out for the union to achieve. To achieve the stated objectives, the resources of the union are harnessed and managed properly by the appropriate organ(s) as stipulated in the constitution of the union. Thus the union makes it practicable by providing a Finance and Accounting Manual that guide the administration of its finances, assets and investments.
In understanding the management of unions resources which is the topic under discussion, attempt shall be made to briefly classify some concept such as management and resources. What constitute the resources of the union; finances, assets and investments shall be examined. The appropriate organs of the union saddled with the responsibility of managing the resources of the union shall be identified and the ways by which the resources are managed shall be explained. CLARIFICATION OF CONCEPTS Management The word management like other concepts in management sciences has been given different interpretations by scholars. Light (1981) defines management as the process of planning, organizing, directing, co-ordinating and controlling men, materials, machines and money so as to secure the optimum achievement of objectives.
Denyer (1975) cited in Nnaa (2011) conceives management as the art and science of achieving the objectives of a business in the most efficient ways. Nnaa (2011) summarizes the meaning of management as the process of planning, organizing, coordinating, reporting and budgeting the rare resources of people, information, money, materials, knowledge and technology for the achievement of organization goals with economy, effectiveness and efficiency. Resources A resource can be conceived as a means of support and it include people, money, materials things, machines, ideology or property (Chukwrudu, Iwuola & Okparaku, 2012) Resources can be used to beget other resources.
Resources are therefore, the principal source of wealth or income available to any nation, institution or organization. When resources are properly developed, managed and utilized, it becomes the means for achieving the goals and objectives of any organization. Resource Management This is the practice of planning, scheduling, and allocating people, money and technology to a project or programme. In essence, it is the process of allocating resources to achieve the greatest organizational value. Good result management, results in the right resources being available at the right time for the right project (Nnaa & Abeki, 2017). Union Resources The Academic Staff of Polytechnics is a Trade Union which aims amongst others is to advance, promote and demand proper conditions of service for its members. It is a non-profit organization.
The major sources of funds for the Union as entrenched in the Union s constitution 2015 (as amended) include: (a) Finance i. Admission/Registration fees ii. Subscription (monthly check-off due) iii. Levies (Publicity, legal, car etc) iv. Proceeds for economic and social activities v. Donations by individuals, companies, organizations and the public through fund raising activities. vi. Loans vii. Grants and financial aids from donor agencies, government, personal gift, requests and pledges to support the activities of the Union. (b) The Assets of the Union include i. Landed property (Acquired land) ii. Building (secretariat, Guest House, Business Centres etc) iii. Equipment iv. Vehicles
The property shall be used for the purpose of attaining the objectives of the Union or contributing to the operations of ASUP as defined in the Constitution of the Union. (c) The funds of the Union not needed for immediate use can be invested in profit oriented ventures. These ventures which shall be short term investment are expected to generate incomes or revenue for the Union. Investment Management of the Union s Resources Management of the resources of the Union is vested in the National Executive Council (NEC) at the National Level, Zonal Executive Council (ZEC) at the Zonal level, and chapter Executive Council at the chapter level. This is done through the appropriate officers and/or through committee(s).
At the National level, there is the Finance Committee which comprises of the Treasurer as Chairman, the Financial Secretary as Secretary and Internal Auditor as member. This is also applicable to other levels especially, at the chapter. The finances of the Union shall be administered on budgetary system at all levels: National, Zonal and Chapter levels. The budget should be prepared and approved in accordance with the budget instructions issued by the Finance Committee and as contained in the Financial Manual which shall guide financial transactions and approvals by the Council of National Officer (CNO), Zonal Executive Council (ZEC) and Chapter Executive Council (CEC). The President, Zonal Coordinator or Chapter Chairman must obtain approval from the CNO, ZEC and CEC for spending in excess as provided in the Union s Financial Manual.
All spending should be within the budget limits and the Finance Committee should review accuracy and completeness of plans and budgets. How the Union s fund should be managed Adequate management of ASUP s fund, should be done through: i. Collectability: Methods of payment or remittance of dues, levies etc. ii. Security: Safety and security of funds through the banking system. iii.Documentation: All transactions must be adequately documented, recorded and maintained. iv.Investment: Allocation of funds to project must be based on need and availability of funds.
Controlling and monitoring of ASUPs fund As stipulated in the Union s Constitution and Financial Manual, overseeing, controlling and monitoring of the Union s fund shall be effected in the following ways: i. There shall be monthly and quarterly financial statement prepared by the Finance Committee to be presented to CNO and NEC at the National level and CEC at the Chapter level. ii. There shall be a review of the monthly statement and also compare them to the budgeted amounts to ensure the balances are realistic. iii. Investigate any major variances and decide whether or not there is need for immediate action to be taken. Note that financial statements are the Union s health report. The statements enable the authorizing officer or body(ies) to review the transactions to date and compare them to budget.
How to maintain financial progress in the Union i. Investment ii. Accountability iii. Transparency iv. Responsiveness v. Team work Conclusion It should be noted that when resources of the Union are being managed judiciously, it leads to effective and efficient service delivery to members. Rancor and conflict will be minimized amongst members, and the goals and objectives of the Union will be realized or achieved.
It is of my opinion therefore, that officers in charge of managing ASUP funds should be open and transparent, work as a team, execute only projects that will be of benefit to members, be accountable to NEC and Congress. Check-off dues are not to be shared amongst CEC members on monthly basis as is or was being practiced in some chapters rather, it should be invested in profitable ventures after remitting the 30% to the national account.
