6.4.1 Institution conducts internal and external financial audits regularly
Yes, the institute conducts internal and external financial audits regularly. The internal audit is conducted half-yearly and the external audit is conducted at the end of every financial year.
- The financial planning is planned well in advance for the institute and efficient budgeting is done by involving the various Academic departments and administrative sections of the Institution.
- The financial planning and review is done through the internal finance committee that comprises of the Secretary (Management representative), Principal, Financial officers and Accounts In-charge as members.
- The Finance committee meets half-yearly, reviews the processes (income & expenditure data) and suggests further course of action.
- The internal audit which is carried out by the Internal Finance committee raises objections (if any) after verifying & checking the records of the Accounts section. Queries will be reported to the section and compliance to be compiled within a month’s time. The necessary guidance/suggestions for improvement of the maintenance of accounts will be provided so that there will not be any discrepancies in the accounts.
- The external audit is conducted through a chartered accountant at the end of every financial year.
The audited statements are made public by placing them on the institutional website and sent to the statutory and regulatory bodies.
| Details of Funds / Grants received from of the non-government bodies, individuals, Philanthropers during the last five years (Data Template) |
6.4.2 Funds / Grants received from non-government bodies, individuals, philanthropers during the last five years (not covered in Criterion III)
Response : 1.44
6.4.2.1: Total Grants received from non-government bodies, individuals, Philanthropers year wise during the last five years (INR in Lakhs)
| 2020-21 | 2019-20 | 2018-19 | 2017-18 | 2016-17 |
|---|---|---|---|---|
| 0.616 | 0.406 | 0.406 | 0.006 | 0.006 |
| Details of Funds / Grants received from of the non-government bodies, individuals, Philanthropers during the last five years (Data Template) |
| Link to Supporting File |
6.4.3 Institutional strategies for mobilisation of funds and the optimal utilisation of resources
The Institute has a well defined mechanism to mobilize and utilize the funds judiciously. The main source of income being the tuition fee, miscellaneous fee and consultancy/grants. The sponsoring society- Gayatri Vidya Parishad also obtains voluntary contribution towards corpus fund for construction and development activities. Therefore, Finance has never been a constraint for any developmental activity.
The utilization of funds is carried out in a well defined manner. Based on the long term and short term goals of the Institution, the governing body prepares an action plan for the development activity.
The planned utilization of fund is as given below:
- For salary, arrears & welfare measures;
- For mandatory deposits, annual fee of statutory bodies/University, etc;
- For creation and maintenance of academic infrastructure;
- For purchasing of equipments and software;
- For research and development.
For every academic year, the budget is prepared well in advance after taking into consideration the requirement of every department. Each department prepares its own budget based on the its requirement such as equipments, software, computers, printers etc., for student and faculty activities, research and development in the departments, as well as consumables required for next academic session. Principal puts up the budget in Governing Body meeting and after discussion and necessary corrections or modifications; Governing Body recommends the budget for approval. The budget is reviewed by the management and approved after necessary changes.
For an unplanned purchase or any other activity, the institute makes a provision for advance additional fund. The Principal and the Head of Departments discuss the requirement and decide the priorities while allotting financial resources for various purposes and also ensure optimum use of available financial resources. Periodically, the Governing Body monitors the annual expenditure, scrutinizes the budget and provides feedback related to efficient use of financial resources. The Institute has standardized procedure for sanctioning of funds for various activities and also for settlement of advance and passing of bills for payment. As per the guidelines of the Management and Principal, the sanctioned budget and actual expenditure is regularly monitored and maintained.
| Additional information |