Mobilization and optimal utilization of resources

6.4.1:  Institution has strategies for mobilization and optimal utilization of resources and funds from various sources (government/ nongovernment organizations) and it conducts financial audits regularly (internal and external)

The institution always strives for mobilization of resources and optimal utilization of funds. From time to time requisitions for purchase are collected from the departments, the library and the office, and placed in the Purchase Committee of the college, which considers them and forwards them to the Finance Committee. All Financial decisions are taken by the Governing Body of the college, on the recommendation of the Finance Committee of the college. Accounts are maintained by the Accountant, and then placed in the Finance Committee and Governing Body for approval. All other financial recommendations are placed by the Purchase Committee, Teachers’ Council and the IQAC. The entire financial system of the college is computerized and runs on software. The college conducts Annual Audit by auditors appointed by the Government. As such, the resources of the college are utilized to the utmost.

Apart from this, regular internal audits are continuously carried on. There is an internal method in place for regular auditing of accounts. The Accountant and Bursar first check all accounts and then bills are sent to the Principal for approval. All financial decisions are taken by the Finance Committee, which includes as its members from the Governing Body and a Government nominee. As such, there is a definite mechanism for a continuous system of audit internally.

As supporting document, we have annexed an extract of the audit reports. The full report will be submitted on demand.