ROLES AND RESPONSIBILITIES:

The Committee first identifies the available financial resources for the academic year from diverse sources, chiefly from the fees paid by students, donations from philanthropic individuals and institutions, funding from any academic bodies/industry, amounts generated from the consultancy services offered by the college and any endowment amounts instituted for the award of scholarships.

Then, the Committee examines the budget proposals of the individual departments, financial requirement for the up-gradation of the infrastructure and all the possible sources of expenditure. It makes budgetary provision balancing the fund available and expenditure duly prioritizing the requirements for the development of departments and laboratories, library, NSS, games and sports activities, in-house research and activities for the development of students and faculty etc,.

The Committee is also responsible for monitoring the income/expenditure duly imposing checks and balances as and when required, and periodic reconciliation of the allotment and utilization under different categories.  The duties of the Committee also includes the consolidation of the income and expenditure and maintaining appropriate records for the annual external auditing taking into cognizance the observations of the auditors for future planning.

Listed below are the chief functions of the Finance Committee:

• To mobilize resources through donations from society, through funding agencies if any.
• To seek budget proposals from different departments, analyze them, establish the priorities.
• To observe budget relating to the grant received/receivable from the UGC/AICTE, if any.
• To prepare budget proposal relating to income from fees and other sources
• To prepare a comprehensive plan of expenses for day-to-day running of the Institution.
• To propose the budget for the financial year for the departments and institute and forward a tentative budget to Governing Body in time.
• To sanction all the expenditure to procure major equipment as advised by the Governing Body.
• To approve expenses for constructing new buildings after getting approval from the Governing Body.
• To Monitor appropriate deployment of resources and carry out vigilant funds organization.
• To ensure audited account reports for the financial transactions of the institution.
• To recommend salary of full time teaching and non teaching staff.
• To advise the Governing body on all financial matters.