ST. WILFRED COLLEGE FOR GIRLS

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Financial Management and Resource Mobilization

Organogram

Financial Management and Resource Mobilization

The institute manages its funds mainly from tuition fees of students as College is a self-finance. Funds
are spent on payment of salary of teaching and non-teaching staff, maintenance work, setup of new
infrastructure required for teaching-learning process etc. The College has Governing Body, Planning
and Purchase Committee, Library and Various associated bodies which help in the preparation,
division, allocation and utilization of funds. Budget is prepared keeping in mind developmental activities
of the institute. Physical and Academic facilities are augmented, Library services & Sports services are
strengthened, Laboratories are augmented and IT infrastructure is increased. Budget for the departments
is prepared by concerned HODs, in consultation with the department laboratory in-charges and other
faculty. The Purchase Committee decides the policy and procedure for purchasing any item with the
inputs from IQAC and Management. In the institutional budget, a provision is also made for books,
salaries, departmental priorities, needs and requirements of various non-teaching sections, maintenance
expenses such as electricity, water, telephone etc. Source of Income and Expenses are considered as

  • Source of Income: Tuition/Development fee, Interest, Consultancy Fee
  • Source of Expenditure for Infrastructure, Development and Augmentation: Library, Lab
    Instruments, Workshops/Seminar/Conference/ Guest Lectures, Research Paper, Faculty
    Promation, Entrepreneurship, Visit, Cultural Events, Sports Events, Electronic, Equipment,
    Students scholarship ERP Software, Staff Welfare, Afflation Fee, Audit Fee, Office Expenses,
    Research and Development, Security Exp, Tranning and Placement
  • Source of Maintenance of Campus Infrastructure: Prospectus, Banners, Stationery,
    Examination, AMC, Sports Accessories, Medical, Plantation, Furniture, Transportation, Energy
    Conservation, CCTV, Internet Facilities, Solar plant, Cleaning Charges, Electricity Expenses,
    Repair and Maintinance Telephone Exp.

Optimum utilization of funds

1. Adequate funds are allocated for effective teaching-learning practices such as Orientation
Programme, Conferences, Workshops, Seminars, Training, FDPs, Quality education.
2. Funds are utilized to meet day to day operational and administrative expenses and maintenance of
infrastructure of the institute.
3. Adequate funds are utilized to enhance library facilities needs to enlarge learning practices every
year.
4. Funds are utilized for academic and infrastructural development of the institute.
5. Funds are also allocated for social service activities as part of social responsibilities

Institution conducts internal and external financial audits regularly

The Institutional internal and external audits are conducted each year by April- May. The institute has an
accounts department headed by a full-time accounts officer since its inception to ensure the maintenance
of annual accounts and audits. Internal audit is a continuous process which ensues after each and every
financial transaction, whereby the college itself carries out the initial stage of the internal audit. In the
initial stage, the officer in-charge scrutinizes and verifies the financial data. This is again scrutinized by
the Administrative Officer and the Principal for clarity, authenticity, transparency and financial accuracy.
The Chartered Accountant of institute conducts regular accounts audit and certifies its Annual Financial
Statements. The bills and vouchers of the revenue expenditure are checked. The vouchers and proper
record with the concerned Department of the capital expenditure is also checked and verified.
Departmental Accession Register, Dead Stock Registers/Purchase Registers are physically checked.