The University has formulated strategies for effective resource utilization and mobilization of funds. Being a self-financed University, having systems that are properly deployed for the optimal utilization of resources and efficient use of funds, not only result in improved productivity, competitiveness and quality assurance but also leads to savings, investment capital and generation of more funds.
Mechanism for Mobilization of funds:
- Being a self-financing University, it relies heavily on Students Fees for most of its operations.
- University receives donations from various organizations under their CSR fund & philanthropists that adds to the source of funds.
- University income also adds from the interest on FDs and other savings.
- Funding received for research projects from government and other non-government organizations, consultancy assignments taken by faculty add to the financial resource and development of research facilities in the campus.
- Alumni fund, utilizing campus facilities for conducting examination by outside agencies, grants from funding agencies for organizing conferences, workshops & seminars also adds to institution fund.
- University has rented cafeteria/ canteens/stationary shop on rent
Optimal utilization of funds
University ensures judicial utilization of funds thus any expenditure is regulated through budget allocated by the finance committee.
- University prepares the budget based on the income to be generated from student fee, taking into consideration previous years expenditures and prevailing conditions in the environment.
- Fee for each program is reviewed and revised after considering all the expenses allocated to the department and faculty requirements based on faculty-student ratio.
- All the department heads, administrative heads submit their budget for the financial year in the month of January taking into consideration the following:
-Requirement of library resources
-New equipment’s’ and software’s’ required for existing lab
– New lab to set up
-Financial assistance to faculty for research and academic development
-Student training & workshops
-Repair and Maintenance of Infrastructure
-Examination
-Printing & Stationery
– Knowledge Partners Fee
– Accreditations & Regulatory Bodies Fee
– Conduct of Statutory body meetings
– Student Activities, Orientation, Convocation Ceremony, Outreach Activities
- Budget is framed by Finance team based on above mentioned inputs and discussed with Dean-Academics/ Registrar/Pro-VC/ VC. In the Finance-Committee meeting it is presented and approved with or without suggested changes, which is then approved by Board of Management.
- Approved budget is communicated to all the departments for strict adherence and its utilization.
Optimal Resource Utilization:
- Infrastructural facilities like computer centers are utilized for conducting exams by various agencies. Auditoriums, Cricket ground and outside premises, are used for exhibition, corporate matches and other activities. All such initiatives add to university revenue.
- During vacations, University organize Skill trainings on best Lab Practices & New Technologies for outsiders
- For the optimization of vehicle usage, its running and maintenance cost; central transportation department takes care of all such matters.
University conducts half yearly budget reviews for the re-appropriation of approved budget. The revised budget is then placed before the BOM for its approval. University accounts are audited by the professional CA firm regularly to verify the compliance.
