The Finance Committee oversees all financial matters of the institution and ensures that financial resources are managed efficiently, transparently, and in compliance with regulations.

Roles of Finance Committee

a) Financial Planning

• Prepare long-term and short-term financial plans
• Allocate funds to departments and activities
• Ensure alignment with institutional goals

b) Budgeting

• Prepare and recommend annual budget
• Review departmental budget proposals
• Ensure balanced allocation of resources

c) Financial Control

• Monitor income and expenditure
• Ensure financial discipline and cost control
• Prevent misuse or misallocation of funds

d) Resource Mobilization

• Suggest ways to generate additional revenue
  (grants, consultancy, research funding, donations)
• Optimize utilization of available funds

e) Compliance and Governance

• Ensure adherence to statutory requirements
  (UGC, AICTE, PCI, government norms)
• Maintain transparency and accountability

Responsibilities of Finance Committee

a) Budget Approval and Monitoring

• Scrutinize and finalize annual budget
• Track actual expenditure vs budget
• Recommend revisions when required

b) Review of Financial Statements

• Examine:
  • Income & Expenditure Statement
  • Balance Sheet
  • Audit Reports
• Ensure financial accuracy and integrity

c) Audit and Compliance

• Facilitate internal and external audits
• Review audit observations and compliance reports
• Ensure corrective actions are implemented

d) Expenditure Approval

• Approve major expenditures and capital investments
• Review procurement proposals and contracts

e) Fee Structure Recommendations

• Suggest tuition fees and other charges
• Ensure affordability and sustainability

f) Infrastructure and Development Funding

• Allocate funds for:
  • Buildings and facilities
  • Laboratories and equipment
  • Library resources

g) Risk Management

• Identify financial risks
• Recommend measures to minimize losses

Meetings of Finance Committee

a) Frequency of Meetings

• Typically minimum of 2 times per year
• Additional meetings may be conducted if required

b) Notice and Agenda

• Meeting notice circulated in advance (usually 7–10 days)
• Agenda includes:
  • Budget approval
  • Financial review
  • Audit reports
  • Major financial decisions

c) Quorum

• Minimum required members must be present
• Usually 1/3rd or 50% of members, as per institutional rules

d) Conduct of Meeting

• Chaired by Principal/Director
• Discussions based on agenda items
• Decisions taken through consensus or voting

e) Minutes of Meeting

• Proper documentation of:
  • Decisions taken
  • Approvals granted
  • Action points
• Minutes are circulated and approved in the next meeting

f) Reporting

• Recommendations are forwarded to:
  • Governing Body
  • Management/Trust for final approval

Importance of Finance Committee

• Ensures financial transparency and accountability
• Supports sustainable institutional growth
• Helps in efficient utilization of funds
• Strengthens audit and accreditation compliance (NAAC/NBA)

2025-26

2024-25

2023-24