Criterion 6 - Governance, Leadership and Management
Key Indicator - 6.4 Financial Management and Resource Mobilization
6.4.1
Institutional strategies for mobilization of funds other than salary and fees and the optimal utilization of resources
The Government of Telangana regulates tution fees to be collected from the students which will be finalized by TAFRC (Telangana Admission and Fee Regulatory Committee). The tuition fee collected from the students serves the major portion of the funds which are needed to run the Institution. Long-term loans required if any, for capital expenditure or working capital finance are obtained from a panel of external agencies. The acquisition and distribution of funds is taken care of by one of the managing committee members appointed by the management of the Institution. The tuition fee fixed for the college depends on the infrastructure available in campus, the strength of the faculty per department and allotted student’s strength by JNTUH for individual branches. TAFRC collects data from relevant colleges annually and evaluates it to finalize the student’s fees for undergraduate and postgraduate courses. In order to meet the cost of revenue, financial requirements are met with short-term loans from a panel of identified agencies such as banks and financial companies.
The tuition fees for students of economically & other backward classes, minorities and SC/ST are funded or financed through scholarships from the State Government of Telangana. The admission department of the college supports with necessary assistance for the eligible students to apply for a scholarship. As the sanctioning process and the release of the fees from the government is often delayed, the college management sometimes opts for short term loans through Banks and other Financial Corporations to meet the monthly revenue and recurring expenditures which are repaid on receiving funds from the government.
A policy has been established to make optimum use of non-monetary resources. The institute raises additional resources by allowing individuals or organizations to make use of the infrastructural facilities at a price during holidays and vacations.The institute rents the halls and playgrounds for activities such as short films, film shootings, sports events and audio and video production. College hostels are also used to accommodate students attending sports meetings and conferences.
6.4.2
Funds / Grants received from government bodies, non-government bodies, and philanthropists during the last five years
MLRIT ensures that adequate numbers of qualified faculties are available for enhancing the excellence of academics, and research. 'Teacher quality is a composite term to indicate the quality of teachers in terms of qualification of the faculty, teacher characteristics, the adequacy of recruitment procedures, faculty availability, professional development and recognition of teaching abilities. Teachers take initiative to learn and keep abreast of the latest developments, innovate, continuously seek improvement in their work and strive for individual and institutional excellence. Teacher quality has a direct relation to learning outcome to the extent that it is a major determinant of the overall quality index of the institution. For this purpose, the Management has sanctioned posts that are above and beyond the stipulated norms by the statutory boards.
6.4.2.1: Total Grants received from government/non-government bodies, philanthropists year wise during last five years
|
2022-2023 |
2021-2022 |
2020-2021 |
2019-2020 |
2018-2019 |
|---|---|---|---|---|
|
5.795 |
3.11 |
4.95 |
26.47 |
9.67 |
Formula:
6.4.3
Institution regularly conducts internal and external financial audits regularly
The governing body has constituted a financial committee headed by the CFO for planning, tracking and analyzing the financial robustness. With the effective procedures, policies and means, the committee monitors and directs the allocation and handling of its financial resources. Auditing processes of the financial processes is carried out internally and externally. Both internal and external audit are converged for taking the strategic decisions by management. A direct channel of communication among the accounting staff, accounts officer and the CFO is established to ensure overall operational efficiency.
For the effective implementation of financial control policies and improve the operational efficiency internal auditing is conducted periodically. Dedicated team to audit the procedures is appointed. Internal audit reports are an independent appraisal to the management.The main objective of internal auditing is to provide management with an outlook as to the sufficiency of the internal control system, and to notify management of crucial audit findings, inferences and recommendations.
Internal audit covers all the transactions of the institute. The internal auditing team audits the following:
The internal audit committee submits a report to the CFO on the observations on the above items periodically. This has helped the institute in reviewing the performances and correcting the procedures (if required) in the ongoing year itself avoiding wait till the end of the year.
External audit is carried yearly and as a policy at the end of the financial year. The external auditing team gives an independent opinion on the institution’s financial statements, annually. The agency begins it’s analysis with the income statement. Both vertical and horizontal analysis is carried out and comparison is done with the capital assets. A thorough financial analysis is carried out and advises on financial ratios and statements wherever fluctuations are consequential. The team carries the risk assessment and advises the management on possible defects in the internal policies.
The external audit covers the following: