Objectives:
- To ensure proper utilization funds.
- The institute may have single Finance Committee at institute level to monitor all the Financial Transactions like, collection of fees, payments, salaries day to day expenditures, etc.
- Institute level Finance committee may consist of but not limited to, Director, Administrator, Principal, Finance officer, Accountant.
Responsibilities:
The role of the finance committee is primarily to provide short- and long-term financial oversight for the organization. Typical task areas for small and midsized groups include budgeting and financial planning, financial reporting, and the creation and monitoring of internal controls and accountability policies and practices. The committee is responsible for reviewing and providing guidance on the organization’s financial matters. Specifically, the committee assures internal controls, independent audit, and financial analysis for the organization.
Conditions:
- Once the committee has been established, one member should be allocated the responsibility of chairing the meeting.
- A Committee Head should also be appointed to record the relevant information.
- Documentation should be prepared in advance of the meeting to ensure efficiency in the process itself.
Procedure:
The committee should review, analyze, and conclude the following,
- Fee collections / deposits / refunds
- Staff salary payments / statutory dues / hike in salary, others
- Miscellaneous payments
- Payments to vendors
- Internal audit
- Process documentation:
- Key role:
- Report usage limitations:
- Any other related to Finance :
Committee Members:
| SI. No | Name | Role |
|---|---|---|
| 1. | Dr. Spoorti Patil | Chairperson |
| 2. | Mr. Raju Joshi | Chairperson |
| 3. | Dr. Anand B. Deshpande | Member Secretary |
| 4. | Mr. Brijesh Patil | Convener |
| 5. | Mr. Premnath Javali | Member |