The University has framed the strategies for mobilisation of funds and the optimal utilisation of resources with a Vision that the proper utilization of the University resources may not only result in quality assurance, improve productivity and competitiveness but also leads to generation of economic resources – savings, investment capital, tax, etc.
University has a mechanism for mobilisation of funds through:
- Student Fee: The main source of funds is the students’ fees.
- Interest income on savings and FDs: Apart from fees, donations received constitute one of the sources of funds as well as interest income on FDs.
- Research Projects funding by various agencies like DST, CSIR, UGC/AICTE and Corporates and Consultancy Services which is utilized for the research activities and procuring new laboratory equipments.
- Campus used for Examination by outside agencies
- Canteen/Cafeteria and other tuck shop Rent
- Rent from Punjab National Bank Branch at ManavRachna Campus
- Alumni Contribution
- Workshops, Seminars and Conferences sponsored by funding agencies
Budget Allocation and Expenditure:
Any expenditure of the University is regulated through allocated Budgets as recommended by Finance Committee after due approval of the BOM.
- Institutional budget for fee income is prepared every year by taking into account the historical data after considering market conditions.
- Proposed fee is calculated after considering teacher-student ratio and all specific and allocated expenses of the department.
- All the HoDs, Deans and administrative heads submit their requirements for ensuing financial year under following heads as per their Strategic Perspective Plans:
-New lab requirements
-Up gradation of existing labs
-Research & Development
-Books & Journals
-Furniture and other equipment’s including Software
-Students’ training and consumables
-Repair and maintenance
-Printing & Stationery
-Faculty Development and meeting & conference
-Visiting faculties and Knowledge-Partners etc.
- On the basis of above information, the budget is framed by Finance team in consultation with Dean-Academics/ Registrar/ VC. The Budget is tabled in the meeting of Finance-Committee and approved with or without suggested changes, which is subsequently approved by Board of Management.
- All the departments adhere to utilization of approved budget.
Optimal Utilisation of Resources:
Following strategies are undertaken for optimal utilization of resources:
- Revenue generated through infrastructural facilities like examination halls, computer centres for competitive exams conducted by various agencies, outside premises for exhibition & other display activities, Sports Arena, Shooting Ranges, Central lawn, Auditoriums etc.
- Expanding/introducing Programmes in demand
- Utilizing skilled human resources
There exists review mechanism ensuring optimal utilization of resources in all the dimensions of the University functioning and regular review meeting are organized for its efficient implementation. The Internal Audit is conducted by CA firm regularly to verify the compliance of approved budget.
The budget is monitored and reviewed by Finance department after eighth/ ninth month of the year and all expenses are re-appropriated wherever necessary. The revised budget is recast and placed before the Finance-Committee for consideration followed by approval of the BOM for its implementation.
