6.4: Financial Management and Resource Mobilization
6.4.1: Institution conducts internal and external financial audits regularly
S.G.S.Arts College is run by TirumalaTirupatiDevasthanams(TTD). TTD has its own accounts and audit wing. Financial advisor and Chief Accounts Officer(FA&CAO) is the Head of Accounts and audit wing. He looks after the regular accounts of all the receipts for each financial year. The Chief Accounts Officer(CAO) who is the immediate deputy of the FA&CAO functions as the Head of the Accounts Department exercising day-to-day control over its functioning. He is also responsible for administrative control over the staff of accounts department and internal audit wing including checking squad. Transparency is strictly maintained in both Internal and External audit of the college.
INTERNAL AUDIT:
Internal audits of the Institution are carried out regularly twice in a year by our Internal Audit wing based on the accounts and records submitted by the college office. The audit wing conducts the internal audits and hands over the reports to the management. After a study of the report, the management instructs the concerned section to rectify the errors to set right the audit objections in tune withaudit standardsgenerally accepted in India. The audit includes the following.
· Checks for compliance with policies, laws and regulations.
· Comparing previous financial statements to the present ones.
· Noting of provisions applicable.
· Verification of student’s fee registers.
· Evolution of internal control system.
· Authorization of fee concessions, controls, policies.
· Verification of Cash book
· Review the means of safeguarding assets and as appropriate, verifying the existence of such assets.
· Examining bank passbook
· Verify the investments, grants from other bodies
· Admission record verification
· Verification of total amount granted for various departments and its utilization
· Checking the acknowledgment letters if any with regard to scholarship
· Examining the payments for maintenance and any other miscellaneous expenses
· Filling the Income Tax returns regularly
EXTERNAL AUDIT:
External Audits of the Institution are carried out regularly once in a year by state audit department. The duly audited reports are submitted to the external audit team. The external audit team audits the college financial report. In case of any objections the Institution will deal with it promptly and takes necessary corrective measures in a completely transparent manner.
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6.4.2: Funds / Grants received from non-government bodies, individuals, philanthropies during the last five years (not covered in Criterion III)
Response:
6.4.2.1: Total Grants received from non-government bodies, individuals, Philanthropies year-wise during the last five years (INR in Lakhs)
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2020-21 |
2019-20 |
2018-19 |
2017-18 |
2016-17 |
| 4.76 |
0.60 |
1.0 | Nil | Nil |
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Institutional data in prescribed format(Data template) |
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Annual statements of accounts |
6.4.3: Institutional strategies for mobilisation of funds and the optimal utilisation of resources
S.G.S.Arts College is run by Tirumala Tirupati Devasthanams (TTD). AS a socially concerned not – for-profit Institution, Catering to the needs of various cross sections of the society and keeping in view education as a service, the management has a conscious policy of keeping the student fee affordable. Funding provided by TTD is the driving force behind the institution and all its operations.
Collection of Tuition fee from students for Government aided courses and self financed courses, income generated through renting the institutional infrastructure for conducting government competitive examinations, the funds received from its illustrious alumni, funds received from the government under different UGC schemes are some of the fund recourses for the institution.
At the beginning of the every academic year, a detailed proposal is prepared at the institution and the same is submitted to the Tirumala Tirupati Devasthanams (TTD) management which is the apex body that runs the college. Based on the proposal funds are allocated to the college under various heads which include faculty salaries, faculty development, Lab, library, Sports, Improvement of smart class rooms Furniture and maintenance. In addition the college receives various non – plan funds on request for meeting the expenditure of electricity charges, contingency bills telephone charges.
The dispersal of funds for the needs proposed are strictly monitored by the principal. Expenditure receipts are maintained for various purchases especially related to the lab and library.
The well established internal and external audits, finance committee and governing body of the management effectively monitor the optimal utilization of recourses. Transparency is maintained through the entire process and allocation of funds is optimally utilized.
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