The Institution monitors the effective and efficient use of financial resources through the system of internal audit. It has appointed a Chartered Accountant, who on regular basis conducts the internal audit of all the transactions. Annual Budget is prepared for the purpose of implementing infrastructural development and teaching learning processes. Regular monitoring is done in order to know the deviations and to take corrective amendments. All income and expenditures of the college are effectively monitored in co- ordination with the heads of department and Director.
The major source of the institutional revenue is from
a.Tuition Fee collected from the students
b.Revenue from Out- patient treatment charges
The expenses mainly consist of the following:
a)Salary of Faculty and Staff
b)Purchase of Library Books, journals and subscription for ejournals.
c)Electricity, water bills, etc
e)Maintenance of Building, Furniture and Campus
f)Expansion of Buildings
g)Purchase of Office and Other Equipments
The Institution is a self- financed organization in which the major financial resource is the student’s fees coming from courses offered by the Institute and . However, the funds so received are mainly utilized for the following.
-To offset the deficiency arising due to offering subsidized treatment to patients in order to treat maximum number of patients as it help our students to treat different type of patients.
-To offset the deficiency arising due to organizing camps at different villages nearby the
-To offset the cost arising due to offering free treatment to poor patients on case to case basis.
The accounting of the college is computerized using the software package of Tally 9 Gold which facilitates the accounting and auditing process.
Financial planning and budgeting for every year is done by the Chief Finance officer under direct supervision of Chairperson Madam. Budgetary allocations are made as per the requirements of academic and administrative related activities. Finance Section of the Administrative office keeps records of all financial transactions. Funds are raised by way of fee collection from students and hospital collections from OPs.
The revenue and expenditure are planned wisely and budgeted for each upcoming year. Based on the previous years expenditure the budget for subsequent year is prepared which also includes any unforeseen expenses. Audits are regularly conducted from time to time. Finance Committee under the guidance of Principal effectively monitors the optimum utilization of resources.
The purchase committee of the institute follows a stringent purchase policy. All materials and services are carefully procured via quotations and tenders.
The purchase department requests vendors to submit a quotation and finalizes both the rates and vendors for each item of material. Coding system is followed by individual departments for indenting both consumables and non-consumables. Following CFO s approval, the final financial approvals of the Chairperson is obtained and an order is placed. Once the ordered material is received it is checked by the in charges and entries are made in to stock registers. The payment is done as per the terms and conditions mentioned in the MOUs with the vendors.