Resource Mobilization Policy
The Institution has a transparent and well planned financial management system in which Government and Management are the main sources of funds. The Resource mobilization policy focuses on achieving the goals and target of the institution ensuring accountability and transparency. The harmonized Governing body coordinates and monitors the optimal utilization of the funds for the promotion of learner-centric ecosystem.
- The Institution is a centrally managed non-profit organization with honorary governing body members which ensures the income generated is spent optimally in the institution itself
- A financial advisory body is in place to manage the managed funds. The government funds are taken care of by the Planning forum, UGC plan coordinator and DST-FIST coordinator of the college
- Funds are provided to meet the infrastructure requirement of the institution while starting new programmes and centers
- The management provides financial supports to seminars/workshops/expert talks/Association activities/Faculty Development programmes
- The extracurricular activities of the students are a major concern and adequate funds provide for Sports and Cultural activities
- Scholarships and free ships to the deserving students
- Provident fund(PF) and Employee State Insurance(ESI) benefits are provided to the Management appointed staffs
- Financial Resources of the institution are
- Tuition fee
- Corporate grant
- Hostel Fee
- Government funds-UGC/DST/Grant-in-Aid of Kerala Government
- Grants from individuals, philanthropist
- College Development Fund
- Alumni Contribution
- Central development fund
- Tuition fee and Corporate grant is used for the infrastructure and academic activities
- Government funds are optimally used for which it is sanctioned
- Transparency and accountability is ensured by conducting an annual audit of the statements
- Financial support provided by the government agencies are audited by the respective Government Departments
Financial Audit of Grant: Grants and funds sanctioned by Government/UGC : There are their levels of audit for the funds sanctioned by the Government. They are as follows:
- Chartered Accountant-After a stipulated period of time, the accounts for all the grants and funds sanctioned by the Government/UGC are initially submitted to an external Chartered Accountant. The audit report issued by the auditor with utilization certificate and all necessary ratified accounts are submitted to the concerned sanctioned authorities.
- Directorate of Collegiate Education-At the time of annual audits by the Directorate of Collegiate Education, the audit team verifies all the financial documents related to the public funds utilized by College. After hearing the clarifications and corrections, the final accounts are settled.
- Accountant General, Kerala-The Accountant General, Kerala also conduct their periodic verification of all the accounts sanctioned by the Government. Their suggestions and directions are also incorporated in the further utilization of the funds.
Grants and funds sanctioned by Management
- The institution has a strong financial advisory board for Management of accounts and all the accounts sanctioned are audited internally as well as externally. On behalf of the Management, all daily transactions are verified by the financial advisor of the college.
- The internal audit of Management accounts is done by the Treasurer, MES Central Committee, Calicut periodically. They verify all financial transactions and submit a detailed report of observations based on the observations given by internal auditor. The financial advisor of the college modifies the statements of accounts.
- The Management has appointed M. A. Moideen and Associates as the external auditor of the Management accounts. At the end of every financial year they prepare annual financial statements and audit reports.