The finance committee provides financial analysis, advice and oversight of the organizations budget. Their sole responsibility is to ensure the organization is operating with the financial resources it needs to provide programs and services to the community.
Committee members
- chairperson – principal
- one person to be nominated by the governing body of the college.
- finance officer of institution
- Senior-most teaching faculty nominated by the principal
Duties
Ensure that accurate and complete financial records are maintained.
Monitor income and expenditures against projections.
Review and recommend financial policies to the board, including ensuring adequate internal controls and maintaining financial records in accordance with standard accounting practices.
Ensure that accurate, timely and meaningful financial statement are prepared and presented to the board.
Present monthly financial statements to the boards
Oversee budget preparation and financial planning
Responsibilities
Help the full board understand the organizations financial affairs.
Safe guard organizations assets.
Ensure the organizations maintains adequate insurance coverage.
Standard Operating Procedure of finance Committee
The members of the committee shall be appointed by the principal as and when needed. The same will be documented by the coordinator.
Finance committee shall meet once in two month or depending on the need and report the progress to the principal. The date, time and venue will be decided and communicate to the members and special invitees by the coordinator.
Notice for the meeting shall be given at least 7 days prior to the meeting.
Agenda of the meeting shall be finalized by the coordinator.
Members can communicate topics of discussion to the coordinator prior to the meeting.
The Quorum for meetings is 1/3 of members eligible to attend.
Special invitees may be called for meeting as required by the coordinator.
Reporting procedure
The minutes of meetings of the Committee will be circulated to all its members within 10 days of the meeting for necessary approval before forwarding it to the principal.
Frequency of meeting
2 times in a year
CONSTITUTION OF FINANCE COMMITTE
Dr.V.V.Pyarelal (Director, KVM College of Pharmacy) | Chairman |
Adv.Rajesh.G | Managing Director |
Anupama Pyarelal | Managing Director |
Dr.Beena.P | Principal |
Baby Bindu.l | Chief Finance Officer |
Syamimol.P.S | Senior Accountant |
Saritha.U | Junior Accountan |