Finance & Accounts Division FAD+
The Finance Officer is the Secretary of the Finance Committee which exercises general supervision over the finances of the Group of Institutes, gives directions and lays down limits for various categories of the expenditure. Regional Centre are privately financed. To provide better support services to the students, the financial operations have been decentralized to Regional Centers. To extend ICMind programs to the developing countries and to earn foreign exchange for the country, ICMind has taken a major initiative in launching academic programs across the World.
One of the objectives of the Organization is to achieve sufficiency in financial matters as early as possible. The sufficiency has been achieved to an extent at present in respect of maintenance expenditure.
Responsibilities of Finance & Accounts Division:
v Collection of Revenue Receipts on behalf of the Group of Institutes.
v Payments to staff members.
v Payments to outside parties for supply of material and service rendered.
v Preparation of Budget Estimates, Review of Receipts and Expenditure to facilitate the Management Information System with periodic inputs.
v Preparation of Annual Accounts.
v Maintenance of Provident Fund and Pension Fund Accounts (if applicable).
v Payment of pension benefits.
v Investment of funds to generate additional resources for the organization.
v Internal audit of accounts of the Regional/ Study Centre, Divisions and Schools.
v Coordination with the Statutory Auditors for conducting Statutory Audit and processing of Audit Reports.
v Management of the Funds of the Projects sponsored by outside organizations/government bodies.
v Maintenance of Employees Welfare Fund Accounts.
v F&A Division facilitates the Management Information System with periodic inputs; investing funds to generate additional revenues for the Organization; manages funds of the projects sponsored by other organizations, agencies & prepare Annual A/c of the Group of Institutes, PF & projects.
Sources of Funds:
ICMind is self financed organization and does not depend on aid from government. Donation received by the public trust ICMind Foundation is allocated by trustees for social welfare objectives of the trust. The Public Charitable Trust “ICMind foundation” is in the process of acquiring aid form government for its social projects.
Various Social Development Projects can be met through:
v Donation promotion as portion of Internal receipts on account of fee from students, sale of print material/ prospectus and forms etc. It has been noticed that right from launching its first academic programs the internal income of the organization has registered continuous growth. On the other hand it has been difficult to restrict the expenditure on the account of inflation, rising salary and other cost of quality inputs.
v Grant-in-aid from Government / MHRD (under planning).
v Donation form generous individuals, NGOs, independent organizations, companies, private professionals and entrepreneurs.