Finance Committee

About

The Finance Committee is a principal body of the Institution chiefly responsible for identifying the major sources of income, prioritization of the budgetary provisions of the available fund, financial planning, financial reporting, monitoring the in-flow and out-flow of funds, monitoring of internal fund transfers, framing accountability policies and instituting appropriate accounting and auditing procedures.

The primary task of the Finance Committee is to afford a comprehensive financial overview of the Institution. The annual accounts and financial estimates of the Institute shall be submitted to the Finance Committee for examination and subsequently to the Governing Body along with its comments for approval. It is mandatory that, every financial dealing of the Institution is to be processed through the Committee and no expenditure should be incurred without the prior allocation and sanction of fund by the Committee. It shall prepare income and expenditure statements of the college.

FINANCE COMMITTEE MEMBERS AY: 2023-24

S. No.	Name	Occupation	Designation
1	Sri. N. Sudhakar Reddy Secretary, Ushodaya Educational Society, Nellore	Industrialist	Chairman
2	Sri. S. Jayachandran Exec. Member, Ushodaya Educational Society, Nellore	Charted Accountant	Member
3	Sri. Y. Vijaya Shankar Reddy Treasurer, Ushodaya Educational Society, Nellore	Agriculture / Business	Member
4	Sri. P. Srinivasulu Reddy Joint Secretary, Ushodaya Educational Society, Nellore	Agriculture / Business	Member
5	Sri T. Sreenivasulu Reddy	AE, Panchayat Raj, Govt. of AP., Nellore	Member
6.	Prof. Dr. G. Subba Rao Director,Geethanjali Inst. of Sci. & Tech., Nellore	Academics	Member
7	Sri S. Sridhar, Assoc. Prof. in EEE,GIST	Academics	Member
8	Mrs. K. Vijaya, Assoc. Prof. in S&H,GIST	Academics	Member
9.	Prof. Dr.Sundeep Kumar.K Principal, Geethanjali Inst. of Sci. & Tech., Nellore	Academics	Member-Secretary

The Committee first identifies the available financial resources for the academic year from diverse sources, chiefly from the fees paid by students, donations from philanthropic individuals and institutions, funding from any academic bodies/industry, amounts generated from the consultancy services offered by the college and any endowment amounts instituted for the award of scholarships.

Then, the Committee examines the budget proposals of the individual departments, financial requirement for the up-gradation of the infrastructure and all the possible sources of expenditure. It makes budgetary provision balancing the fund available and expenditure duly prioritizing the requirements for the development of departments and laboratories, library, NSS, games and sports activities, in-house research and activities for the development of students and faculty etc,.

The Committee is also responsible for monitoring the income/expenditure duly imposing checks and balances as and when required, and periodic reconciliation of the allotment and utilization under different categories. The duties of the Committee also includes the consolidation of the income and expenditure and maintaining appropriate records for the annual external auditing taking into cognizance the observations of the auditors for future planning.

Listed below are the chief functions of the Finance Committee:

To mobilize resources through donations from society, through funding agencies if any.
To seek budget proposals from different departments, analyze them, establish the priorities.
To observe budget relating to the grant received/receivable from the UGC/AICTE, if any.
To prepare budget proposal relating to income from fees and other sources
To prepare a comprehensive plan of expenses for day-to-day running of the Institution.
To propose the budget for the financial year for the departments and institute and forward a tentative budget to Governing Body in time.
To sanction all the expenditure to procure major equipment as advised by the Governing Body.
To approve expenses for constructing new buildings after getting approval from the Governing Body.
To Monitor appropriate deployment of resources and carry out vigilant funds organization.
To ensure audited account reports for the financial transactions of the institution.
To recommend salary of full time teaching and non teaching staff.
To advise the Governing body on all financial matters.