Finance Committee
The Finance Committee of Mahakaushal University plays a crucial role in managing and overseeing the financial planning, budgeting, and expenditure of the University. It ensures fiscal discipline, transparency, and accountability in the utilization of funds and resources.
Financial governance under Statute No. 14
Statute No. 14 of the published Statutes provides the constitution, tenure, meetings, quorum and functions of the Finance Committee. No decision involving financial implications shall be taken by any authority of the University without the prior concurrence of the Finance Committee. The Committee's published framework covers constitution, tenure, meetings, quorum and detailed financial responsibilities.
Six statutory positions
Chairperson: Chancellor or nominee; Vice-Chancellor; Registrar; Chief Finance and Accounts Officer (CFAO) as Member Secretary; one Governing Body member nominated by the Chancellor; and one person nominated by the Sponsoring Body.
Three-year term
The tenure of Finance Committee members other than ex-officio members is three years.
At least twice every academic year
The Committee shall meet at least twice in each academic year. A notice of the meeting is to be given to each member at least fifteen days in advance.
Four including Chairperson
Four members of the Finance Committee, including the Chairperson, constitute the quorum for meetings.
Prior concurrence
No decision involving financial implications shall be taken by any authority of the University without prior concurrence of the Finance Committee.
Income & expenditure
The Committee reviews the income and expenditure of the University in every financial year and exercises the financial oversight assigned by the Statute.
Finance Committee Members
Current names can be maintained from the backend while the statutory roles remain clearly identified.
Name to be updated
The Chancellor or his nominee
ChairpersonName to be updated
The Vice-Chancellor
MemberName to be updated
The Registrar
MemberName to be updated
Chief Finance and Accounts Officer (CFAO)
Member SecretaryName to be updated
One member of the Governing Body nominated by the Chancellor
MemberName to be updated
One person nominated by the Sponsoring Body
MemberResponsible stewardship of University resources
The Committee supports the University's mission by recommending financial strategies that align with academic growth and infrastructure development.
Annual Budget & Financial Estimates
Preparing the annual budget and financial estimates for the University.
Capital Expenditure & New Projects
Reviewing and recommending proposals for capital expenditure and new projects.
Income, Expenditure & Fund Utilization
Monitoring income, expenditure, and fund utilization across departments.
Fees, Grants, Scholarships & Endowments
Recommending policies for fee structures, grants, scholarships, and endowments.
Financial Compliance & Audit
Ensuring compliance with financial regulations and audit requirements.
Resource Mobilization & Sustainability
Advising on resource mobilization and financial sustainability.
From planning to financial oversight
The published Statute also assigns the Finance Committee responsibilities relating to annual estimates/accounts, property and investments, mechanisms for generating resources, income and expenditure controls, and compliance with financial rules.
Annual Estimates
Consider the annual estimates of income and expenditure prepared by the Board of Management and place them before the Governing Body for consideration and approval.
Annual Accounts
Consider the annual accounts and financial statements prepared by the Board of Management and recommend them within the prescribed approval process.
Property & Endowments
Make recommendations on acceptance of bequests, grants, endowments or property to the University where appropriate.
Resource Generation
Recommend mechanisms and ways and means to generate resources for the University.
Financial Advice
Advise the Governing Body on financial matters and consider other matters referred to the Committee in relation to University finances.
Audit & Compliance
Provide direction for compliance with audit rules, annual accounts and reports, and inspections from time to time.
Income & Expenditure Compliance
Oversee observance of regulations relating to the maintenance of accounts and the University's income and expenditure.
Financial decisions follow the prescribed statutory process
Statute No. 14 places the Finance Committee at the centre of the University's financial governance. Financial decisions with financial implications require the Committee's prior concurrence, while annual estimates, accounts, financial statements, resource generation and compliance matters are considered through the statutory framework.