Quality Initiative : 6.3.1
Welfare Schemes The college takes excellent care of its personnel. Several welfare initiatives have been implemented for both teaching and non-teaching Staff of the college . to increase the morale of the staff and motivating them for efficient working the college promotes beneficial welfare programmes for both teaching and non-teaching staff. The college values its personnel's contributions to the institution's overall development and progress. Additionally, it encourages employees to take advantage of welfare benefits with simplicity. The institute provides a variety of welfare benefits to its employees, including promotion and increments based on self-assessment. Financial Assistance for technical Publications Academic excellence awards in the form of cash and certificates of recognition, incentives for the publication of papers/research articles, Incentive programme to encourage individuals to engage in research activities or initiatives, support for faculty members conducting/organizing guest lectures, and assistance for faculty members conducting/organizing conferences/seminars/workshops/FDPs. Health Insurance All employees are protected by medical insurance for accidental and health issues. Employee Provident Fund (EPF) Additionally, the institution offers its employees the option of contributing to an Employee Provident Fund (EPF). Emergency care and Ambulance service The College provides a full-time dispensary and emergency care. An ambulance service is available in case of an emergency. General Facilities The institution has sports, gym, and yoga facilities; A Fee concession is given to faculty wards enrolled in MCE-affiliated institutes. Leave Benefits The college offers a variety of leave benefits to all employees, including casual leave, special Casual leaves, OOD, committed leave, earned leave and maternity leave. These benefits are available to both teaching and non-teaching staff as per state government norms. Finance Committee The institution has internal and external auditing systems in place that are completely fool proof. The finance committee takes great care in its careful verification of income and spending information. The final audit of the Institution is done by the outside experts. Budget Proposal and Utilization The procedure for effective and efficient financial resource monitoring is described as follows: The Head of the Institution submits to the Management a budget proposal that incorporates the recommendations of all department heads within the institution. Salary, power, internet charges, maintenance costs, stationery, and other consumable charges are all included in the Institution budget, also include non-recurring expenses like lab equipment purchases, furnishings, and other development costs. Further the expenses, such as research and development are included in the institution budget. The accounts department keeps track of expenditures in accordance with the budget established by management. Internal Auditing Procedures On a regular basis, the internal audits of all the vouchers is conducted to ensure that they are accurate. Bills and vouchers are double-checked to confirm that the expenses listed under each heading are correct. If a flaw or deviation is detected, it is promptly brought to the attention of the college's Principal. A legal audit is usually performed at the end of the financial year. The management team examines the audit report. The Accounts department audits and approves the disbursement statements before they are submitted to the principal. The stores department acquires laboratory equipment, teaching aids, furniture, and other facilities and the accounts department provides payments to service providers for maintenance and repairs, in addition to collecting tuition fees, paying salaries, processing tax payments, and disbursing loans. The quality and timeliness of the institution's financial records are extremely important to it. The college oversees ensuring that audits run smoothly. No faults or complaints have been detected since the institution has implemented and is an effective system of internal controls such as obtaining quotations, comparison and preparing purchase orders. Approvals are obtained at each stage of the execution process, and the items and services are thoroughly inspected after delivery. External Auditing Procedures The college's financial accounts are audited by an experienced auditor at the end of financial year. Following the audit, the auditor verifies that all transactions are lawfully authorized, and the final report is given to management for review. Any discrepancy detected during the auditing process would be investigated right away, and the supporting documents would be examined within the timeframes set. All these strategies, in addition to exhibiting financial transparency, show a commitment to financial discipline at all levels of management to prevent the misuse of funds or other assets of the institution. The audited statement is signed by the authorized management personnel as well as the auditor.