Adhiparasakthi Dental College and Hospital is a self-financing affiliated institution of Adhiparasakthi Charitable, Medical, and Educational& Cultural (ACMEC) Trust and has a precise channel to monitor effective and efficient use of available financial resources.
BUDGET:
A proper system of financial planning is ensured by the Finance Committee constituted by the Management of the college. The college has a Budget Committee with Principal as Chairman and HODs as members. The annual budget is prepared by the Budget Committee and the general development plan prepared by the Administrator and approved by the Management. Budgetary allocations are made for the requirements of both academic and administrative activities. Finance Section of Administrative office keep records of all financial transactions under the control of the Chief Accountant.
SOURCES OF INCOME:
Funds are raised internally by way of fees collection from students, hospital collections. Fee is collected digitally by RTGS/NEFT or through Cheque/DD/Cash directly deposited by the students in our bank account. Hospital collections are deposited with bank as per the directions of the Management of the college. To step up additional financial sources, the institution undertakes research projects from various funding agencies. The funds so received are utilized as per the guidelines of the respective funding agencies.
UTILISATION OF FUNDS:
To ensure effective utilization of funds, all purchases are made with the approval of the authorities and on the basis of quotations received without compromising on quality and maximum warranty period is insisted on all the items. Structured mechanism is in place for using the consumable items. The college avoids non budgetary expenditures.
RESOURCE MOBILIZATION POLICY:
As the college is self-financed, fee collected from the students is main source of revenue to the college. To overcome the difficulties in the fee collection process, a structured policy and procedure are in place for the collection of fees.Revenue is also generated out of the hospital services and a separate process is practiced totransfer the hospital income to the main account. Efforts are taken by the college for revenue generation through research grants and consultancy.
PROCEDURES FOR OPTIMAL RESOURCE UTILIZATION:
Monthly budgets are drawn up by the end of the prior month estimating the payments for next month. All the payments are prepared by the accountant and vetted by the next higher level before submitting to the authorized signatory.