Regulation of UP Government : https://budget.up.nic.in/Fin_H_Book/volume5/part1/index.html
The college maintains and follows a well-planned process for the mobilization of funds and resources. The Principal and Departmental in-charges along with coordinators of different cells such as research committee, library advisory committee (for the purchase of books), purchase committee (for repair and maintenance cost), software and internet charges, printing and stationary, equipment and consumables, furniture, NSS cell, sports, and cultural committee submit the budget requirements for the upcoming academic year. All transactions are transparently conducted through bills and vouchers. The entire process of the procurement of the materials is monitored by the purchase committee and Principal of the college. As per the availability of the funds, the final approval is carried out as per the rule of Directorate of Higher Education, and order of UP Government. The purchase is done in different ways viz., direct purchase (amount up to Rs. 20000/-), Quotation purchase (amount ranged between Rs. 20000-100,000/-) and Tendering purchase (amount Rs. >100,000/-). Online purchase is done through GEM portal. The funds are utilized for campus development, beautification, infrastructural development of the departments, laboratories, libraries, mess, furnitures, boards in the classrooms etc. In compliance with Directorate of Higher Education, the financial audit is done by institution hired Chartered Accountant every year.
Major sources of institutional receipts/funding:
Most of the funds are recieved through State Government of U.P for Salary, allowances, lab Equipment and maintenance etc.
Fees from students for regular and add-on courses.
Grants for research and seminar/workshop are provided by different agencies as ICSSR/IPR/Hindustani Academi etc.
Grants for infrastructural agumentations are provided mostly by RUSA.
College suceeded in grabing a big project (18 crores) sponsored by GOI for Hostel, Auditorium and Basketball court recently.
The college conducts both internal and external financial audits regularly and annually:
Internal audit is a continuous process which ensues after each and every financial transaction, whereby the college itself carries out the initial stage of the internal audit. All the purchases related to departments have to be verified by department incharge for quality assessment. For the grants received from the UGC, utilization certificates are prepared according to the allowed expenditure under various heads. At the end of every financial year departmental stock verification is done the deginated committee. The write off procedure is followed as per the financial handbook of UP government.
External Audit: It is conducted by the following agency:
1. Auditor General (AG) Office: In compliance with the rules of Uttar Pradesh Government, all expenditure and purchase bills and vouchers of the college are audited by the auditor appointed by A.G. Office.
2. Directorate of Higher Education of Uttar Pradesh: It constitutes and sends a team of auditors to conduct the audit in the college.
3. At the end of every financial year, the college sends a detailed report on the total incurred expenditure during the given financial year to the Directorate of Higher education.
4. Administrative audit by Government Offices Auditor
5. The grants received from the ICSSR/RUSA/State Government and other agencies, utilization certificates are prepared according to the allowed expenditure under various heads and get that audited by charted accountant.
Internal Audit: Every year the IQAC team of the college conducts the internal audit by checking each purchase and expenditure bill and voucher. Every year the principal constitutes this team. The office superintendent maintains the cashbook, receipt, bills and vouchers. It is checked by the internal audit team of the college.