DOCUMENT CONTROL AND INDEX

TABLE OF CONTENTS

INTRODUCTION, PURPOSE AND SCOPE

1. INTRODUCTION

Vel Tech High Tech Dr.Rangarajan Dr.Sakunthala Engineering College recognises that finance is essential to institutional quality, accountability and stakeholder confidence. This policy establishes a structured framework to ensure prudent budgeting, transparent financial transactions, proper authorization, statutory compliance, asset protection and effective use of institutional funds.

2. PURPOSE

To ensure prudent budgeting, transparent financial transactions, proper authorization, statutory compliance, asset protection and effective use of institutional funds.

3. SCOPE

All receipts, payments, budgets, grants, fees, payroll, procurement, advances, reimbursements, projects, assets and financial records.

OBJECTIVES

4. OBJECTIVES

• Align financial planning with institutional priorities.
• Establish clear authorization and segregation of duties.
• Ensure accurate accounting, audit readiness and statutory compliance.
• Protect institutional funds and assets from error, misuse and fraud.
• Promote economical, efficient and accountable expenditure.

POLICY FRAMEWORK

5. GUIDING PRINCIPLES

1. No expenditure shall be incurred without budget availability and competent approval.
2. Financial duties shall be appropriately segregated among initiation, verification, approval, payment and accounting.
3. Transactions shall be supported by authentic documents and recorded promptly.
4. Procurement shall be competitive, transparent and value-oriented, subject to approved exceptions.
5. Restricted grants and project funds shall be used only for sanctioned purposes.

6. GENERAL POLICY COMMITMENT

The Institution shall implement this policy through approved roles, adequate resources, documented procedures, transparent communication and measurable review. Decisions and exceptions shall be recorded and authorized by the competent authority.

POLICY PROVISIONS

7.1 IMPLEMENTATION REQUIREMENTS

1. Annual budgets shall be prepared through department proposals, scrutiny, consolidation and approval.
2. Budget revisions or re-appropriations shall require documented justification and competent approval.
3. Receipts shall be acknowledged through authorized systems and deposited promptly into approved bank accounts.
4. Payments shall follow maker-checker controls, tax/statutory deduction rules and approved limits.
5. Procurement shall follow quotation/tender/approved-vendor procedures based on value and risk.

POLICY PROVISIONS — CONTINUED

7.2 IMPLEMENTATION REQUIREMENTS

6. Advances shall be settled within the prescribed period with bills and balance refund, where applicable.
7. Payroll shall be processed from approved HR data, attendance/leave inputs and authorized deductions.
8. Project and grant accounts shall be maintained separately with utilization and progress reporting.
9. Physical and financial asset registers shall be reconciled through periodic verification.
10. Internal and statutory audit observations shall be tracked until closure.

ROLES AND RESPONSIBILITIES

8. ROLES AND RESPONSIBILITIES

• Management/Governing body approves budgets and major financial decisions.
• Principal authorizes expenditure within delegated powers.
• Accounts Officer maintains books, controls, returns and financial reports.
• HODs/section heads ensure necessity, budget availability and proper utilization.
• Employees receiving advances or assets are accountable for timely settlement and custody.

IMPLEMENTATION PROCEDURE

9. IMPLEMENTATION PROCEDURE

1. Raise approved indent/proposal with budget head.
2. Obtain quotations or follow applicable procurement route.
3. Record comparative evaluation and approval.
4. Receive and verify goods/services before payment.
5. Account, tag and issue assets where applicable.
6. Review budget variance and audit observations periodically.

RECORDS AND COMPLIANCE

10. RECORDS AND EVIDENCE

• Approved budgets and revisions
• Vouchers, invoices and bank records
• Procurement and comparative statements
• Payroll and statutory returns
• Asset, grant and audit records

11. MONITORING INDICATORS

• Budget utilization and variance
• Audit observation closure rate
• Advance settlement timeliness
• Procurement cycle time
• Statutory filing and payment compliance

12. CONFIDENTIALITY, RETENTION AND ACCESS

Records shall be accurate, retrievable and protected against unauthorized alteration, disclosure or destruction. Access shall be role-based and limited to legitimate institutional need. Retention and disposal shall follow the approved schedule and applicable requirements.

13. NON-COMPLIANCE

Non-compliance may result in corrective action, withdrawal of access or benefit, recovery of loss, disciplinary action, referral to a statutory body or other proportionate action after due process.

REVIEW AND APPROVAL

14. REVIEW AND AMENDMENT

The policy owner shall review this document at the stated cycle or earlier due to changes in law, regulation, institutional structure, technology, risk, audit findings or stakeholder requirements. Amendments shall take effect only after approval and version control.

15. REFERENCES

• Applicable accounting standards, tax laws, labour-related deductions and grant conditions
• Approved delegation of financial powers and procurement procedures

16. APPROVAL AND SIGNATURES

This is a controlled institutional document. Printed copies are uncontrolled unless specifically stamped and issued by the authorized office.