COIMBATORE – 641 114, Tamil Nadu, India
POLICY ON FINANCIAL RESOURCE MOBILIZATION
June 2020
Financial Resource Mobilization Policy
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MOBILIZATION OF RESOURCES Karunya Institute of Technology and Sciences (KITS) is committed to make its imprint in the global scenario of higher education, which is possible only through mobilization of funds, economizing on expenditure and optimal utilization of resources. Being a Deemed-to-be University in the private sector, the major source of income of the Institution is the fees obtained from the students, following the existing regulations and norms in the fee structure. Apart from this, the Institution mobilizes its fund requirements for research, building up laboratory, library and scientific infrastructure through: 1. Funded projects from Government of India departments/agencies, like DST, MoEF&CC, ISRO, BARC, DBT, DRDO, Tamil Nadu State Council for Science and Technology, MoN&RE, etc 2. Consultancy works of different agencies like GIZ of German Government, Department of Rural Development and Panchayat Raj of Govt. of Tamil Nadu, Loktak Development Authority of Govt. of Manipur, Japan International Cooperation Agency, Wetland International-South Asia, BOING Ltd., etc 3. Utilizing industry linked laboratories and Centres like, Karunya-Siemens Centre, NVIDIA, etc., used for training and consultancy works 4. Testing facilities in laboratories of KITS established by the Institution with or without funding from Govt. agencies, like Nanotech Laboratory, Water Institute, Food Processing Engineering Laboratory, Structural Engineering Laboratory, NABL Laboratory for testing oil, etc. 5. Commercialization of patents and company under Section 8 established to raise funding for innovation, incubation and start-ups 6. Sponsorship of alumni for scholarship and conducting events and programmes in KITS 7. Funding for innovation from international agencies like Harvard Medical School and Boston Children’s Hospital for product development in healthcare sector 8. Opportunities for internship of students either through IAESTE programme or collaborations with industries and higher education institutions in India and abroad. In addition to the above, funds are also mobilized through: 1. Fee collected for conduct of FDP, conferences, workshops, etc. 2. Leasing out the infrastructure facilities to various commercial utility facilities for students, faculty members and officials, such as banks, Post Office, Police Station, food courts, canteens, etc. 3. Funds generated through use of the auditoriums and other related facilities by organizations in the neighbourhood 4. Resources from funds generated by vocational and value-added courses run by the Institution 5. Utilization of a variety of food crops from the experimental farm for the student residences. Annual budget is prepared keeping in view the development plans of the Institution. The budget of each Department is prepared by the team of faculty members under the supervision of the Head of the Department, thereby decentralizing the activity and empowering the academic departments. The budget for central facilities are made by different Directors and Controlling Officers considering the overall development of the Institution.
Financial Resource Mobilization Policy
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The budget prepared by different Departments, Directorates, Sections and Units are finally scrutinized by the Finance Officer of KITS and then placed before the Finance Committee and Board of Management for approval. It is then deployed on different Heads of Expenditure in accordance with the approved budget. The Institution optimally utilizes its funds in a transparent and decentralized manner. All the expenditures of contingent nature are met following all relevant procedures and approval from the competent authority. The funds received for specific research and other projects from Government of India and other funding agencies are spent strictly following the sanctioned budget and regulations and norms of the funding agency/KITS. Funds are also generated as a result of interest, overhead charges from the research grants received from various government/non-government agencies and funding from alumni donors. Fund generated from these sources are mostly used for infrastructure development and professional development of faculty members. OPTIMUM UTILIZATION OF FUNDS The optimal utilization of funds is achieved by the following measures: •
Adequate and sufficient resources are made available for enabling effective teachinglearning, which process calls for induction and orientation programs, workshops, interdisciplinary activities, training programs for skill development, refresher courses, faculty development programs, conferences, library and laboratory facilities, and industry-academia interaction, all of which ensure quality education.
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Necessary funds are allocated for development and maintenance of infrastructure of the Institution. The purchase requests are raised by different departments as per the budget provision and materials/equipment are purchased and supplied by the Purchase Manager following the rules and regulations pertaining to purchase. For purchase of items not included in the annual budget, the relevance and usefulness of the requirement and its optimal utilization are ascertained by the Executive Committee before approval. In the case of purchase, competitive bidding and tendering process is followed to ensure optimum use of funds. Budget is also utilized to meet the day-to-day operational and administrative expenses and maintenance of assets as per the provisions in the budget.
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The central library, including the digital facilities, is augmented and updated considering its importance in teaching-learning process; accordingly, required funds are made available and utilized annually.
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The state-of-the-art laboratories, NABL accredited Laboratory and central scientific infrastructure facilities are updated and maintained from time to time to facilitate academic and research pursuits of students and faculty members. Centres established in collaboration with industry and academic institutions are well maintained to promote research, consultancy and training activities in the Institution.
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Adequate funds are allocated for IPR Cell, Innovation-Incubation and Entrepreneurship Directorate, and research promotion among faculty and students.
Financial Resource Mobilization Policy
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Funds are also allocated for social service activities as part of social responsibilities through NSS and NCC, and different clubs.
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Resources are also made available for the renovation of classrooms, laboratories and faculty rooms.
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For optimal utilization of facilities, sharing with other departments and outside institutions are encouraged and ensured.
The mobilization and optimal utilization of the resources principally aim at enhancing the universal selling proposition of KITS, namely, academic excellence, socially relevant research and value inculcation among the students to make them responsible professionals and citizens. Karunya stands for compassion and the functioning of the Institution revolves around the virtue of ‘compassion’.
Financial Resource Mobilization Policy
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