The Finance Division has been mandated to manage Funds efficiently and effectively in such a manner as to accomplish the objectives of the organization by planning, monitoring, organizing and controlling the monetary resources of the Association. The Division is entrusted with the responsibility to implement various Schemes and Projects and provide requisite financial expertise and overall perspective of financial management in implementation of activities of the Association in the field of education, culture, sports and allied areas. It ensures budgetary integrity for proper implementation of schemes besides maintaining proper accounts and records. The Association is funded by Grant-in-aid from the Ministry of Human Resource Development and Ministry of Youth Affairs and Sports and internal receipts on account of Annual Subscription, Sale of Publications, Advertisements, Subscription of weekly Journal-University News, Equivalence Fee from students etc. The internal income of the organization has registered continuous growth.
Roles & Responsibilities
- Responsible for managing proper Accounting System.
- Responsible for preparation and submission of Annual Accounts to various departments and organizations.
- Preparation of Budget Estimates & Revised Estimates
- Responsible for releasing salaries and other establishment expenditure.
- Responsible for releasing funds for recurring and non recurring expenditure of AIDCEDU.
- Responsible for Budgetary Control and Cash Management.
- Responsible for reconciliation of Bank Accounts.
- Responsible for coordination with the Ministry of HRD and other departments and organizations with reference to financial matters.
- Responsible in coordinating with Government Auditors for Transaction Audit.
- Responsible in coordinating with Statutory Auditors for audit of Accounts of AIDCEDU, AIDCEDU Provident Fund Trust & AIDCEDU Employees Group Gratuity Scheme.
Internal Financial control systems and their adequacy:
The Association has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the AIDCEDU’s policies, the safeguarding of its assets, the prevention and detection of errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial disclosures.
Future Programme for Strengthening Financial Position:
The aim is to achieve self sufficiency in financial matters as early as possible.
The Finance Committee shall consist of the President, the Vice-President and the immediate past President and failing him a nominee of the Governing Council. The Head of the Accounts Division shall be the Secretary of the Finance Committee.