The institution has a transparent and well-planned financial management system. The resource mobilisation policy focuses on achieving the institution’s goals and targets while maintaining accountability and transparency. The Management Committee of the College coordinates and monitors the best use of funds for the advancement of a learner-centric ecosystem. Government and management are the major source of funds for the functioning of the College. Management committee members ensure the income generated is spent optimally in the institution itself.
A financial advisory body is in place to manage the managed funds. The government funds are taken care of by the College Coordinator and UGC plan coordinator. Funds are provided to meet the infrastructure requirement of the institution while starting new programmes. The management provides financial support to seminars/workshops/expert talks/Association activities/Faculty Development programmes. The extracurricular activities of the students are a major concern and adequate funds provide for Sports and Cultural activities. College also provides Scholarships and free shipping to deserving students.
The Financial Resources of the institution are;
- Tuition fee
- Hostel Fee
- Government funds-UGC/Grant-in-Aid of Kerala Government
- Grants From individuals, philanthropist
- College Development Fund
- Alumni Contribution
There are their levels of audit for the funds sanctioned by the Government. They are as follows:
After a stipulated period of time, the accounts for all the grants and funds sanctioned by the Government/UGC are initially submitted to an external Chartered Accountant. The audit report issued by the auditor with utilization certificate and all necessary ratified accounts are submitted to the concerned sanctioned authorities.
At the time of annual audits by the Directorate of Collegiate Education, the audit team verifies all the financial documents related to the public funds utilized by College. After hearing the clarifications and corrections, the final accounts are settled.
The Accountant General, Kerala also conduct their periodic verification of all the accounts sanctioned by the Government. Their suggestions and directions are also incorporated in the further utilization of the funds.
Grants and funds sanctioned by Management
The institution has a strong financial advisory board for the Management of accounts and all the accounts sanctioned are audited internally as well as externally. On behalf of the Management, all daily transactions are verified by the financial advisor of the college. The internal audit of Management accounts is done by the Treasurer, MUSLIM EDUCATIONAL AND CULTURAL ASSOCIATION, MANJERI periodically. They verify all financial transactions and submit a detailed report of observations based on the observations given by internal auditor. The financial advisor of the college modifies the statements of accounts. The Management committee appoint an external auditor of the Management accounts. At the end of every financial year they prepare annual financial statements and audit reports.