PUNJAB EDUCATION FOUNDATION

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Finance Department

Overview

Finance department, consists of a team of 20 professionals lead by the Deputy Managing Director Finance, pursuing ambitious targets under Chief Minister Road Map designed for Punjab Education Foundation to provide quality education to the children of the deprived strata. Finance department is also engaged in continuous coordination and correspondence with government departments, donor agencies like (DFID, UNICEF, etc.) and banks.

Finance and Accounts Manual has been designed which comprehends Standard Operating Procedures (SOPs) on annual planning and budgeting, payment verification and processing, fund management and banking operations.

Budgeting & Reporting

Detailed month wise budget is prepared annually in coordination with Budget Working Committee (BWC) of the Foundation comprising all program heads and stake holders to ensure the achievability of defined targets. Quarterly Variance analysis is performed to ensure proper utilization of budget and reports are presented to Finance committee of BOD. Budget revision and re-appropriation is carried out if and when required. Financial statements are prepared and published after statutory audit conducted by reputed chartered accountant firm hired by the Board of Directors. Liaison with DG Audit, internal auditors & different audit firms conducting annual audits and periodic reviews on behalf of government and other donor agencies.

Fund Management

Personal Ledger Account (PLA) is maintained with Treasury Office wherein funds are transferred upon request raised by Finance department of the Foundation based on the approved budget. Funds are subsequently transferred to PEF bank accounts through which payments are disbursed to partner schools and vendors. Funds are closely monitored through cash flow projections and sizeable portion is allocated to investments.

Program Payments

Finance department effectively manages the monthly processing of payments to Foundation Assisted School (FAS), New School Program (NSP), Education Voucher Scheme (EVS) and Public School Support Program (PSSP). Independent verification of payments is carried out by the department keeping in view the procedures laid down in standard operating procedures (SOPs). Payments so processed are recorded in the accounting software.

Human Resource and Support Payments

Processing of payroll and other employee benefits of almost 550 employees of the Foundation. Verification and processing of vendor payments after deduction of applicable taxes. Calculation of post employment benefits of employees.

Tax Handling

As a tax withholding agent, Finance department withholds applicable taxes from vendor payments. The taxes so deducted are submitted in the designated bank account in National Bank of Pakistan (NBP) monthly. Monthly withholding tax statements in respect of Income Tax, Sales Tax and Provincial Sales Tax are duly filed with the Federal and Provincial authorities. Moreover, a tax consultant firm is engaged to cope up with queries relating to tax matters.

Books’ Distribution

Free textbooks are distributed to students enrolled in PEF partner schools. Supply chain management of books distribution activity is solely supervised and controlled by Finance department. Annual book demand is placed to Punjab Curriculum & Textbook Board (PCTB) based on enrolment data collected from partner schools. Books are dispatched from Central Warehouse Lahore to different book distribution sites across the province by a third party. Field officers are deployed to monitor the activity. Moreover, periodic stock count is carried out during the year to ensure transparency over the course of this activity.

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