PUNJAB EDUCATION FOUNDATION

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Finance Department

Finance section comprises a team of professional individuals hired by the Board of Directors.

Major activities under the Finance section of the Foundation include timely processing of payments to partner schools under all programs, support functions organized by the Academic Development Unit (ADU) and trainings conducted under the Continuous Professional Development Program (CPDP).

Finance section also effectively manages the Foundation’s Endowment Fund, Regular employees Pension Fund, Regular Employees GP Fund, Regular Employees Benevolent Fund and Employees’ Gratuity Fund. Funds are carefully invested in secure financial instruments ensuring liquidity and competent rates of return at the same time.

Detailed monthly budget is prepared annually in coordination with the Budget Working Committee (BWC) of the Foundation comprising all program heads and stakeholders to ensure achievability of expansion plans.

Finance section took the initiative of preparing and publishing Annual Reports of the Foundation projecting yearly performance reports of each program under the umbrella of the Foundation. Quarterly variance analyses and budget utilization reports are also published in the Annual Report to ensure transparency in operations.

Finance section is working in continuous coordination and correspondence with government departments, donor agencies and banks.

Appropriate systems of internal controls are in place including consistent internal and external audits by reputed Audit firms. It includes internal checks, scrutiny and application of SOPs at each program level assuring accuracy and efficiency of all the financial and operating information.

Financial statements are prepared as per International Accounting Standards and are audited regularly by reputed Audit firms. All the records of financial transactions are being processed through an Integrated Database Management System in order to ensure internal controls and accuracy of books of accounts.

The finance team identifies problems and puts forward ideas for practical solutions, making timely decisions while infusing and executing the plans effectively and successfully.

Finance and Accounts Manual has been developed which contains Standard Operating Procedures (SOPs) on day to day tasks/ issues regarding annual planning and budgeting, financial management, banking operations, payment verification, processing, accounting and reporting. It is reviewed periodically to incorporate changes required with the passage of time.

Finance section assists the Board of Directors of the Foundation; prepares working papers for and reports to the Finance Committee under the supervision of the Managing Director ensuring accuracy of information for policy decisions.

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