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