Mobilisation of Funds
The primary source of funds for the Institute comes from student tuition fees. The tuition fee is determined by looking at the previous year’s spending and considering the effects of inflation over the next three years. The school provides the Internal Fee Regulatory Committee with expenditure and projection information every three years to determine the Institute’s tuition fees based on university guidelines. While presenting the forecasts, the Institute includes salary hikes through Dearness Allowance, increments, etc. The internal Fee Regulatory Committee also allows the Institute to budget funds for the planned capital expenses in the next three years. Therefore, the primary resource mobilization relies on the fee determination conducted by the internal Fee RegulatoryCommittee.
The Sponsoring trust, SAM PAUL EDUCATIONAL TRUST, extends financial support to the Institute for the shortfall and ensures the availability of requisite funds.
Efficient use of assets:
A yearly financial plan is developed to guarantee the most effective use of monetary assets, following the projections provided by the various departments and specialized groups within the Institute. The budget is officially approved by the Managing Committee/Board of Governors. Regular audits are conducted to verify that the budget is being used efficiently for its designated goals. Facilities and machinery are kept in good condition to guarantee peak performance. A yearly agreement for maintenance is established for the machinery and software.