ST. XAVIER'S COLLEGE
THUMBA, THIRUVANANTHAPURAM
ST. XAVIER'S COLLEGE
THUMBA, THIRUVANANTHAPURAM
Veli - Perumathura Road, Thumba, Thiruvananthapuram - 695586, Kerala, India
Affiliated to the University of Kerala | Approved under section 2(f) and 12(B) of UGC Act, 1956.
A Christian Minority Jesuit Institution. NAAC Accredited with 'A' Grade (CGPA 3.22) in the 3rd Cycle
Finance Committee
Transparency, Stewardship & Prudent Governance
| Document Title | Financial Policy of St. Xavier's College, Thumba |
|---|---|
| Issuing Authority | College Management / Finance Committee |
| Policy Status | Active |
| Review Cycle | Periodic review by College Management |
| Applicable To | College Office, Departments, Centres, Clubs, Committees, Faculty, and Project Investigators |
| Aligned With | Government of Kerala, University of Kerala, UGC and other statutory regulations |
Sound financial management is fundamental to the effective functioning, sustainability, and long-term development of any institution of higher education. As a Jesuit institution committed to academic excellence, social justice, accountability, and responsible stewardship, St. Xavier's College, Thumba, adopts a financial policy that promotes transparency, integrity, efficiency, and prudent utilisation of financial resources.
This policy provides a comprehensive framework for the mobilisation, management, utilisation, monitoring, auditing, and reporting of institutional finances. It ensures that all financial transactions are conducted in accordance with statutory regulations, government norms, institutional objectives, and accepted principles of financial governance.
The College is committed to maintaining the highest standards of financial accountability while ensuring that available resources are utilised effectively for academic excellence, research, student welfare, infrastructure development, and community engagement.
The Financial Policy aims to:
The financial resources of the College are broadly classified into two categories:
The College shall adhere to the following guiding principles:
The College shall actively seek financial assistance from the UGC, RUSA and other Central Government agencies for:
The following principles shall apply:
Government grants received towards salary, infrastructure, maintenance, student welfare, laboratories, libraries and other approved schemes shall be utilised strictly according to Government norms.
The College shall:
The College shall make every effort to avail grants offered by the University of Kerala, including:
Utilisation Certificates and audited statements shall be submitted within the prescribed period.
The PD (Personal Deposit) Account shall be utilised for approved institutional purposes including:
The Planning Committee shall review PD Account utilisation annually to ensure transparency and accountability.
PTA contributions shall be voluntary and shall primarily support:
No student shall be denied admission on account of inability to contribute to the PTA Fund. The PTA shall maintain audited accounts and present annual financial statements before its General Body.
The College encourages alumni participation in institutional development through:
The Alumni Association shall:
The College shall encourage the institution of scholarships, medals, endowments and awards by individuals, alumni, charitable organisations and philanthropic agencies.
All proposals shall be approved by the Management before implementation.
The College shall maintain a dedicated Poor Students' Fund to support economically disadvantaged students.
The Fund may receive contributions from:
The Fund shall be administered by a duly constituted committee. The Committee shall:
Financial assistance shall be granted based on genuine need and recommendations of the respective departments.
Hostel fees collected from resident students shall be utilised exclusively for:
Separate accounts shall be maintained for hostel finances.
Faculty members are encouraged to secure externally funded research projects.
Institutional policy regarding project overheads shall be as follows:
A Research Monitoring Committee shall oversee compliance with project regulations.
Faculty members are encouraged to undertake consultancy assignments that enhance academic engagement and institutional reputation.
The following principles shall apply:
The College shall maintain a transparent procurement system.
Major purchases shall be processed through the Purchase Committee.
The Committee shall ensure:
All movable and immovable assets shall be entered in institutional asset registers.
The College shall prepare an Annual Budget before the commencement of every financial year.
The budgeting process shall include:
Budget revisions, if necessary, shall require approval of the competent authority.
The College shall establish effective internal control mechanisms including:
The Bursar shall periodically review institutional finances and submit reports to the Principal and Management.
The College shall maintain a robust audit system.
The following audits shall be conducted:
Audit observations shall be reviewed promptly, and corrective action shall be taken without delay.
Annual financial statements shall be prepared in accordance with accepted accounting principles and statutory requirements.
The College shall ensure timely submission of:
This Financial Policy shall be reviewed periodically by the College Management to ensure alignment with changing statutory regulations, Government policies, UGC guidelines, University regulations, and the strategic goals of the institution.
Any amendments shall come into effect upon approval by the College Governing Body.
St. Xavier's College, Thumba, recognises that responsible financial stewardship is integral to its mission of providing quality higher education rooted in Jesuit values. Through prudent planning, ethical governance, transparency, accountability, and effective utilisation of resources, the College seeks to ensure financial sustainability while promoting academic excellence, inclusive growth, research, innovation, and service to society.
