Criterion 6.4

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6.4.1- Institution conducts internal and external financial audits regularly

Institute of Engineering & Management has an effective mechanism for Internal and External Audit. The accounts of the Institute are audited by chartered accountants regularly as per the Government rules. Whenever there are additional expenses over and above the budget proposals, special sanction is to be taken from the approval authority of the management. The Accounting and Auditing Committee looks after the internal audit and it is presented to the certified Chartered Accountant

Internal Audit:

The Institute has a finance committee and appointed a qualified Auditor and also forms a team of staff under them to do a methodical verification on a periodic basis. The purpose of internal audit is to provide an objective source of information to the management with a view to efficient conduct of activities of the institute, safeguarding assets, preventing and detecting fraud and other unlawful acts, completeness & accuracy of financial records and timely preparation of financial statements. Internal Audit is done by checking each bill and vouchers, books/laboratory equipment and other materials are purchased at a least price taking proper quotation collected from the parties.

External Audit:

The external auditor is appointed by the college to perform audits of the financial statements of the Institute. The financial records are audited by qualified chartered accountants at the end of each financial year. The financial records are certified i.e., income and expenditures, balance sheet and notes on accounts. The institution publishes audited financial statements on the institution’s website ast information for the concerned people.

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Funds / Grants received from non-government bodies, individuals, philanthropes during the year (not covered in Criterion III)

6.4.2.1- Total Grants received from non-government bodies, individuals, Philanthropes during the year (INR in Lakhs)

Data requirement for year 

• Name of the non-government bodies, individuals, Philanthropes
• Funds / Grants received

• Annual statements of accounts
• Any additional information

Details of Funds / Grants received from of the non-government bodies, individuals, Philanthropy during the year

The link for the relevant documents is given below:

The link for the excel sheet is given below: Click Here

The link for the grant letters: Click Here

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Paste link for additional information           

Institute of Engineering & Management mobilizes its funds received mainly from students as fees. Apart from students fees resource mobilization is also carried out by following means:

1. Interest of corpus fund.

2. Overhead charges from the research grants and project development fund received from various government and non-government authorities.

3. Competitive examinations like WBJEE, JEE, NEET etc. and also various programs are conducted by outside agencies on holidays in our Institute using its existing infrastructure.

4. Funding from alumni donors.

Funds generated from above are principally used for maintenance and development of the institute. The trust body of the institute provides space on lease basis to facilitate: various commercial utility services to the students, faculty members and officials of the institute such as IDBI Bank, Punjab National Bank and Indian Overseas Bank.

Optimal utilization of resources:

1. 1. Sufficient funds are allocated for effective teaching-learning practices that include training programmes, orientation programmes, workshops, and interdisciplinary activities.

1. 1. Budget is utilized to meet day to day operational and administrative expenses and maintenance of fixed assets.

1. 1. Requisite funds are utilized every year towards enhancement of library facilities to augment learning facilities.

1. 1. Adequate funds are utilized for development of and maintenance of infrastructure of the institute.

1. 1. Some funds are utilized for community development and social welfare activities.

Main motto of resource mobilization and utilization of resources is to put Institute of Engineering & Management on standard with a view to achieve best quality teaching and unique quality of students.