Finance Committee
The Finance Committee at Horizon College plays a critical role in ensuring that the institution’s financial resources are used effectively, transparently, and in alignment with the college’s educational objectives. The committee is responsible for managing budgets, approving financial plans, overseeing expenditures, and ensuring the institution’s financial health and sustainability.
Purpose of the Finance Committee
The primary objectives of the Finance Committee include:
- Financial Planning & Budgeting: Formulating and approving the annual financial budget, including allocations for academic, administrative, and infrastructural activities.
- Resource Allocation: Ensuring that funds are appropriately distributed to various departments and activities to maximize educational outcomes.
- Monitoring Financial Health: Regularly reviewing the financial status of the institution to ensure proper use of funds, financial stability, and sustainability.
- Compliance & Transparency: Ensuring that financial operations are in compliance with regulatory requirements and institutional policies, promoting transparency in all financial dealings.
- Endowment & Fund Management: Managing donations, endowments, and other funds effectively to support long-term growth and development.
Functions of the Finance Committee
- Financial Planning and Budgeting:
- Developing the annual budget for academic, administrative, research, and extracurricular activities.
- Approving allocations for salaries, infrastructure development, research projects, and student welfare programs.
- Monitoring of Expenditures:
- Reviewing expenditures to ensure they align with the approved budget.
- Identifying and addressing any financial discrepancies or inefficiencies.
- Audit & Financial Reports:
- Ensuring that financial records are maintained accurately and are audited regularly.
- Reviewing financial statements and ensuring compliance with accounting standards and regulations.
- Resource Mobilization:
- Identifying and exploring various funding sources, including government grants, private sector collaborations, alumni donations, and research funding.
- Investment Decisions:
- Making informed decisions regarding investments to ensure the institution’s financial growth and stability.
Composition of the Finance Committee
The Finance Committee consists of key members from various academic, administrative, and financial sectors to ensure effective decision-making and oversight:
- Chairperson: The Principal/Director of Horizon College
- Members:
- Finance Officer/Head of Accounts
- Senior faculty members
- Administrative head
- External financial advisors or chartered accountants (if applicable)
- External Experts (if applicable):
- Financial consultants or representatives from banks or funding agencies
- Expert auditors
Key Financial Initiatives
- Cost Optimization: Identifying opportunities to reduce operational costs while maintaining high standards in teaching, learning, and infrastructure.
- Sustainability Initiatives: Allocating funds for energy-efficient technologies and sustainable practices across campus facilities.
- Scholarship & Financial Aid Program: Ensuring availability of funds for deserving students through scholarships, fee waivers, and financial assistance programs.
- Infrastructure Development: Planning and funding for the expansion of academic and recreational facilities to ensure a state-of-the-art learning environment.
The Finance Committee at Horizon College is committed to ensuring that all financial activities are conducted with responsibility, transparency, and integrity, providing a stable foundation for the institution’s continued success and growth.