Board Of Finance
Committee info.
- About the Committee
- 2. Vision and Mission
- 3. Composition of the Committee
- 4. Functions of the Committee
- 5. Duties & Responsibilities
- 6. Procedure of Functioning
- 7. Meeting Notices & Minutes
- 8. Action Taken Reports
- 9. Gallery / Events
- 10. Contact / Support
About Committee
Overview
The Board of Finance is the principal financial authority of the university. It is responsible for supervising and regulating the financial affairs of the university, ensuring transparency, accountability, statutory compliance, and financial sustainability.
Purpose
To frame financial policies, approve budgets, monitor expenditure, and safeguard the financial interests of the university in accordance with the provisions of the Act, Statutes, and applicable Government and regulatory norms.
Context
As a self-financed private University established under the Maharashtra Act No. XXXVI of 2020 DYP-ATU, prudent financial governance is essential. The Board of Finance functions as the apex body to oversee this framework.
Vision
To ensure robust, transparent, and sustainable financial governance that supports academic excellence and institutional growth.
Mission
- To maintain financial discipline and integrity.
- To ensure optimal utilization of resources.
- To align financial planning with strategic academic objectives.
- To ensure compliance with statutory and regulatory financial norms.
Composition of the Committee
Finance Committee
| Sr. No. | Name of the Person | Representative as | Designation |
|---|---|---|---|
| 1 | Prof. (Dr.) Anilkumar S. Gupta | The Vice-Chancellor | Chairperson |
| 2 | Mr. Sachin Dhanawade | Two financial experts nominated by the sponsoring body | Member |
| 3 | Mr. Amit Kumar Gavade | Two financial experts nominated by the sponsoring body | Member |
| 4 | Prof. (Dr.) Jayendra A. Khot | Registrar | Member |
| 5 | Dr. Gunurath V. Mote | Controller of Examination | Member |
| 6 | Mr. Sujit S. Sarnaik | Chief Finance Officer | Member Secretary |
Functions of the Committee
The Board of Finance performs the following key functions:
- Consideration and approval of the annual budget estimates.
- Scrutiny of income and expenditure statements.
- Recommendation of fee structure as per statutory provisions.
- Review of audit reports and compliance status.
- Monitoring utilization of funds, including Endowment and General Fund.
- Financial planning and resource mobilization strategies.
- Advising the Board of Management on financial matters.
- Ensuring adherence to UGC and other regulatory financial norms.
Duties & Responsibilities
Responsibilities of the Board
- Ensure proper maintenance of accounts and financial records.
- Recommend appointment of auditors and review audit observations.
- Ensure no expenditure exceeds approved limits without authorization.
- Monitor investments and financial liabilities.
- Ensure statutory deductions and compliance requirements are met.
- Safeguard university assets and financial interests.
Responsibilities of Members
- Attend meetings regularly and participate in financial deliberations.
- Maintain confidentiality of financial matters.
- Exercise due diligence before approving financial proposals.
- Act in the best financial interest of the university.
Procedure of Functioning
- The Board of Finance shall meet at least twice in a financial year or as prescribed in the Statutes.
- Meetings shall be convened by the Chairperson or Vice-Chancellor.
- Quorum shall be as prescribed under the Statutes.
- Decisions shall be taken by majority vote; the Chairperson shall have a casting vote in case of a tie.
- Budget proposals shall be examined before submission to the Board of Management for final approval.
- Audit reports shall be placed before the Board for review and necessary action.
- The Chief Finance & Accounts Officer shall act as Member-Secretary and maintain records of proceedings.
For official correspondence, communication shall be routed through the Office of the Chief Finance & Accounts Officer as per the University administrative procedure.