Finance, Procurement and Store Management Committee
March 18, 2024 2024-10-07 10:12Finance, Procurement and Store Management Committee
Finance, Procurement and Store Management Committee
Message from the FPSMC Coordinator
FPSMC was established to expertly manage RC’s finances and streamline procurement processes. With a forward-thinking strategy, we focus on effective budgeting—both short and long-term—while ensuring meticulous financial management and oversight. Our commitment to monitoring procurement actions and conducting thorough internal audits keeps RC on a path of transparency and efficiency. Together, we’re building a financially sound future.
CA Raju Kumar Sibakoti
Coordinator, FPSMC
Objectives of FPSMC
- Develop clear, actionable budgets for short and long-term financial health.
Implement efficient purchasing processes to ensure value for every dollar spent.
Promote transparency and accountability in all financial transactions.
Manage college supplies effectively to maximize resource utilization and minimize waste.
Conduct regular audits and monitoring to ensure compliance and enhance financial integrity.
Members
The coordinator of the Procurement and Finance Committee (PFC) shall be member of the Board of Directors or certified CA or staff/member of the college with experience in finance and supply chain sector. The members of the PFC shall be Admin Staff, Finance Staff, Logistic/Store Staff and members of BOD. The member shall be inclusive of gender, ethnicity and wider-college community. The committee shall be formed with the following members.
Raju Kumar Sibakoti
Lalita Rimal
Birendra k. Mehata
Hem Bahadur KC
Ganesh Dhakal
Terms of Responsibility
- Create a strategic plan to guide financial growth and sustainability over the next five years.
Revise and enhance our finance and procurement policies for better clarity and efficiency.
Prepare a comprehensive annual budget that includes a profit strategy to ensure financial health.
Plan for significant investments by developing a detailed capital expenditure budget.
Regularly assess and update all college policies to ensure they align with current standards and practices.
Generate quarterly financial management information systems (MIS) reports to compare actual performance against the budget.
Conduct quarterly and yearly audits on schedule to maintain financial integrity and transparency.
Review inventory management and accounts through physical verification to ensure accuracy.
Ensure adherence to legal requirements, including the Education Act, University Act, Tax Act, and Company Act.
Prepare monthly cash flow statements alongside procurement plans for better financial oversight.
Organize orientation and training sessions for the finance and store teams to enhance their skills and knowledge.
