University’s main source of revenue is the fee received from the learners enrolled in various programs of studies. Being a public sector (Government) University, it does not have any other resources. Thus, the major issue relates to the best utilization and management of these resources and for this purpose, the University takes certain strategic actions. These are as follows:
- The corpus fund of the University has been created and at present its size is 45.96 crores (principal sum only). It generates the maximum income by way of interest and during the times of certain strategic requirements a part of this fund can be utilized. For this purpose, nationalized banks are asked to submit their rates of interest and the University selects a bank which allows the maximum interest.
- Surplus fee and other revenues are kept in the fixed deposits of different durations to ensure maximum earnings by way of interest.
- Payment gateway of the University is being handled by the Canara Bank and The Bank of Baroda and the learners use this payment gateway while making payments against online admissions etc. In this process also some commission is earned and over the period of time it gets converted into a sizable source of funds for the University.
- Security deposits received from the Learner Support Centers are kept in the form of fixed deposits for the duration of continuance of MOUs with the LSCs. This deposit continues to earn interest for the University and at the time renewal of MOU, it gets extended automatically else the money kept in the form of fixed deposits is returned to the concerned LSC.
- Printing is the major area which involves maximum outgo of funds and to control the expenditure on printing all the judicious measures are taken like E-tendering, empanelment of more than one firm for the purpose. Thus, sizable savings are made on this item.
- In order to restrict the outgo of funds by way of payments to external unit-writers it is ensured that maximum units are written by the internal faculty of the University.
- Similarly purchases are made on the Government’s portal (GEM). It also amounts to a lot of savings in the annual purchases of the University.
- Procurement of transport services is also done through competitive bidding by various suppliers of transport services and in this process also the University saves money.
- Every year the budget is approved by the Finance Committee, and during the year expenses are made as per the budgetary provisions. This practice leads to proper control and resultant savings in the mobilization and utilization of resources.