The Finance Division of the Higher Education Administers the allocation and disbursement of funds received to the recurring grant of the Commission. In this context, its objectives are:
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To invite budget proposals for recurring grants from the federally funded Universities, Institutes, and Centers of higher learning, examine and assess their needs and formulate HEC recommendations through a Committee constituted by the Commission for the allocation of recurring grants in a financial year. A sample set of budget proformas is available here.
- To place the proposed allocation before the Commission and submit the New Item Statement (NIS) to the Finance Division of the Government of Pakistan for incorporation in the Government Budget.
- To process the release of quarterly installments of recurring grants with the Finance Division of the Government of Pakistan as per their policy, and transfer funds to the Institutions against their approved allocations.
- To obtain the utilization reports from the Universities etc. and examine that funds released by HEC are spent on the purpose for which these were released. Set of utilization report proformas is available here.
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To allocate and release funds for HEC programs under Inter University Academic Activities and the Promotion of Research, such as the Digital Library, PERN, funding of Seminars and Conferences, Travel Grants, Sports, Accreditation Councils, National Research Program of Universities, Support for Scientific Journals and HEC Distinguished National Professors, amongst many others.
- To prepare the HEC Budget, place it before the HEC Finance & Planning Committee and submit recommendations to the Commission for approval. The concerned Divisions/Sections are subsequently informed of their approved allocations.
- To provide additional (supplementary) grants after assessment of the requirements of Universities and also take up their requirements with the Finance Division, Government of Pakistan for additional funds.
- To maintain Books of Accounts for all expenditure / transactions (recurring and development) in respect of the Higher Education Commission and its Universities.
- To prepare monthly, quarterly and annual accounts and financial statements of HEC.
- To arrange the audit of accounts of HEC from Chartered Accountants.
- Automating the business processes and computerization of accounts to ensure financial efficiency, accuracy and transparency.
Main Functions of Finance Division:-
- Billing/Vouching
- Payments of all kind through cheques/cash/Bank Advices
- Receipts
- Book Keeping
- Financial Statements and Final Accounts for External Auditors