Library Rules

16.Financial Policy

S.No.	Description
16.01.	Financial and Accounting System.
	An accounting system was formulated tohave uniformity in all OPF Public Schools / College/schools. This system has been modified, keeping in view the subsequent changes in the system. The modified system is outlined in the following paragraphs:
16.02.	Income.
	Income of the school/college/school is received mainly under the heads. Admission Fee, Tuition Fee, Late Fee and Sale of Printed Material. The policy for each type of income is given as under:- Admission Fee. Admission fee on the prescribed rate will be charged at the time of admission. It will be deposited in bank alongwith tuition fee. A consecutive admission No. will be allotted to each students. All the admissions will be recorded in a register. A specimen of the register is given in FP-01. Tuition Fee and Late Fee. Monthly tuition fee will be received from student in each month starting from education session, as per prescribed rates. In case of new admission fee will be charged from the month in which a student is admitted. The following policy will be adopted for tuition fee:- All fees to be paid upto 10th of each month. Rs.10/- late fee fine per day. Name is struck off after 20th, due to non payment of fee. Re-admission is made on payment of 50% admission fee. A fee card will be issued to each student. Entry on fee card will be made with reference to the bank challan No. and date. Late fee be mentioned on bank challan and fee card separately. Fee for summer/winter vacation will be received in advance. Fee concession to the children of OPs, Orphan children, Brother/Sister concession & employees children of OPF and its projects is allowed as per rules in vogue. Fee will be deposited by the parents in fee collection account of the school/college/school on prescribed challan form, to be filled by Accounts clerk. Accounts staff will prepared a statement of paid challan forms on weekly basis and reconcile it with the bank statement at the end of each month. A copy of monthly bank reconciliation of fee collection account alongwith statement of paid challan forms will be sent to Head office. Copies of the paid challan forms will be ret6ained at school/college/school for audit purpose. A fee register will be maintained as per specimen given in FP-02 Sale of Printed Material. Printed material i.e. Prospectus, Fee Card, Student Diary etc, will be sold on the prescribed rates. A proper record for the material is maintained. A format of printed material register is attached as FP-03. Security Fee Refundable. Security fee (refundable) as per prescribed rateswill be charged at the time of admission. Separate register will be maintained by the Accounts Section of the respective school/college/school. A list of security fee payable (alongwith admission numbers) will be provided to OPF Finance Division as at 30th June each year. Format for security register is as FP-04. Remittance of Fees to Head Office. Accounts staff of the school/college/school based on the actual strength of the students should calculate in advance the fee receivable for every month including all type of fees and other charges and demand for the same is raised in advance for each section separately and initiated to the students by 20th of each proceeding month positively. The actual fee collected in month should be reconciled with the demand and consolidated of each unit of the college/school by main campus. All sort of fees will be remitted to Head officer by 25th of each month positively, through Bank Draft in favour of Overseas Pakistanis Foundation, Islamabad drawn on HBL, Super Market, F-6 Branch. The bank will be requested to issue Bank Draft through letter. No withdrawal will be made through cheque for this purpose. A consolidated summary of the fee received duly reconciled will be sent to OPF Head Office alongwith bank draft on prescribed proforma. The format for remittance of fee is given in FP-05 and FP-06.
16.03.	Expenditure.
	In order to incur the day to day expenses the school/college/school will maintain a petty cash imprest as per approved limits. The school/college/school will keep Rs.10,000/- as cash in hand and balance will be kept in bank. The amount of petty cash in excess of Rs.10,000/- will be drawn for utility bills and salaries only. All the payments to the suppliers, if required, will be made through cross cheque. Deduction of tax at source, as per provisions of Income Tax ordinance, 1979, will be ensured, while making the payment. The remittance of tax so deducted will be made to the concerned Deputy Commissioner of Income Tax o the same, through cross cheque, intimation to Finance Division Head Office. A current account will be opened with HBL for the transactions of petty cash imprest. The authority for opening of bank account will be issued from Head Office. No bank account will be opened unless permission / authority is seeked from Head Office. Bank account of school / college/school will be operated jointly by Principal and Accounts Officer / Accounts Clerk.
16.04.	A perforated cash/bank book will be maintained to record the transactions. For every receipt and payment, a receipt or payment voucher will be prepared and serial number would be allotted to every receipt / payment voucher. The same serial number would be mentioned in the cash / bank book. Every receipt / payment voucher will be prepared by Accounts / Assistant / Accounts Clerk and be approved by the Principal. It will also be deemed as approval of payment by the Principal as per delegated financial authority. The specimen of receipt voucher and payment voucher are given at FP-07 and FP-08 respectively. The vouchers shall be serially numbered in continuous manner for each financial year.
16.05.	The Principal will approve / incur the expenditure in accordance with the delegated financial powers, subject to the Budget Provision for the same. Any thing beyond delegated financial powers and in excess of approved budgetary provisions would be referred to Head Office well in advance for approval of competent authority with proper justifications. No such expenditure will be incurred unless approval is obtained by the school / college/school in writing. Further, expenditure in a day under various heads will not be incurred in excess of given financial powers. Expenditure out of petty cash imprest will be incurred under the following heads:- Printing and Stationery. Stationery of day to day use, printing of payment vouchers, register for maintenance of record, ink for photocopier or expenses of photocopies of official documents, Letter Head Pads, challan form etc. A stock register will be maintained for receipt and consumption of these items. Newspapers and Periodicals. One newspaper in a month / or as per authorization. Postage and Telegram. Postage and telegram expenses incurred for official purpose. A statement of letters sent to various offices with the amount of postage stamp used will be attached with payment vouchers. Further, post office receipts will also be submitted for letters sent through registered post or UMS. No letter will be sent through TCS or Air Service, unless it is of very urgent nature. Telephone. Telephone expense for official calls will be kept, within the fixed ceiling per month. Expenditure in excess of fixed ceiling will be recovered from Principal. The comparison between ceiling and actual expenditure will be made on annual basis. Repair & Maintenance. It includes repair and maintenance of furniture and fixture, pay equipment, electrical equipment bicycle, office equipment etc. However, repair of vehicle will be charged separately. Electricity, Water & Gas. Bills for electricity, water and gas in the name of landlord or OPF will be paid. Bills must be deposited within due date. Office Maintenance. Expenses for cleaning office/building, ice for students, banners, sign boards, partitioning in rented building, repair and maintenance of building and electrical fittings, repair and maintenance of any item belonging to the landlord for which OPF is liable to maintain under the agreement etc. Functions/Celebrations. Expenses on functions and celebrations will be incurred under advice from Head Office. Sport/Games. Standard sport/games items of normal nature will be purchased and booked under this head. Employees Canteen. Expenditure for the provision of tea to staff will be booked against this head. Expenditure for purchase of tea, sugar and milk is restricted the approved limit of per head per working day. No other drink except tea is admissible. A statement showing member of staff members and working days alongwith necessary bills for purchase of items will be attached with payment vouchers. It is advisable to claim/book the expenditure on weekly basis. Books/Education Material. Books for teaching purposes, educational toys, audio and video cassettes, computer diskettes, laboratory material and laboratory items of undurable nature and other related educational material will be purchased under this head. A GRIR will be prepared and attached with the payment voucher. Proper registers for books and other items will be maintained. Specimens for both are given in FP-09 and FP-10 respectively. Entertainment. Expenditure under this head as per prescribed rules, will be incurred for official visitors only, as per authorized limit. E.O.B.I. This head will meat monthly contribution of EOBI for school/college/school staff. However, payment from petty cash will be started after obtaining standing approval from Head office. Traveling. Expenditure on TA/DA and local conveyance will be incurred under this head as per school/college/school rules. Freight. Transportation charges will be booked under this head. Miscellaneous / Bank Charges. Normally expenditure under this head will be of bank charges for issuance of cheque book, preparation of bank draft for remittance of fees etc., to head office. Bank debit advice will be attached in support of payment vouchers. Salaries & Benefits Group Insurance and Provident Fund. Expenditures under the heads salaries and benefits, group insurance and provident fund will be dealt by head office.
16.06.	General Instructions:
	The expenditure incurred out of petty cash imprest will be submitted to head office for recoupment on fortnightly basis. All payment vouchers duly supported by the cash memos/bills alongwith colored page of cash/bank book will be sent under covering letter of the Principal. It is advisable to bind the documents with tag, before sending these to head office. In order to have check on expenditure with reference to the budget provision a memorandum ledger of expenses will be maintained by the school/college/school. Specimen is given in FP-11. Posting in ledger will be made on fortnightly basis with reference to cash/bank book. A fixed assets register will be maintained by the school/college/school. Each category of asset i.e. furniture and fixture, office equipment, electrical equipment, play equipment, laboratory equipment, vehicle (Bicycle) etc., will be recorded separately in separate section of the register. Specimen of Fixed Assets Register is attached as FP-12. Payment of salaries to the staff will be made on last working date of each month. In order to ensure timely remittance of funds in the school/college/school account, salaries bill in triplicate must be sent to head office by 18th of each month. Two copies of the bills will be returned to the school/college/school. A copy of which duly signed by recipients on revenue stamps will be returned to head office for record after disbursement of salaries. The salary of an employee is released on publication of office order for his appointment. A format of salaries bills is attached at FP-13. Reconciliation of bank account and petty cash imprest will be made on fortnightly basis and submitted with each recoupement claim. Specimen for reconciliation of petty cash imprest is attached as FP-14. A monthly income and expenditure summary will be sent to Finance Division. OPF public school/college/school will adopt the following purchases procedure for local purchases: Local purchases will be made through Local Purchase Committee within the financial power of the Principal or as authorized from time to time by head office. All codal formalities like quotations, comparative statement will be completed before purchasing. Purchase beyond the financial limits of the Principal will be referred to head office for purchase through Central Purchase Committee. A GRIR will be prepared to take the good on charge of school/college/school. All prescribed registered will be maintained on ordinary ruled register. School/college/school will get the receipt and payment voucher printed at their end as per specimen given in FP-07 and FP-08. Cash/Bank book and GRIR will be provided by head office.
16.07.	Bank Accounts:
	Following three bank accounts will be operated by the school/College/school for smooth functioning of the institutions: Petty Cash. Imprest Account Fee Collection Account. This account will be operated for collection of fee and it will be a non chequing account. After collection of fee, the total fee amount will be transferred to head office through demand draft. School/College/school Fund Account. The account will be maintained in accordance with the Office Order No. 47/02 dated 10-08-2002.