KMC College

PFC

Procurement and Finance Committee (PFC)

Message from PFC coordinator

PFC was formed primarily to manage KMC’s finances and to ensure there were efficient procurement procedures. For that purpose, it has enacted a comprehensive strategy for forecasting the KMC’s short and long-term budget planning, financial management, monitoring and verifying procurement actions, and internal audit and reporting. 

Asst. Prof. Ajay Dhakal
PFC Coordinator
058A6654 (1)

Surendra Subedi

MEMBER
IMG_2052 (2)

Mr. Rameshwor Aryal

MEMBER
058A5430 (2)

Mr. Nishan Sharma

MEMBER SECRETARY

Objective, Formation, Meeting & Duration

Objective

  1. Ensure the financial planning, management and cash flow for the activities stated as the priority in the college strategic plan. 
  2. Forecast the short-term and long-term income and expenditure of the college. 
  3. Develop, review and implement the operating budget of each financial year. 
  4. Ensure independent review and evaluation of purchasing documentation and recommend the most appropriate supplier or service provider based on price, quality, stock availability, references, etc

Formation 

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.

Duties and Responsibilities

Duties & Responsibilities
  • Forecast the semi-annual, annual and five years income and expenditure of the college aligned with the strategic plan.
  • Collect, review and provide feedback on the budget from the different section, department, unit and committee of the college. 
  • Take approval of the annual capital and operating budget of the college through the Board of Directors. 
  • Provision the correct and right allocation of the budget in different heading. Manage the mandatory provision of at-least 1.5 % of total operating cost for library and research each. 
  • Ensure the budget burnout is in the approval budget ceiling of the each fiscal year. 
  • Conduct semi-annual review, reconciliation and update the yearly budget & expenditure of the college. 
  • Take initiative to make all the necessary program have adequate budget, and recommended the college chief for the budget transfer and revise between the different programs.
  • Suggest the Board of Directors for new sources of income and investment. 
  • Support in the development of the procurement plan of each department, unit & committee. 
  • Compile the entire procurement plans to develop the annual master procurement plan (Annex 14). 
  • Follow the principle of economics for selecting suitable, reliable and efficient supplier by demanding tenders and quotations while purchasing.
  • Establish framework agreement with vendor for the regular goods and supplies. 
  • On procurement, the following authorization level applies: 

Purchase Threshold 

Authorized person

Upto NPR 1,00,000 at a time 

College Chief

Upto NPR. 5,00,000 at a time

Financial & Procurement Committee 

More than NPR. 5,00,000 at a time

Board of Directors

  • The process of procurement process: Development of annual procurement plan -> Request through demand form -> Approval from relevant Authority -> Call for quotation/biding process -> Sample verification -> Selection for the supplier -> Procure materials or service -> Good Recieve Notes
  • Conduct semi-annual internal audit and facilitate for the annual external financial audit of the college. 
  • Submit the audit report to the college chief with-in 7 days of the completion of the audit process. 
  • Maintain the meeting minutes in separate minutes book. 
  • Provide the narrative and financial report in the prescribed format (Annex 20) with-in 15 days of new academic year. 

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Procurement and Finance Committee (PFC) Events