FPSMC

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Financial Planning and Strategic Management Committee

Message from the FPSMC Chairman

Welcome to the Financial Planning and Strategic Management Committee (FPSMC) of Itahari Namuna College. As the Chairman, I am honored to lead this dedicated team committed to ensuring the financial stability and strategic growth of our institution. Our goal is to oversee the effective management of financial resources, support strategic initiatives, and enhance the overall financial health of the college.

We believe that robust financial planning and strategic management are crucial for fostering a sustainable and forward-thinking educational environment. Our vision is to build a resilient financial framework that supports academic excellence, operational efficiency, and long-term development goals.

Thank you for being a part of our community. We look forward to your support and collaboration in our journey toward financial and strategic excellence.

Objectives, Formation, Meeting & Duration

Objectives

• To develop and oversee the implementation of financial policies and procedures.
• To ensure the efficient allocation and utilization of financial resources.
• To support strategic initiatives that align with the college’s mission and vision.
• To enhance financial transparency and accountability within the institution.

Formation of FPSMC

1.1. The following members appointed by the College Management Committee shall constitute the team:
1.1.1. Coordinator: Senior faculty with expertise in financial management.
1.1.2. Member: Representative of CMC.
1.1.3. Member: Head of Finance Department.
1.1.4. Member: Full-time teaching faculty recommended by the College Chief.
1.1.5. Member: Representative of Students (Graduate level).

Terms of Team

2.1. Members of the Committee, including the Coordinator, serve for terms up to four years.

2.2. An appointed external member may be appointed to serve additional terms with the approval of the management committee of the College.

Quorum

3.1. The quorum for meetings of the Committee shall be above 51% of total members of the Committee.

Meeting Schedule

4.1. The Committee should meet at least once a month.

4.2. The member-secretary, in coordination with the Coordinator, is responsible for determining the meeting date, time, and agenda.

4.3. The Coordinator can increase, pre-schedule, or postpone the meeting as per the need of the work and task.

Reporting

5.1. The Committee shall report to the College Chief through letter correspondence or in-person meetings.

5.2. The Committee will submit an annual report of its progress to the IQAC.

Duties and Responsibilities

6.1. Develop and implement financial policies and procedures for the College.

6.2. Ensure the integrity, accuracy, and transparency of all financial records and reports.

6.3. Provide training and support for faculty and staff on financial management practices.

6.4. Facilitate the preparation and management of budgets across all departments.

6.5. Monitor and evaluate financial performance and make necessary recommendations.

6.6. Promote the use of financial data in strategic planning and decision-making.

6.7. Ensure compliance with relevant financial regulations and standards.

6.8. Develop and maintain financial management systems for efficient operations.

6.9. Recognize and reward contributions to the improvement and utilization of financial management practices.

Action Plan of the FPSMC

S.N.	Activity	By when	By who	Any support	Budget
1	Develop and approve financial policies and procedures	By 01 Jestha 2078	FPSMC Coordinator	College Chief	N/A
2	Implement a financial management system	By 01 Asar 2078	FPSMC Coordinator	Finance Department	N/A
3	Conduct training programs for staff and faculty on financial management	By 22 Mangsir 2077	FPSMC Coordinator	External Experts	N/A
4	Facilitate the preparation of departmental budgets	By 22 Asar 2077	FPSMC Coordinator	Finance Department	N/A
5	Monitor and review financial performance	By 17 Baishakha 2077	FPSMC Coordinator	Finance Department	N/A
6	Develop financial reports for strategic planning	By 15 Asoj 2077	FPSMC Coordinator	Finance Department	N/A
7	Publish periodic financial performance reports	Ongoing	All Members	FPSMC Coordinator	N/A
8	Ensure compliance with financial regulations	By 15 Bhadra 2078	FPSMC Coordinator	Legal Advisor	N/A
9	Promote the use of financial data in decision-making	Ongoing	FPSMC Coordinator	All Departments	N/A
10	Facilitate feedback and continuous improvement of financial practices	Ongoing	FPSMC Coordinator	All Departments	N/A

By following this detailed action plan, the Financial Planning and Strategic Management Committee (FPSMC) at Itahari Namuna College aims to ensure financial stability, support strategic growth, and enhance the overall financial health of the institution.