Lucknow Public Educational Society is operational in the state of Uttar Pradesh & Delhi. The society has been set up to establish educational institutions to provide quality education and to work towards global development of the students.

Internal Audit

Internal Audit is planned and performed by the Management of Lucknow Public College of Professional Studies. The Financial Statements are prepared on the historical cost convention and the proper books of account are kept by the college. These statements are prepared in accordance with the Generally Accepted Accounting Principle (GAAP) and the applicable mandatory Accounting Standards. The preparation of financial statements requires adoption of estimates and assumptions that can affect the reported amount of revenue, expenditure, assets and liabilities as well as the disclosure of contingent liabilities. Difference between the actual results and estimates are recognized in the year in which they become known or materializes.   

External Audit

R. P. Verma & Co, Chartered Accountants, have been our Statutory Auditors for the last 5 years. They are independent auditors appointed by the Society to conduct the audit of the financial statements of the Society. They have not pointed out any weakness in the internal control system. The reports of the statutory auditors are available for the last 5 years. They have stated in their report that proper books of accounts have been kept by the Society and expressed opinion that the financial statements give a true and fair view in conformity with the accounting principles on the Balance Sheet and Income & Expenditure Account. The qualified opinion is not related to the systems and procedures or the internal control systems.

6.4.2.1: Total Grants received from non-government bodies, individuals, Philanthropers year wise during the last five years (INR in Lakhs).

Year	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021
INR in Lakhs	NIL	15,200	1,82,500	3,09,342	25,000

Lucknow Public College of Professional Studies is committed towards the overall growth and development of the students and for ensuring these institutional strategies are decided to work upon them by making proper implementation on all the decisions on time with full efficiency and effectiveness. This helps in allocating the available funds as per the listing of priorities. These institutional strategies required to be checked periodically for efficient and effective mobilization, allocation & utilization of limited resources.

The college is affiliated with University of Lucknow since 2009, and there by mainly depends on the fees from students for generating the funds for the different kind of expenses of the college and the college builds a positive image in the society by which it is able to generate funds from sponsorships also.

Management of Finance and Investments:

• Management representatives monitor the expenses and collection of funds from the different sources like fees submission and collection of funds for different purpose.
• Accounts department is liable for collecting the invoices and bills from the College Supervisor and recording the daily transactions and maintaining books of accounts of the College.
• Head Office conducts internal verification of books of accounts of college and executes all the necessary work related to auditing and other statutory compliances.

Strategies for mobilization of funds:

The college is financially viable from the inception. This college has a method of managing and mobilizing its financial resources with ultimate transparency.

1. Different departments, committees and individual staff members has to submit the proposals for the events to the college principal which will monitor the need, sanction and execution of such proposals.

 2. The college encourages each section of the institution to find sponsors towards meeting the expenses for organization of events and activities.

 3. Active involvement of Alumni Association is ensured, while organizing any event, activity or outreach program.

4. The principal is expected to study and recommend various ways to channelize funds for the development of the institution.

 6. The new construction and maintenance works are to be sanctioned only after conducting a feasibility study under the guidance of principal.

7. Disaster relief and social outreach programs are being planned by the college on humanitarian grounds.

8. For meritorious students free ships are provided by the college.

9. College also focus on the co-curricular activities for the students and distribute funds for the sports and cultural activities.

10.  Tuition fee is used mainly for the college infrastructure as well as academic activities.

11. As finalized by the Management, the funds are used according to the needs in the different heads as mentioned below:

• Expenditure on maintenance of academic facilities.
• Expenditure on maintenance of physical facilities.
• Expenditure for infrastructure augmentation.
• Expenditure on cultural & social welfare.
• Expenditure on research and innovations.