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School Management Committee

Financial Management at Yangchenphug

  Q 1.  What Accounts does the school operate?

Besides the government budgeted accounts, the school has 2 other accounts- the School Welfare Fund and the Fete Accounts.

  Q 2.  What are School Welfare Fund and Fete Fund accounts?

         School Welfare Fund (SWF) Account

The non-revenue fees that the school collects from the students constitute School Welfare Fund (or SDF) accounts. This account caters to recurrent activities of the school. These include activities such as School Magazine, School Diary, Annual athletic meet, Games and Sports, farewells for Class X and XII students, Refreshment and Guest Entertainment, Prizes and Certificates, Contribution/Condolences for staff members,Certificates for record of participation, SUPW and Club activities, ceremonies, etc. Therefore, this account is like government’s current budget. Although, Educational Enrichment budget is available from the RGOB on some of these activities, they are never sufficient.

Fete account

Fund raised from the conduct of School Fete and other sources are treated as Fete account. This account is like that of Capital budget of the Government. This account caters to the developmental activities of the school, on need basis. For instance, the school carried out the following activities in recent years:

a.         UPS in Computer Lab. 69,000.00

b.         Stone pavement 20,000.00

c.         Tarpaulins 22,000.00

d.         Chadi items 64,000.00

e.         Audio-visual items 37,500.00

f.          Musical instruments 20,000.00

g.         Prayer Hall Development 30,000.00

h.         A Scooter 33,000.00

i.          School Picnic 80,000.00 (2 years)

 The following activities are yet to be executed-

a.         Dramsidhens 25,000.00

b.         Mega Phone 7,000.00

c.         Band Equipment 20,000.00

d.         Library Books 50,000.00

[ amount shown is in ngultrum]

Q 3.     How are the budget proposals being decided or approved for utilization?

The School puts up School Welfare Fund budget proposal for the year to the School Management Committee (SMC) when it meets in the beginning of the year. With or without the amendments, the proposal is endorsed by the Committee for execution as the recurrent budget for the year.

During the course of the year various Committees put up note sheets to the Principal for utilizing the budget. Having approved with the budget ceiling the committee executes the activity, submits the bill for payments/adjustment, from the account section and settles the accounts based on the approval.

As to the Fete Fund the required activities are proposed by the school to the SMC when it meets in the beginning of the year. The School in accordance with the financial norms of the government executes approved activities.

Q 4      Is the school answerable to any agency for its operation of the accounts?

SWF and Fete are public funds. Any public fund is accountable and auditable. The school is accountable and auditable. The school is accountable to the SMC. It makes its account presentation to the SMC each time it meets. The school also gets audited from time to time as per the normal RAA’s auditing schedule. The accounts also can be audited from time to time as may be commissioned by the SMC. The last such audit was carried out till 30^th September 2001.

Q 5      What future plans does the school have on the Fete Fund?

The school’s library is very poorly equipped. The school would like to develop the school library. In order to bring it to a minimum acceptable level the school will need not less than a million ngultrums.

There is also a need for the school to raise fund for its 2 annual Tshokhors.