The Official web site of Punjab Education Foundation
This section always puts efforts in a very professional manner under the kind guidance of the Chairman & Board of Directors. Finance section of PEF comprises a team of professional individuals hired by the PEF Board of Directors.
In Punjab Education Foundation, finance section is overall responsible for risk free, transparent, accountable, cisco-secure economical and financial discipline and management of the Foundation. This section describes the process of financial planning and covers the link between objectives, goals and action plans, applying strategic evaluation and its application. The Foundation has also introduced systems of internal controls. It includes all the methods followed by the Foundation to protect its assets against their improper disbursement and guard against the incurrence of improper liabilities. It includes internal checks, internal scrutiny and application of SOPs at each program level. It assures the accuracy and efficiency of all the financial and operating information and appraises operating efficiency. The finance team exhibits and owns the responsibility, identifies the problems, gives new ideas for the practical solution, makes timely decisions, infuses and executes the plans effectively and successfully. PEF Finance team always is keen to utilize the time resource effectively and meet deadlines with effective and realistic plans along with adherence to time schedules & regularity at work place.
A budget is a way of allocating and maximizing the use of resources. It is also a financial representation of the organization's mission and strategic goals. In Punjab Education Foundation, Annual Budgets have been prepared for each financial year. During the Current Financial Year 2009-10, an amount of Rs.4 billions has been allocated for different development programs.
In Punjab Education Foundation, the previous system of accounting was based on single entry basis. Nowadays, this system no more exists in the structural and professional organizations. So single entry system was switched over to double-entry system in September, 2005. In most of the organizations, double entry system is running because it reflects the true picture of business transactions. It shows the impact of each transaction in each head of account. The professional class of accounts always recommends double entry system in order to avoid misappropriations, frauds and carelessness.
Presently in Punjab Education Foundation, an integrated Data Based Management System is running. All the records of the financial transaction are being processed through this integrated system in order to suave internal controls and accuracy of books of accounts. Further, all type of financial reporting is being carried out through this software.