The 7th meeting of ORIC fund Management committee (ORIC MC) held on 22nd Dec, 2020 under the chairmanship of vice chancellor KMU
The 7th meeting of ORIC fund Management committee (ORIC MC) held on 22nd Dec, 2020 under the chairmanship of vice chancellor KMU. The meeting was attended by Director ORIC, Treasurer, Director IBMS, Director IPH&SS, Deputy Director ORIC, Deputy Audit officer and Accountant ORIC KMU.
The house discussed the estimated budget and expenditure of the financial year 2019-20 and appraised the ORIC for efficient utilization of funds despite lockdown and pandemic situation throughout the 2nd part of financial year 2019-20.
The Director ORIC presented the estimated budget for the financial year 2020-21 and the house unanimously approved a total of PKR 216 million budget for the said financial year. The figure includes an astonishing 93 million as external research funds (from donor organizations), approximately PKR 45 million from KMU own resources and PKR 4.5 million as budget support from KMU main account. The members of the meeting agreed on transparent and smooth utilization of all research related funds from KMU ORIC account and competent authority requested ORIC to prepare a policy guideline for efficient and rational utilization of postgraduate financial assistance (Master/MPhil/PhD projects).
Moreover, the house appreciated the efforts of ORIC for advertising competitive faculty grants for KMU faculty members (FaRE Grant) and allocated a total amount of PKR 15 million for the said budget head for financial year 2020-21. The Vice Chancellor KMU emphasized on the swift processing of projects submitted for the FaRE grant and strict monitoring of the projects to ensure their timely completion.
The other matters discussed during the meeting were issues related to release of supervisory allowance, publication charges reimbursement to faculty members.