SOCIETIES AND APPLICATION OF FUNDS IN A GOVERNMENT PARASTATAL

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SOCIETIES AND APPLICATION OF FUNDS IN A GOVERNMENT PARASTATAL

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Organization both profit and non- profit oriented need funds (financial assets) for their numerous operations. That is why all organizations irrespective of their legal forms, device a means their day- to –day operations. The funds sourced are not normally kept idle by the organization rather they are either being re invested to generate future profit or consumed immediately to achieve the origination day to day goals hence the word “ source and application of funds” in accounting profession

Source and application of funds simply means the various avenues available to an organization thought which it source it’s financial assets and all the outlet through which the sourced financial assets leaves the coffers of the organization

In recent past, government pareastalal which institute of management and technology is one, depended revenue grants in forms of subvention for few existence and growth, in this era of privatization, the government has decided to shade off it’s financial responsibilities in almost government paratatal so as to concentrate in it’s constitutional role of providing enabling environment for economic activities to thrive. This scenario has left many government paratatal in total financial drought

For instance, the immediate lost years in the which institute of management and technology has been a hectic one as financial starvation meted to it by the government has left the which institute with the following identifiably problems;-

1) Constant face off between management and trade union in respect regular payment of salaries

11) Lack of promotion to staff that are due to be promoted

111) inability to maintain their fixed assets such as

a) Building

b) Motor vehicle

c) Furniture and fittings

1V) inability to settle their other numerous over heard costs

V) Absence of non structures to replace the dilapidated once etc

The colossal nature of these problems enumerated above made the institute of management and technology IMT various avenue of source for the following

I) Creation of non–existing charges such as accreditation fees, development fees and upward review of other existing charges;

ii) Carrying out aggressive campaign to increase the number of students intake by reaching out to all seventeen local government in the state and beyond

iii) Scaling down the work force

iv) Denial of promotion to staff those are due to be promoted

those member yielded a positive result as a report is issued by admission department shows that nearly over 20,000 student were admitted in this academic year and the management can now pay their monthly salary bills of over 39 million naira and other overhead cost. But the sustainability of the current trend is fillgloomy as the funds sourced from these measures would be applied in solving short term problem which is mainly revenue in nature. While capital projects would be unattended to based on this it has become of paramount importance that a re appraised of all sourced of fund available to IMT and how the fund sourced would be applied be made to funds for it’s capital and revenue expenditure.

Hence my choice of this topic source and application of funds I a government parastatal” A case study of institute of management and technology IMT Enugu. Those research is concern with exposing the source and application of funds.

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