Posted on 2023-08-16

GCU establishes three endowment funds

The Finance and Planning (F&P) Committee of GC University Lahore, its 34th meeting, recommended a record budget of Rs. 2.907 billion for the University for the financial year 2023-24. The committee recommended different measures to ensure the institution's financial stability, including the establishment of three endowment funds, worth Rs. 1.552 Billion.
The meeting, chaired by Vice Chancellor Prof. Dr. Syed Asghar Zaidi, outlined comprehensive plans for the upcoming fiscal year. Member Syndicate Prof. Dr. Khalid Khan and representatives of the Punjab government’s Higher Education and Finance departments were also present.     
The Committee members commended the university's remarkable feat of achieving a surplus in the budget for the preceding fiscal year, 2022-23, despite economic adversities and inflation.
In alignment with the orders of the Punjab government, the committee incorporated a significant salary increment into the budget structure. This enhancement encompasses a 35% raise for staff falling under BPS 1-16 and a 30% raise for staff and faculty categorized under BPS 17 and above.
Vice Chancellor Prof. Zaidi emphasized that the endowment funds have been strategically designed to fortify the university's financial foundation and instil transparency in its fiscal operations. Among these funds, the establishment of the GCU Self-Savings Endowment Fund stands out, boasting an impressive value of Rs. 1.552 billion. The other endowments include the Centre for Excellence in China Studies Endowment Fund and the Salam Chair Endowment Fund.
Moreover, the meeting granted authorization for the creation of two Professor and two Associate Professor positions. The committee also sanctioned the use of Bank Guarantees for the procurement of petroleum products.
Expressing gratitude, the Vice Chancellor lauded the entire Treasurer's Office staff for their meticulous preparation of the budget. He also extended his appreciation to the Finance and Planning Committee members for their invaluable contributions.
The Vice Chancellor expressed unwavering confidence in the new budget's ability to sustain the institution's financial health. He accentuated that the establishment of the Endowment Funds, coupled with prudent financial planning, will solidify the university's financial resilience, ensuring its steadfast ability to fulfill its educational mission.

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