In an instance of probity, Vijaybhoomi University has released its Balance Sheet and Income & Expenditure Accounts for FY23 in the public domain, becoming the first private university in India to do so.
Vijaybhoomi University recently published its annual report consisting of its operational costs on its website, a move that the university’s senior management believes will generate greater trust and confidence amongst its stakeholders.
The University has taken meticulous care to bring to public notice the operational costs, including costs incurred on employment of staff and on all internal affairs. Besides, the University also clearly mentions the revenue it generated from student fees and profits recorded. With the disclosure, Vijaybhoomi University hopes to trigger a trend among private universities in terms of creating trust in their business practices — an honest outreach that could help them gain the confidence of the Government, Industry, students, donors, research grant providers and the society at large.
Speaking about the disclosure, Mr. Sanjay Padode, President, Vijaybhoomi University, said, “Today we all are ready to experience the greatness of this country which is all set to become the third largest economy of the world. And a country with such a promising future needs world- class educational institutions to support the human resource requirements for its economic, political and social growth. Thus transparency will open the doors to large endowments and this in turn will lead to rapid development of the education sector. The IT and ITES sector has demonstrated exponential growth and has been successful in raising private capital by adopting the best practices of governance and transparency. The education system of India could benefit similarly if financial transparency is mandated in the private educational institutions.”
