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Socirces And Application Of Funds In A Government Parastatal.

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SOCIRCES AND APPLICATION OF FUNDS IN A GOVERNMENT PARASTATAL.

CHAPTER ONE;

1.0                      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.

 

 

1.2    STATEMENT OF PROBLEMS

          Most organization both profit and non profit oriented has problem       knowing how to raise funds for their operation and most often fail utilize the available funds. The following problem below are found     as obesities inherent in sources and application of funds in institute      of management and technology IMT enugu.

i)        it was difficult to know the extent steady sources of fund had made     (I.M.T ) scale down it’s cout force.

ii)       I.M.T funds it difficult to erect new structures show as class-room       student intake

iii)      it was difficult to know wetter I.M.T  applies the funds it sourced in     most appropriate manner,

 iv)     the impact of government discontinued finding to I.M.T  was     unknown Objectives/

1.3     PURPORT OF THE STUDTY;

          THIS research topic ‘socures and application of funds in government parasratal was set towards establishing the following objectives:

i)                   to ascertain the extent the lack of steady source of funds had made IMT scale down it’s work force

ii)                 to find out  how difficult it was to IMT  to put up new class room blocks in retaliation to number of student in take

iii)               to know whatever IMT applies the fund its scoured in most appropriate manner

iv)               to determine  the impact of government discontinued finding to IMT financial stability

v)                  to ascertain why staffers not promoted when due

vi)               to keep the extent IMT management their fixed asset

 

1.4     SCOPE OF THE STUDY;

          This research work is limited to the source of funds available to IMT   enugu and how such funds ar4e expended the study will examine   reports covering from (2000 to 2005)

          the major constraints of this project re money, tine and materials.         Each of these factors in addition to secrecy  exhibited by some staff        of the institute.

 

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