GCU Establishes Endowment Funds

News Desk

Lahore: The Government College University Lahore (GCUL) Finance and Planning (F&P) Committee recommended a record budget of Rs 2.907 billion for the university for the financial year 2023–24.

In its 34th meeting, the committee recommended different measures to ensure the institution’s financial stability, including the establishment of three endowment funds worth Rs 1.552 billion.

Chaired by Vice Chancellor Dr Syed Asghar Zaidi, the meeting outlined comprehensive plans for the upcoming fiscal year. Prof Asghar emphasized that the endowment funds have been strategically designed to fortify the university’s financial foundation and instill 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.

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 percent raise for staff falling under BPS 1–16 and a 30 percent raise for staff and faculty categorized under BPS 17 and above.

Moreover, the meeting granted authorisation for the creation of two professorial and two associate professorial positions. The committee also sanctioned the use of bank guarantees for the procurement of petroleum products.

The vice chancellor expressed unwavering confidence in the new budget’s ability to sustain the institution’s financial health.

Dr Syed Asghar emphasized 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.