Times of India: Vashi: Tuesday, October 01, 2013.
The
management of VPM International School in Airoli on Monday released details of
the expenses it had incurred in the financial year ended March 2012 and
clarified that it had suffered a loss that year.
Parents of
students in the school had last week said VPM had made a profit of about Rs 37
lakh that year, based on information they have got through an RTI query. They
said they had used the RTI route to show the school was falsely claiming losses
to hike fees for students.
The school
said in an email that following a TOI report quoting the parents on September
27, the management had conducted an internal inquiry which clearly showed that
the school was running at a loss.
"While
the school had a receipt of Rs1.21crore, it had incurred an expenditure of
Rs1.19 crore by March 31 that left a Rs1.25 lakh surplus. This cannot be termed
as profit because the school had to pay salaries for April and May that year,
leading to a deficit," said P M Kamath, secretary, VPM trust. He said
since the charity commissioner had sought the audit report of only the
education expenditure of the trust, the auditor had excluded infrastructural
facilities expenses amounting to Rs36.46 lakh from the data submitted. "The
audit report showed only education expenditure sans other expenses under the
payment section, leading to the confusion," Kamath said and blamed
parents' lack of trust in the school that was the root cause of the problem,
adding they should have approached the school management and determined the
facts.
The parents,
however, disagreed. "We have been demanded the 2012 audited balance sheet
from 2012 but it has not been provided. The surplus and deficit can only be
authenticated by a chartered accountant."
.JPG)
.JPG)
