PEEF FINANCIALS

Punjab Educational Endowment Fund (PEEF) has been provided with a financial support more then of Rupees 13.37 Billion by Government of the Punjab.

Investment of Endowment Fund

The Government of Punjab has provided Rs. 12.94 billion for the Endowment Fund of PEEF, which have been invested in Term Deposit Receipts (TDRs) with The Banks of Punjab (BoP). Futhermore the Govt. of Punjab has allocated Rs.1.94 billion which is parked with the Punjab Cooperatives Board for Liquidation (PCBL) and only the profits of this amount are forwarded to PEEF to run its operations

Re-investment of 10% of the investment proceeds

To offset the impact of inflation on the Endowment Fund, Executive Committee in its 4th meeting held on August 19, 2009 approved the allocation of 10% of investment proceeds to the Endowment Fund. Thereafter, Rs. 432 million has so far been re-invested to the Endowment Fund being the 10% of the investment proceeds earned by the Company till December 2014.

Internal Audit

100% internal audit is carried out by the Internal Audit Section to monitor the affairs of all Sections of PEEF. Internal Audit Reports are reviewed by the Audit Committee and Executive Committee and are then forwarded to the Board of Directors.

Scholarship Batch Audit

Audit and Transperancy
Year Limited Reviews External
Audits
Scholarship Batch Audits Policy Review/ Impact Assessment
2008-2009 Grand Thornton Grand Thornton - -
2009-2010 Grand Thornton Grand Thornton A.F.Ferguson A.F.Ferguson
2010-2011 Grand Thornton Grand Thornton Ernst&Young -
2011-2012 Grand Thornton Grand Thornton Ernst&Young
(In Process)
-
2012-2013 Ernst&Young Ernst&Young Ernst&Young -
2013-2014 Ernst&Young Ernst&Young Ernst&Young
(In Process)
Ernst&Young
2014-2015 - Ernst&Young - -