The year 1971 was very sigsignificant for Ausa, because the most revered personality and visionary, Charmurthi Swami and honourable board of directors established Shri Mahantswami Shikshan Prasarak Mandal, in this year. Shri Mahantswami Shikshan Prasark Mandal started Shri Kumrswami College in the same year means 1971. The college is multifaculty institute having three streams; Arts, Commerce and Science. The college is in Latur District (Maharashtra). The college is recognized by UGC under different sections such as 2(f) and 12(B). At present the college is affiliated to Swami Ramanand Teerth Marathwada university, Nanded. The purpose behind the establishment of the college to spread the light of knowledge and opportunity of education for rural students, because education has the capacity to enlighten the minds of people.

As Ausa is a rural area and most of the students who come to the college belong to the economically weaker section of the society. So, Shri Kumarswami college is the boon for students in and around Ausa. The college provides an opportunity for students by imparting higher education, which helps to bring intellectual and social parity.The college was established to fulfill academic and intellectual aspirations of rural students. The college also focuses on all round development of students so that students can become responsible citizens of the country. The college attempts to impart quality education to enhance their employability and entrepreneurship. Thus, It had marked the new era and the awakening of masses against slavery, suppression, illiteracy and ignorance. Because of comprehensive academic policy the college has grown academically and attained a reputation in and around the area as an empowering college.