Chapter VII FUNDS AND ACCOUNTS

1. (1) The University shall have a General Fund to which shall be credited :
   • (i) its income from fees, endowments and grants and income from properties of the University including hostel, experimental stations and farms;
   • (ii) contribution and grants made by the Government on such condition as are consistent with the provisions of this Act,
   • (iii) other contributions, grants, donations benefications and loans and other receipt.
2. (2) The University shall form a fund called the Foundation Fund from contributions and grants made by the Central Government or the State Government or approved agency for being credited to that fund and such other sums as may be specified by the board, shall be credited to this fund. The Board may, as and when necessary, retransfer such amount as may be specified, from the Foundation Fund to the General Fund, in the manner prescribed.
3. (3) The University shall furnish statements of accounts, reports and other particulars to the Government relating to any grant made by the Government and shall take such action and furnish such statements, accounts, reports and other particulars relating to the utilization of any grant within such time and manner as the Government may direct
4. (4) It shall be competent for the University in furtherance of its objectives to accept the grants from the Government or any other State Government or the Central Government or Statutory Bodies or endowments or donations under such conditions as may be agreed upon between the University and the granter or donor.
5. (5) The University may have such other funds and shall maintain such accounts in respect of every fund as may be prescribed.

The University may accept moneys from the Government of India, Indian Council of Agricultural Research the State Government, the University Grants Commission and also borrow money from a Bank or a corporation for the purpose of the University: Provided that where the University intends to borrow money from a Bank or a corporation or both exceeding an amount of fifty lakhs of rupees at a time or in the aggregate, it shall obtain the prior written approval of the Government thereof.

The University shall not divert earmarked funds for other purpose, or revise the scales of pay of it staff or implement any scheme which involves any matching contribution from the Government or which imposes a recurring liability on the Government after the assistance from the sponsoring authority ceases without the prior written approval of the Government: Provided that this section does not apply to exigencies where the University meets the expenditure within the approved budget or in respect of schemes or programmes fully financed (100%) by other agencies / Government for specified periods: Provided further that the Finance Committee may authorize the creation and filling up of posts of teachers for a period not exceeding two years, but any such post shall not be continued or created afresh for any period beyond the said period of two years without the prior written approval of the Government.

1. (1) The Board shall constitute a Finance Committee consisting of :-
   • (i) The Vice-Chancellor (Ex-officio Chairman);
   • (ii) The Secretary to Government, Finance Department who is member of the Board;
   • (iii) One person from among the faculty Deans to be nominated by the Vice-Chancellor,
   • (iv) One person form among the Directors to be nominated by the Vice-Chancellor; Board;
   • (v) One Member who should be the Non-officials, nominated from among the
   • (vi) Comptroller shall be the Ex-officio Member - Secretary of the committee,
2. (2) Finance Committee shall be the following functions, namely:-
   • (i) to examine the annual accounts and budget estimates of the University and to advise Board thereon;
   • (ii) to review the financial position of the University at least once in six months and as may be necessary
   • (iii) to make recommendations to the Board on all matters relating to the finances of the University.

The Annual Statement of accounts of the University shall be prepared by the Comptroller and certified by an authority to be nominated or authorized by the Government. The Statement shall include all the money accruing to or received by the University. Such statement shall be printed and submitted to the Government by the Board after close of the financial year to which these pertain.

The Government shall every year make the following lumpsum grants to the University, namely -

1. (i) A grant not less than the expenditure incurred in the State on such of the activities of the Institution of Horticulture and other Government Departments as are transferred to the University;
2. (ii) A grant not less than the estimated net expenditure of pay and allowances of the staff, contingencies, supplies and services of the University other than the activities in various organizations referred to above in clause (i);
3. (iii) A grant to meet such additional items of expenditure recurring and nonrecurring, as the Government deems necessary for the proper functioning of the University,
4. (iv) The State Government shall also make non-lapsable lumpsum grant to the University in respect to scheme included in every Five Year Plan and transferred to it or implementation by the University of an amount equal to the net outlay in the annual plan. Adjustments may be made for the anticipated assistance from the Central Government and other agencies sponsoring such schemes, provided such assistance may come to the University directly.