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 conditions as are consistent with the provision of this Act;
   • (iii) Other contributions, grants, donations, beneficiations and loans and other receipts.
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 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

Management of Funds—The General Fund, Foundation Fund and other funds of the University shall be managed according to the provisions laid down by the Statutes.

shall be prepared by the Comptroller and certified by an authority to be nominated or authorized by the Board. The Statement shall include all the money accruing to or received by the University from whatever source and all amount disbursed and paid by the University. Such statement shall be submitted to the Government by the Board normally within six months after close of the financial year to which these pertain.

constitute for the benefit of its officers, teachers, ministerial staff and other employees, in such manner and subject to such conditions as may be prescribed, such as pension, gratuity, insurance, provident fund, contributory pension fund as approved by the State Government.

1. (2) For such pension, gratuity, insurance and provident fund so constituted by the University, the State Government may declare that the provisions of the Provident Funds Act shall apply to such funds as if it were Government provident Fund.

Government Grants—The Government shall every year make the following lump sum grants to the University, namely:-

1. (i) A grant not less than the estimated expenditure of pay and allowances of the staff contingencies, supplies and services of the University for proper functioning of University; ?बहार गजट (असाधारण)] 16 अूील 2010
2. (ii) A grant to meet such additional items of expenditure, recurring and non-

recurring as the State Goverrnment deem necessary.

consisting of:-

1. (i) The Vice-Chancellor - Chairperson
2. (ii) Principal Secretary/ Secretary ,Finance to the State Government or his nominee not below the rank of Joint Secretary;
3. (iii) Principal Secretary / Secretary,Agriculture to the Government or his nominee not below the rank of Joint Secretary;
4. (iv) One Director/Dean from amongst the Board Members to be nominated by the Vice-Chancellor;
5. (v) One nominee of the Board;
6. (vii) Comptroller - Member Secretary

1. (2) Finance Committee shall have the following functions:-
   • (i) To examine the annual accounts and budget estimates of the University and to advise the Board thereon;
   • (ii) To review the financial position of the University from time-to-time;
   • (iii) To make recommendations to the Board on all matters relating to the finances of the University.
   • (iv) To make recommendation to the Board on all proposals involving expenditure in excess of the amount provided in the budget.