Chapter VII FUNDS AND ACCOUNTS

36.

1. (1) The University shall establish a fund to be called the General Fund.
2. (2) The following shall form part of, or be paid into, the General Fund:

37.

1. (1) The University shall establish a fund called the Foundation Fund from contributions and grants made by the Government for being credited to that fund and such other sums from the University which may be credited to the said Fund in accordance with the Statutes.
2. (2) The moneys in the Foundation Fund shall be invested in the securities authorised by the Indian Trusts Act, 1882.

38.

1. (1) The University shall constitute for the benefit of its officers, teachers and other employees in such manner and subject to such conditions as may be prescribed such pension, provident and insurance funds as it may deem fit.
2. (2) The State Government may declare that the provisions of the Provident Funds Act, 1925 shall apply to the funds constituted under sub-section
3. (1) as if they were Government provident funds.
4. (3) The University shall have power to invest the provident fund amount, in consultation with the Financial Committee constituted under section 40 in such manner as it may determine.

39. The State Government shall in each year after due appropriation made by the State Legislature by law in this behalf make provision for making grants to the University, as follows :,

1. (a) a grant equal to the amount of the net expenditure incurred in the Institute of Agriculture, Anand, on such of its activities and on such of its agricultural, animal husbandry and other departments as are transferred to the University;
2. (b) a grant of an amount not less than the estimated net expenditure on pay and allowances of the staff, contingencies, and services of the University other than in respect of the activities in the institution referred to in clause (a);
3. (c) a grant to meet such additional items of expenditure, recurring and non-recurring as the State Government may deem necessary for the proper functioning of the University.

1. (1) The Board shall constitute a Finance Committee consisting of the following members, namely, the Vice-Chancellor, a Secretary to the State Government, the Comptroller and one person to be selected by the Board from amongst its non-official members.
2. (2) The Finance Committee shall have the following powers:,
   • (a) to examine the annual accounts of the University;
   • (b) to examine the annual budget estimates;
   • (c) to review the financial position of the University from time to time;
   • (d) to make recommendations to the University on all proposals involving expenditure for which no provision has been made in the budget or which involves expenditure in excess of the amount provided in the budget; and
   • (e) generally to advise the University on all financial matters.

1. (1) The annual accounts of the University shall be prepared by the Comptroller under the direction of the Vice-Chancellor, and all moneys accruing to or received by the University from whatever source and all amounts disbursed and paid by the University shall be entered in the accounts.
2. (2) The annual accounts and the balance sheet shall be submitted by the Vice-Chancellor to the State Government which shall cause an audit to be carried out by a chartered accountant or by an auditor appointed by the State Government in consultation with the Accountant General, Gujarat State. The accounts when audited shall be printed and copies thereof together with the copies of the audit report shall be presented by the Vice-Chancellor to the Board and the Chancellor.
3. (3) The Board shall submit a copy of the accounts and the audit report to the State Government along with the statement of the action taken by the University on the audit report and the State Government shall cause the same to be laid before the State Legislature.