Regulation of accounts and maintenance of records

Education201721 sections

Statutory text

(1) The Government shall regulate the maintenance of accounts by the self financed schools in such manner as may be prescribed.
(2) The self financed schools shall maintain such records in such manner as may be prescribed.
(3) Every self financed school shall maintain accounts for different kinds of transactions like the fees collected, the grants received, financial assistance received including funds from NRIs, payments of salary of staff, purchase of machinery and equipments, furniture, laboratory articles, sports equipments, library books, stationary and other expenditure incurred towards payments to the agencies, companies hired or engaged by the school for different kind of services and these accounts shall be audited by the Chartered Accountant.
(4) Every self financed school shall keep the accounts and the records within the premises of the educational institution and shall make them available at all reasonable times for inspection by the Fee Regulatory Committee or its authorized officer;
(5) The accounts maintained by the self financed school together with all vouchers relating to various items of receipts and expenditures shall be preserved by the schools for a period of seven years.

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