Chapter V FINANCE

(1) The University shall establish a fund to be called the University Fund. (2) The following shall form part of, or be paid into, the University Fund:- (a) any contribution or grant by the State Government, the Central Government, or the University Grants Commission; (b) The income of the University from all sources including income from fees and charges; (c) loans, gifts, donations, endowments, benefactions, bequests and other grants, if any, or transfers; (d) any sum borrowed from the banks with the permission of the State Government; (e) all moneys received by the University in any other manner or from any other source. (3) The University Fund shall be kept i n any Scheduled Bank as defined in the Reserve Bank of India Act, 1934 at the discretion of the Executive Council on the recommendations of Finance Committee. (4) The funds of the University shall be applied towards the expenses of the University including expenses incurred in the exercise of its powers and discharge of its functions in such manner as may be prescribed.

(1) The annual accounts of the University shall be prepared and audited under the direction of the Finance Committee and shall be submitted to the Executive Council for review. (2) The Executive Council shall, after the accounts are audited, submit a copy thereof along with a copy of the audit report to the State Government. (3) The Executive Council shall, having regard to the Government grants that are likely to be available, prepare before such date as may be prescribed, the financial estimates for the ensuing year. (4) The annual accounts shall be considered by the Executive Council at its meeting and may pass resolutions with reference thereto and communicate the same to the Finance and Accounts Committee which shall take them into consideration and take such action thereon as it thinks fit, and finally adopt the accounts. The Finance Committee shall inform the Executive Council at its next meeting of the action taken by it or if no action is taken, the reasons for taking no action. (5) The State Government may conduct the test audit or full audit of the accounts of the University by the auditors appointed by the State Government, when it requires so to do.

The University shall prepare for each financial year, the annual report of the University in such form, containing such particulars, as the Executive Council may specify and shall be submitted to the State Government.