Chapter X FINANCE

1. (1) The University shall establish a fund to be called the "University Fund".
2. (2) The following shall form part of, or be paid into, the University fund,-
   • (a) any contribution or grants 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) bequests, donations, endowments and other grants, if any:
   • (d) any sum borrowed from the banks with the permission of the State Government.
3. (3) All moneys credited to the fund of the University shall be deposited in any of the Scheduled Bank as defined in the Reserve Bank of India Act, 1934, or the surplus fund shall be invested, in such manner as the Board on the recommendation of the Finance Committee or as per the directions of the State Government issued from time to time in this behalf.
4. (4) No money from the University Fund shall be spent except as otherwise provided for meeting its objectives.

1. (1) The annual accounts of the University shall be prepared and audited under the direction of the Executive Council and shall be submitted to the State Government.
2. (2) The Executive Council shall, after the accounts are audited, submit a copy thereof alongwith a copy of the audit report to the Board and to the State Government.
3. (3) The Executive Council shall also prepare, before such date as may be prescribed by the Statutes, the financial estimates for the ensuing year.
4. (4) The annual accounts and the financial estimates shall be considered by the Board at its annual meeting and it may pass resolutions with reference thereto and communicate the same to the Executive Council which shall take them into consideration and take such action thereon as it thinks iit; and finally adopt the accounts and financial estimates. The Executive Council shall inform the Board at its next meeting of the action taken by it or of its reasons for taking no action.
5. (5) The annual accounts of the University shall be audited every year within three months of the closing of the financial year, by the auditors, appointed by the Finance Committee from amongst the firms of Chartered Aecoumants. whose partners have no interest in any of the authorities or affairs of the University. The Registrar and the Finance and Accounts Officer shall be jointly responsible for getting the accounts of the University so audited within the stipulated time limit, failing which the Vice-Chancellor shall take such steps as he may deem fit including disciplinary actions against such officers.
6. (6) The audited accounts shall be published by the University and a copy thereof together with the copy of the auditor's report shall be submitted to the State Government, and, on receipt of such audited accounts. the Board shall consider and pass such resolution thereon as it thinks fit.
7. (7) The State Government shall cause to be conducted the audit of the accounts of the University at least once in a year by the auditors appointed by the State Government.

The annual report of the University shall be prepared under the directions of the Executive Council and shall be submitted to the Board on or before such date as may be prescribed by the Statutes and shall be considered by the Board at the annual meeting. The Board may pass resolution thereon and communicate the same to the Executive Council which may take such action as it thinks fit, and the Executive Council shall inform the Board at its next meeting of the action taken by it or of its reasons for taking no action.