Chapter IV FUNDS, ACCOUNTS AND AUDIT

The Trust shall place funds at the disposal of the University to be called the Permanent Endowment Fund of a sum of Rs. 10,00,00,000 or such sum required for meeting the full operational expenditure of the University for three years whichever is more, in long term interest bearing securities issued or guaranteed by the Central Government or the State Government. On the termination of the involvement of the Trust and after meeting the operational expenditure for three years out of the Permanent Endowment Fund, if there is any unused balance that shall be paid back to the Trust.

The Trust shall pay to the University from time to time such sums of moneys and in such manner as may be considered necessary for the exercise of its powers and discharge of its functions under this Act.

(1) The University shall have its own funds consisting of- (i) all moneys provided by the trust; (ii) all fees and other charges received by the University; (iii) all moneys received by the University by way of grants, loans, gifts, donations, benefactions, bequests or transfers; (iv) all moneys received by the University from the collaborating Industry, in terms of the provisions of the Memorandum of Understanding between the University and the Industry for establishment of sponsored chairs, fellowships and infrastructure facilities of the University; and (v) all moneys received by the University in any other manner or from any other source. (2) All funds of the University shall be deposited in such banks or invested in such manner as the Board may decide on the recommendation of the Finance Committee. (3) 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 function.

(1) The University shall maintain proper accounts and other records and prepare an annual statement of accounts, including the income and expenditure accounts and the balance sheet, in such form and in such manner as may be prescribed. (2) The University shall adopt a proper system of internal checks and balances and controls in the discharge of its finance, accounting and auditing functions as may be prescribed. (3) The accounts of the University shall be audited every year by an auditor who shall be a Chartered Accountant as defined in the Chartered Accountant Act, 1949 or a firm of Chartered Accountants to be appointed by the Board. (4) The accounts of the University certified by the person or firm so appointed or any other person authorized in this behalf together with the audit report thereon shall be placed before the Board and the Board may issue such instructions to the University in respect thereof as it deems fit and the University shall comply with such instructions. (5) The accounts of the University shall be audited by an internal auditor who shall be a Chartered Accountant or a firm of Chartered Accounts appointed by the Board, to ensure concurrent audit of all books of accounts, and such periodic internal audit reports shall be placed before the Board for review. (6) The University shall prepare for each year a report of its activities of the previous year and submit it in the form of an annual report to the Board for review and approval.

(1) The University shall, with the approval of the Board, constitute for the benefit of its officers, teachers and other employees, in such manner and subject to such conditions, as may be prescribed, such schemes of pension, provident fund and insurance as it may deem fit and also aid in establishment and support of the associations, institutions, funds, trust and conveyance calculated to the benefit of the officers, teachers and employees of the University. (2) Where any such provident fund has been so constituted, the provisions of the Provident Funds Act, 1925 shall apply to such fund as if it were a Government Provident Fund.