Chapter VII FINANCE AND ACCOUNTS

1. (i) its income from fees, grants, donations, gifts, if any;
2. (ii) contributions or grants that may be made by the Central Government, State Government, University Grants Commission, All India Council for Technical Education or like authority or any local authority or any corporation owned or controlled by the Government;
3. (iii) other contributions, receipts, grants and donations and benefactions;
4. (iv) contributions from industry, business and technical departments of the Government and other user organisations: Provided that the funds received by the University under item (iv) above shall be called the Development Fund of the University which shall be utilised for the promotion of Technological Education and Research both within the University and in the constituent units without diverting the same for normal capital or recurring expenditure of the University.

1. (2) The University may have such other funds as may be prescribed by the Statutes.
2. (3) The General Fund, the Development Fund and the other funds of the University shall be managed according to the provisions laid down in the Statutes.
3. (4) The Government shall, every year, make nonlapsable lumpsum grants to the University as follows:-
   • (a) a grant not less than the net expenditure incurred in the financial year immediately proceeding the appointed day in respect of the activities of the Colleges of Engineering, Technology and allied sciences which are transferred to the University and the Divisions of the University;
   • (b) a grant not less than the estimated expenditure on pay and allowances of the staff, contingencies, supplies and services of the University;
   • (c) a grant to meet such additional items of expenditure, recurring and non-recurring as the Government may deem necessary for the proper functioning and development of the University. 1[(5) the funds of the University shall be invested in any of the Scheduled Banks.
4. (6) The funds and income of the University shall be solely utilized for achievement of the objects of the University and no payment shall be made to the trustee or members by way of profit, interest or dividends etc.]1

¹ Inserted bye Act 36 of 2015 w.e.f 01.04.1998

Committee consisting of the Vice-Chancellor and other members as may be prescribed by the Statutes.

(1) The Vice-Chancellor shall prepare the annual report containing such particulars as the Government may specify, covering each financial year and submit it to the Executive Council on or before such dates as may be prescribed by the Statutes. The Executive Council may pass resolutions thereon and the Vice-Chancellor shall take action in accordance therewith. The action taken shall be intimated to the Executive Council. (2) Copies of the annual report along with the resolution of the Executive Council thereon shall be sent to the Government, and shall be laid before both the Houses of the State Legislature.

1. (2) Copies of the annual report along with the resolution of the Executive Council thereon shall be sent to the Government, and shall be laid before both the Houses of the State Legislature.

The State Government shall have power at any time to order an audit of the account of the University by such auditors as it may direct.

(1) The Vice-Chancellor shall cause to be prepared on or before such date as may be prescribed, the financial estimates of the University for the ensuing year and submit the same to the Executive Council for its approval. (2) The Executive Council may approve the financial estimates subject to such modifications as it deems fit, and no expenditure shall be incurred except in accordance with the financial estimates as approved by the Executive Council.

1. (2) The Executive Council may approve the financial estimates subject to such modifications as it deems fit, and no expenditure shall be incurred except in accordance with the financial estimates as approved by the Executive Council.

(1) The annual accounts and the balance sheet of the University shall be prepared under the direction of the Vice-Chancellor and all money accruing to or received by the University from whatever source and all amounts disbursed or paid by the University shall be entered in the accounts.

1. (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 such persons as it may appoint in this behalf. The accounts when audited, shall be printed and copies thereof, together with the audit report, shall be presented by the Vice-Chancellor to the Executive Council and the Chancellor.
2. (3) The Executive Council shall submit a copy of the accounts and audit report to the State Government along with a statement of the action taken by the University on the reports, and the State Government shall cause the same to be laid before both Houses of the State Legislature.