Chapter VII FUNDS AND ACCOUNTS

General fund of the University.—

1. (1) The University shall have a general fund to which shall be credited,—
   • (a) contributions or grants which may be made by the Government to such fund on such conditions as the Government may impose;
   • (b) the income from fees levied by the University; (c ) the income from endowments, if any;
   • (d) donations made by individuals, institutions, organizations or other bodies for realizing the objects of the University;
   • (e) any contribution or grant made by the Central Government or the University Grants Commission; and
   • (f) all other receipts.
2. (2) The general fund of the University shall be utilized in such manner as may be prescribed by the Statutes for fulfilling the objects of the University.
3. (3) The Government shall every year make the following non-lapsable lump sum grants to the general fund of the University, namely:—
   • (a) a grant not less than the estimated net expenditure of pay and allowances of the staff, and of contingencies and the supplies and services of the University;
   • (b) a grant which is adequate to meet the expenses for programmes of development undertaken by the University with the prior concurrence of the Government; (c ) a grant to meet such additional items of expenditure recurring and non-recurring as the Government find necessary for the proper functioning of the University.
4. (4) The fund shall be kept in a public sector bank or nationalised bank as decided by the Syndicate and shall be operated by Vice-Chancellor, the Registrar or any other officer of the University authorized in this behalf by the Vice-Chancellor.

Special Grants and Endowments.—It shall be competent for the University in furtherance of its objects to accept grants or donations or endowments from the Government of Kerala or any other State Government or the Central Government or other bodies or associations or institutions or individuals under such conditions as may be agreed upon between the University and the grantor or donor and approved by the Chancellor.

Reports to Government.— The University shall furnish such statements, accounts, reports and other particulars as the Government may require relating to any grant made by the Government and shall take such action and furnish such statements, accounts, reports and other particulars relating to the utilization of any grant within such time and in such manner as the Government may direct.

Development fund of the University.—

1. (1) The University shall form a fund to be known as the development fund from the grants and contributions made by the Government towards such fund as well as such other sums as the Syndicate may decide to be credited to the development fund.
2. (2) The development fund shall be invested in such long-term deposits as the Government may direct and the interests of such long-term deposits shall be utilised for development programmes of the University as decided by the Syndicate.
3. (3) The University may constitute such other funds and utilise them in such manner as may be prescribed by the Statutes.

Pension, Provident Fund, etc.—

1. (1) With the previous approval of the Government, the University shall make appropriate provisions for the benefit of its officers, teachers and other employees in matters of pension, insurance and provident funds as it may deem fit in such manner and subject to such conditions as may be prescribed by the Statutes.
2. (2) Where any such pension, insurance or provident fund has been constituted by the University, the Government may declare that the provisions of the Provident Funds Act, 1925 (Central Act 19 of 1925) shall apply to such fund as if it were a Government Provident Fund:

Accounts and Audit Accounts and Audit.—

1. (1) All the moneys received by, or accruing to, the University and all amounts disbursed and paid by the University shall entered in the accounts of the University.
2. (2) The annual accounts of the University shall be prepared by the Registrar under the direction of the Vice-Chancellor.
3. (3) The accounts of the University shall be audited by the Director of Local Fund Accounts: Provided that the Comptroller and Auditor General shall be competent to audit the accounts of the University in respect of the grants disbursed by the Government and utililsed by the University.
4. (4) The University shall bear the cost of the audit as fixed by the Government.
5. (5) The auditors shall maintain a continuous audit of the account of the University and may, after giving due intimation conduct local audit of any institution under the management and control of the University.
6. (6) After completing the audit for a year or for any shorter period or for any transaction or series of transactions, the auditors shall send a report to the University and duplicate copy thereof to the Government.
7. (7) The auditors shall specify in the report under sub-section
8. (6) all cases of irregular, illegal or improper expenditure or of failure to recover moneys or other property due to the University or of any loss or waste of money or other property thereof caused by neglect or misconduct of the officers and authorities of the University.
9. (8) The auditors shall also report on any other matter relating to the accounts of the University as may be required by the Government.
10. (9) The University shall forthwith rectify any defect or irregularity pointed out by the auditors and report the action taken to the Government.
11. (10) The audited accounts of the University shall be go printed and copies thereof together with the audit report as well as a statement on the action taken by the University on the audit report shall be presented by the Vice-Chancellor to the Syndicate, the Government and the Chancellor; and the Government shall cause a copy of the same to be laid before the Legislative Assembly.