Chapter X FUNDS AND ACCOUNTS

Pension, Provident Fund etc. –

1. (1) The University shall constitute for the benefit of the officers, teachers, other non-teaching staff and other employees of the University such pension, insurance and provident fund schemes as it may deem fit in such manner and subject to such conditions as may be prescribed.
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 Fund Act, 1925 (Central Act 19 of 1925) shall apply to such fund as if it were a Government Provident Fund;

University funds and grants University funds and grants –

1. (1) The University shall have a General fund to which shall be credited, - a) Its income from fees, endowments and grants, if any; and b) Other receipts and donations from building agencies.
2. (2) The University shall form a Fund called the Foundation Fund from

contributions and grants made by the Central Government and the Government

of Kerala for being credited to that fund and such other sums from the University as may be credited to the said fund.

1. (3) The moneys in the Foundation Fund shall be invested in the securities mentioned or referred to in clauses
   • (a) to
   • (d) of section 20 of the Indian Trust Act, 1882 (Central Act 2 of 1882)
2. (4) The University shall furnish such statements, accounts, reports and other

reports and other particulars relating to the utilization of any grant within such

time and in such manner as the Government may direct.

1. (5) It shall be competent for the University, in furtherance of its objectives, to accept grants from the Government of Kerala or any other State Government or donations under such conditions as may be agreed upon between the University and the grantor or donor.
2. (6) The University may have such other funds as may be prescribed. (7 The General fund, the foundation fund and other funds of the University shall be managed according to provisions laid down in the Statutes.
3. (8) The Government shall make non lapsable lump sum grants to the University every year as follows:-
   • (a) a grant not less than the expenditure incurred in the previous year by the institutions of the Fisheries and Ocean Studies and other Government and University Departments on such of the activities as are transferred to the University.
   • (b) a grant not less than the estimated net expenditure towards pay and allowances of the staff, contingencies, supplies and services of the University other than that towards the activities of the institutions referred to in clause (a);
   • (c) a grant to meet such additional items of expenditure, recurring and non-

recurring as the Government may deem necessary for the proper functioning of

the University.

1. (9) The Government shall also make a non-lapsable lump sum grant to the University in respect of schemes included in the Five Year Plan and transfer to the University, an amount equal to the net outlay as shown in the annual plan for the implementation of schemes.
2. (10) The Government may make Adjustments for the anticipated assistance from

the Central Government and other agencies sponsoring such schemes;

Finance Committee Finance Committee –

1. (1) The University Governing Council shall constitute a Finance Committee consisting of the Vice Chancellor , the Finance Secretary to Government , Higher Education Secretary, Finance Officer and two members chosen by the University Governing Council , one from among its non-official members and the other from among its ex-officio members who have expertise in

the field. The Finance Committee shall meet once in three months.

1. (2) The Finance Committee shall have the following powers, namely:-
   • (a) to examine the annual accounts of the University and to advise the

University Governing Council thereon;

1. (b) to examine the annual budget estimates of the University and to advise the

University Governing Council thereon;

1. (c) to review the financial position of the University from time to time;
2. (d) to make recommendations to the University Governing Council on all matters relating to the Finance of the University;
3. (e) to make recommendations to the University Governing Council on all proposals involving expenditure for which no provision has been made in the budget or which involve expenditure in excess of the amount provided in the budget.

Accounts and Audit –

1. (1) The annual accounts of the University shall be prepared by the Finance Officer under the direction of the Vice Chancellor and all the moneys accrued to or received by the University from whatever source and all amounts disbursed and paid by the University shall be entered in the accounts.
2. (2) The annual accounts of the University shall be submitted by the Vice Chancellor to the Government , which shall cause an audit to be conducted by

the Accountant General or the Director of Local Fund Audit.

1. (3) The accounts when audited shall be printed and copies thereof together with the audit report shall be presented by the Vice Chancellor to the University

Governing Council and the Chancellor.

1. (4) The University Governing Council shall submit a copy of the accounts and audit report to the Government along with a statement of action taken by the

University on the audit report for the financial year ending on 31st March of the

year, on or before the 1st day of March of succeeding year and on receipt of the

same, the Government shall immediately cause the same to be laid on the table

of the Legislative Assembly if it is in session, and if it is not in session, in the next session immediately following such receipt.