Vidhi Codex

The Kerala University of Health Sciences Act 2010

Chapter IX FINANCE

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Chapter IX FINANCE

64. University Fund.

Statutory text
  1. (1) All grants and loans received from the State Government, the Government of India, the University Grants Commission and from any other source, all revenues of the University, all fees received, all income such as rent and profits derived from properties and funds vested in the University, all endowments and donations received from any source whatsoever, all other miscellaneous receipts of the University and deposits, remittances and service of funds, received in connection with the affairs of the University shall form one consolidated fund styled "Kerala University of Sciences Fund” and shall be utilised for the purposes and in the manner laid down in this Act and in the Statutes, Ordinances, Regulations, Bye-Laws and Orders: Provided that separate accounts may be maintained for specific purposes.
  2. (2) All moneys in the Kerala University of Health Sciences Fund shall be lodged in the Government Treasury or with the prior approval of the Government in the State Bank of India or its associates up to such limits as may be fixed by the Government.
  3. (3) The University may invest such part of the moneys in the Kerala University of Health Sciences Fund, as it may deem fit, in Government securities or securities guaranteed by the Government of India.
  4. (4) The custody of the Kerala University of Health Sciences Fund, the payment of moneys therein, the withdrawal of moneys therefrom and all other ancillary matters shall be regulated by the Statutes, Ordinances and Bye-Laws made in that behalf.
  5. (5) The University shall establish the following funds, namely:—
    • (i) general fund; (ii)salary fund;
    • (iii) trust fund; (iv)development and programme fund;
    • (v) research fund; (vi)contingency fund, and
    • (vii) any other fund which, in the opinion of the University, is deemed necessary.
  6. (6) The following shall form part of or be paid into, the general fund,—
    • (i) non-salary contribution or grant, received from the Government or Central Government or University Grants Commission;
    • (ii) all incomes of the University from any source whatsoever, including income from fees and charges;
    • (iii) any sums borrowed from the banks or any other agency, with the permission of the Government; (iv)sums received from any other source or agency.
  7. (7) The salary fund shall consist of all amounts received from the Government, Central Government or University Grants Commission towards full or part payment of the salary and allowances. No amount from this fund shall be utilised for a purpose other than payment of salary and allowances.
  8. (8) All income or moneys from trusts, bequests, donations, endowments, subventions and similar grants shall form the trust fund.
  9. (9) (i) The development and programme fund of the University shall consist of all infrastructure development grants received from the State Government, all contributions made by the University Grants Commission for development and research grants received from other funding agencies of the Central Government, United Nations and its affiliates, other international agencies, industries, banks and financial institutions or persons;
    • (ii) No amount from this fund shall be appropriated to any other fund of the University or expended for any other purpose;
    • (iii) The development and programme fund shall be utilised in the manner consistent with the object of the programmes for which a suitable code will be adopted to include the guidelines of the funding agency on expenditure and audit, to be granted and approved by the Governing Council.
  10. (10) The University shall maintain a separate fund for research activities. This may be the income from Government of India, Government of Kerala, Central Autonomous Institute, International Research Agencies etc.
  11. (11) The University shall have and maintain a contingency fund under a separate head of the University accounts which shall be used only for the purposes of meeting any unforeseen expenditure.
  12. (12) Surplus moneys at the credit of these funds, which cannot immediately or at any early date be applied for the purposes aforesaid shall, from time to time, be deposited in the banks as directed by the Governing Council.

Chapter IX FINANCE

65. Grants from Government.

Statutory text
  1. (1) The University shall receive as grant-in-aid for its maintenance such sums provided by the Government in the State’s annual budget, subject to such conditions as may be fixed by the Government from time to time.
  2. (2) The Government may pay to the Universities such other grants, subject to such conditions as they think fit for specific purposes.

Chapter IX FINANCE

66. Budget.

Statutory text
  1. (1) The annual budget estimates along with the financial statements of the University for ensuing financial year shall be prepared by the Finance Officer and presented to Governing Council, under the direction of the Vice-Chancellor before such dates as may be prescribed by the Statutes, for approval. After getting approval of the Governing Council, it shall be presented in the Senate for discussion. But the Senate will have no power to reject the Budget, but it can make suggestions and amendments to the Budget and return the same to the Governing Council for consideration. The Governing Council may accept or reject the recommendation made by the Senate.
  2. (2) The Governing Council shall forward copies of financial estimates or statements as approved, to the Chancellor and the Government.
  3. (3) The Financial year of the University shall be same as that applicable to the Government.

Chapter IX FINANCE

67. Internal Audit.

Statutory text
  1. (1) The accounts of the University shall be audited at least once every year and in any case within six months of the close of the financial year by the auditors appointed by the Governing Council from among the firms of Chartered Accountants whose partners have no interest in any of the authorities or affairs of the University.
  2. (2) The audited accounts shall be published by the University and a copy thereof together with the copy of the auditor's report shall be placed before the Senate and submitted to the Chancellor and the Government.

Chapter IX FINANCE

68. Audit .

Statutory text
  1. (1) The Government shall appoint auditors to conduct the audit of the accounts of the University and the institutions under the management of the University at regular intervals.
  2. (2) The auditor shall maintain a continuous audit of the accounts of the University and may, after giving due intimation, conduct local audit of any institution under the management of the University.
  3. (3) The University shall bear the cost of the audit as fixed by the Government.
  4. (4) After completing the audit for a year or for any short period or for any transaction or series of transactions, the auditor shall send a report to the University and a duplicate copy thereof to the Government.
  5. (5) The auditors shall specify in the report under sub-section (4) all cases of irregular, illegal or improper expenditure or of failure to recover moneys or other property due to the University or of a loss or waste of money or other property thereof caused by neglect or misconduct of the officers and authorities of the University.
  6. (6) The auditors shall also report on any other matter related to the accounts of the University as may be required by the Government.
  7. (7) The University shall forthwith remedy any defect or irregularity pointed out by the auditors and report the action taken to the Government.

Chapter IX FINANCE

69. Annual Report.

Statutory text
  1. (1) The Annual report of the University shall be prepared and published by the University and such report as approved by the Governing Council shall be submitted to the Chancellor, the Government and presented to the Senate. The Senate may consider the annual report in its meeting and may make recommendations as it deems fit. The Governing Council shall take appropriate action on the recommendations of the Senate and report the action taken to the Senate.
  2. (2) The Government shall, as soon as the annual accounts and annual reports are received, cause the same to be laid on the table of the Kerala Legislative Assembly.

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