Chapter XII UNIVERSITY FUNDS, ACCOUNTS AND AUDIT

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60. Annual financial estimates.

Statutory text

(1) The annual financial estimates (budget) of the University for ensuing financial year shall be prepared by the Finance and Accounts Officer under the direction of the Finance and Accounts Committee, at least two months before the commencement of the financial year.
(2) The Finance and Accounts Officer shall thereafter forward copies of annual financial estimates (budget) as approved by the Governing Council to the Chancellor, the Maharashtra State Commission for Higher Education and Development and the State Government.
(3) The Financial year of the University shall be the same as that of the State Government.

Chapter XII UNIVERSITY FUNDS, ACCOUNTS AND AUDIT

61. University funds.

Statutory text

(1) The University shall establish the following funds, namely :-
- (a) general fund ;
- (b) salary fund-(i) for all posts approved by the State Government; (ii) for all other posts separately ;
- (c) trust fund ;
- (d) development and programme fund ;
- (e) contingency fund ;
- (f) any other fund which, in the opinion of the University, is deemed necessary to establish.
(2) The following shall form part of, or be paid into, the general fund:-
- (a) non-salary contribution or grant, received from the State Government or Central Government or University Grants Commission ;
- (b) all incomes of the University from any source whatsoever, including income from fees, other fees and charges ;
- (c) any sums borrowed from the banks or any other agency, with the permission of the State Government ;
- (d) sums received from any other source or agency.
(3) The salary fund shall consist of all amounts received from the State Government, Central Government or University Grants Commission or any other endowment or contribution received towards full or part payment of the salary and allowances. No amount from this fund shall be utilized for the purpose other than payment of salary and allowances.
(4) All income or moneys from trusts, bequests, donations, endowments, subventions and similar grants shall form part of the trust fund.
(5) (a) 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, industry, banks and financial institutions or any person or institution ;
- (b) no amount from this fund shall be appropriated to any other fund of the University or expended for any other purpose ;
- (c) the development and programme fund shall be utilized in the manner consistent with the object of the programme and as per guidelines of the funding agency on expenditure and audit, to be granted and approved by the Governing Council.
(6) The University shall have and maintain a contingency fund under a separate head of the University accounts which shall be used only for the purpose of meeting any unforeseen expenditure.
(7) Surplus money at the credit of these funds, including accruals thereto, which cannot immediately or at any early date be applied for the purposes aforesaid shall, from time to time, be deposited in the Nationalized or Scheduled Banks or invested in any other Equity or securities issued by the corporations having financial participation of the State Government.
(8) The Government shall remain committed to provide requisite funds for development of sports education and youth welfare in University.

Chapter XII UNIVERSITY FUNDS, ACCOUNTS AND AUDIT

62. Annual accounts and audit.

Statutory text

(1) The accounts of the University shall be maintained on the basis and principles of double entry accounting system, and the method of accounting to be followed shall be the mercantile system by following the Maharashtra Universities Account Code as prescribed by the State Government.
(2) The accounts of the University shall be audited at least once every year and in any case within four months of the close of the financial year by the auditors appointed by the Governing Council from amongst the firms of Chartered Accountants whose partners have no interest in any of the authorities or affairs of the University. The University shall comply with the remarks and discrepancies as shown in the audit report in any case within one month of the receipt of such audit report.
(3) The audited accounts shall be published by the University and a copy thereof, together with the copy of the auditor’s report and compliance report shall be submitted to the Chancellor and the State Government and shall be submitted for approval before the Governing Council in any case within six months from the close of the financial year.
(4) The State Government shall cause the audited annual accounts of the University, received by it, to be laid before each House of the State Legislature.
(5) The State Government shall provide for conduct of the test audit or full audit of the accounts of the University at regular intervals by the auditors appointed by the State Government.

Chapter XII UNIVERSITY FUNDS, ACCOUNTS AND AUDIT

63. Annual report.

Statutory text

(1) The Dean of Schools shall prepare the Annual Report containing the administrative, academic, research and development and other activities of the University, colleges and institutions under its jurisdiction, for each academic year and submit it to the Governing Council for consideration. The Governing Council shall discuss and approve the Annual Report and shall be submitted to the Chancellor and the State Government, within one year from the conclusion of the academic year.
(2) The State Government shall cause the Annual Report to be laid before each House of the State Legislature.

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