section 61
University funds.
The Maharashtra International Sports University Act, 2020Education202073 sections14 chapters
Chapter XII UNIVERSITY FUNDS, ACCOUNTS AND AUDIT
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.
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