Chapter X UNIVERSITY FUNDS, ACCOUNTS AND AUDIT

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74. 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 the annual financial estimates (budget) to the Board of Governance for its approval and then shall send the same to the Chancellor and the State Government.
(3) The financial year of the University shall be the same as that of the State Government.

Chapter X UNIVERSITY FUNDS, ACCOUNTS AND AUDIT

75. University funds

Statutory text

(1) The University shall establish the following funds, namely:—
- (a) general fund;
- (b) salary fund,—
  - (i) for all teaching and non-teaching posts created and approved by the State Government;
  - (ii) for all teaching and non-teaching posts, created by the University 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 grants, received from the State Government or Central Government or University Grants Commission or any other Central or State authority or Central or State body;
- (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 Board of Governance;
- (d) sums received from any other source or agency.
(3) The salary fund mentioned in sub-clause
- (i) of clause
- (b) of sub-section
(1) shall consist of all amounts received from the State Government for all of its sanctioned posts of both teaching and non-teaching staff, Central Government or University Grants Commission (UGC), or any other Central or State authority or Central or State body, towards full or part payment of the salary and allowances. Amount from this fund shall be utilized only for the purpose mentioned in sub-clause
- (i) of clause
- (b) of sub-section (1).
(4) The salary fund mentioned in sub-clause
- (ii) of clause
- (b) of sub-section
(1) shall consist of all amounts, appropriated by the University from its own resources towards full or part payment of the salary and allowances for all teaching and non-teaching posts, created by the University separately. Amount from this fund shall be utilized only for the purpose mentioned in sub-clause
- (ii) of clause
- (b) of sub-section (1).
(5) All contributions, income or moneys from trusts, societies, bequests, donations, Corporate Social Responsibility (CSR), endowments, subventions and similar grants shall form part of the trust fund. (6)
- (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 Board of Governance.
(7) 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.
(8) 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 Banks.

Chapter X UNIVERSITY FUNDS, ACCOUNTS AND AUDIT

76. 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 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 Board of Governance from amongst the firms of Chartered Accountants whose partners have no interest in any of 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 Board of Governance 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, which shall be in accordance with the provisions of the Maharashtra Local Fund Audit Act, and the authorities of the University shall be bound to facilitate the same failing which, the provisions of section 7 of that Act shall apply.

Chapter X UNIVERSITY FUNDS, ACCOUNTS AND AUDIT

77. Annual report

Statutory text

(1) The Academic Council shall prepare the Annual report, with the help of Deans, containing the administrative, academic, research and development and other activities of the University, for each academic year and submit it to the Board of Governance for its approval. Such report as approved by the Board of Governance 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 as soon as may be received by it.

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