section 102
University funds
Maharashtra Universities (Amendment) Act, 2015Education201540 sections
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) contigency fund;
- (f) any other fund which, in the opinion of the university, is deemed necessry to establish.
- (b) salary fund.—(i) for all posts approved by the State Government;
- (2) The following shall form part of, or be paid into, the general fund,—(a) non-salary countribution 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 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 Commossion towards full or part payment of the salary and allowances. No amount from this fund shall be utilised for the purposes other than payment of salary and allowances.
- (4) All income or moneys from trusts, bequests, donations, endowments, subventions and similar grants shall form 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;
- (b) No amount from this fund shall be appropriate to any other fund of the university or expended for any other purposes;
- (c) 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 Management 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 purposes of meeting any unforeseen expenditure.
- (7) Surplus money 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 Nationlised or Scheduled Banks or invested in any other Equity or securities issued by the Corporations having financial participation of the State Govenment or in units of U.T.I., N.S.C., Bonds issued by I.D.B.I. and I. C.I.C.I or investment approved by the Management Council.
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