Chapter V FINANCE AND ACCOUNTS

(1) The University shall establish a fund to be called the University Fund. (2) The following shall form part of, or be paid into, the University Fund, namely :— (a) any contribution or grant by the Government, Central Government, Council, University Grants Commission, Industrial Undertakings, Corporations, Companies or local authorities; (b) income of the University from any source including income from fees, charges and sale proceeds; (c) bequests, donations, endowments and other grants, if any, received by the University; and (d) miscellaneous receipts. (3) With the prior approval of Government, the University may, from time to time, establish such other funds in such name and for such specific purpose or purposes as may be decided by the Board. (4) Every such fund shall be kept in a Nationalized Bank or Scheduled Bank or invested in such securities as may be decided by the Board. (5) The funds and all moneys of the University shall be managed in such manner as may be prescribed by Statutes. (6) The Government may, for the purpose of smooth functioning of the University, make a lump sum grant to it every year.

The University may, with the previous sanction of Government as regards the purpose and amount of loan and subject to such conditions as may be specified by Government as to Security and rate of interest, borrow any sum of money from any Nationalized Bank or Scheduled Bank or any other incorporated body.

(1) The University shall prepare the financial estimates of receipts and expenditure of the University in such manner as may be prescribed by Statutes. (2) The Board shall consider the estimates so prepared and approve them with or without modification. (3) The University shall submit such estimates as approved by the Board to the Government, for its sanction. (4) The Government may pass such orders with reference to the said estimates as it thinks fit and communicate the same to the University which shall give effect to such order. (5) The Board may, in urgent cases where expenditure in excess of the amounts provided for in the budget is found to be necessary, for reasons to be recorded in writing, incur such expenditure.

(1) The annual accounts of the University shall be prepared by the Comptroller of Finance under the direction of the Board and all moneys accruing to, or received by, the University from whatever sources and all amounts disbursed and paid by the University shall be entered in the accounts. (2) The accounts of the University shall, at least once in every year and at an interval of not more than fifteen months, be audited in accordance with the provisions of the Orissa Local Fund Audit Act, 1948 and the provisions of that Act shall apply to such audit. (3) All reports on audit made under sub-section (2) shall, as soon as may be after they are received from the Examiner of Local Accounts, be laid before the State Legislature for a total period of fourteen days which may be comprised of one or more sessions. (4) The Government shall have powers to conduct special audit if required in respect of utilization of funds and the University shall comply with the directions issued by the Government on such audit. (5) The auditors shall also report on any other matter relating to the accounts of the University as may be required by the Government. (6) The University shall forthwith rectify or remedy any defect or irregularity pointed out by the auditors and report the action taken to the Government.

(1) The Board shall prepare the annual report of the University containing such particulars as the Government may specify covering each financial year and, before its final approval, it shall be presented to the Academic Council for its review on or before such date as may be prescribed by Statutes. (2) Copies of the annual report and the annual accounts shall be sent to Government and the Government shall place them before the State Legislature.