Chapter VI UNIVERSITY FUNDS, ETC.

The University shall have a general fund called the University Fund to which shall be credited -

1. (1) its income from fees, endowments and grants, if any ;
2. (2) contributions or grants made by the State or Central Government and other authorities for general or specific purposes; and
3. (3) other contributions or grants.

1. (1) The University shall have a fund called the Foundation Fund.
2. (2) The Foundation Fund shall consist of-
   • (a) the sum of not less than ten lakhs of rupees which shall be given to it by the Government in the course of the five years after the coming into force of this Act;
   • (b) any contribution to this fund which may be made by the Government, any local authority or other public body or others; and
   • (c) any contributions to this fund which may be made by the University.
3. (3) The Foundation Fund shall be invested and be kept invested, in securities, issued or guaranteed by the Central Government or by any other State Government and such investments shall not be varied without the consent of the Chancellor.
4. (4) The corpus of the Foundation Fund shall be kept intact but the interest thereon may be utilised for the purposes of the University.
5. (5) The expenditure from the revenues of the State referred to in clause
   • (a) of sub-section
6. (2) shall be expenditure charged on the revenues of the State.

1. (1) The University shall constitute for the benefit of its employees in such manner and subject to such conditions as may be prescribed, such pension, insurance or provident fund as it may deem fit.
2. (2) Where any such provident fund has been so constituted with the approval of the Chancellor, the Chancellor, may declare that the provisions of the Provident Funds Act, 1925 shall apply to such fund as if it were a Government Provident Fund.

The University may have such other funds as may be prescribed.

The Government shall sanction in favour of the University an annual grant of not less than twenty-five lakhs of rupees.

1. (1) The accounts of the University shall be maintained in the prescribed manner under the direction of the Vice-Chancellor and all moneys accruing to or received by the University from whatever source and all amounts disbursed or paid shall be entered in the accounts.
2. (2) The accounts of the University and its funds shall be subject to audit under the Orissa Local Fund Audit Act, 1948. The copy of the audit report shall be presented by the Vice-Chancellor to the Board and the Chancellor. A copy of the same shall be sent to the Government with a note of action taken on the report.