Funds of the University

(1) University shall maintain three funds created for three distinct purposes, namely: (a) State Fund: A seed account used primarily to grow funds and used as contingency purposes (including meeting statutory dues and compliance) and justify liquidity and solvency; (b) General Fund: A current account operated to meet the day to day needs of the University which will essentially be based on annual budgets; and (c) Donor Fund: An account accrued from private donations and used for any purposes deemed appropriate by the board of Governors, including development/infrastructure purposes and to support the fulfillment of the general fund commitments.