Finance Committee Membership and Procedure

(4) All the members of the Finance Committee other than the ex-officio members shall be members for a period of 02 (two) years from the date of their appointment and shall be eligible for reappointment. However, the term of the ex-officio members shall be coterminous with the office they hold and by virtue of which they are members of the Finance Committee.

(5) The meeting of the Finance Committee shall be convened and chaired by the Vice Chancellor. In the absence of the Vice Chancellor, the Pro Vice Chancellor shall preside over the meetings. In case the Pro Vice Chancellor is also not available, a member from amongst the members present may preside over the meeting.

(6) The Finance Committee shall meet at least twice in an academic year and shall be convened by the Chairman either on his own initiative or on a requisition signed by at least one-third of the members of the Finance Committee.

(7) The quorum for the meeting of the Finance Committee shall be 1/3 (one-third) of the total appointed membership of the Finance Committee.

(8) Decisions on all the matters considered in the meetings shall be made through majority votes of the members present and voting. In case of a tie, the matter shall be decided by the casting vote of the Chairman.

(9) The notice of the meeting shall be sent by the Finance Officer at least fifteen days before the date of the meeting, through email or delivered by hand or sent by registered post.

(10) The agenda of the meeting shall be circulated to the members at least one week before the date of the meeting.

(11) The Vice Chancellor shall be authorized to exercise the power vested in the Finance Committee in case of an emergency. The emergency decision taken shall be placed before the next meeting of Finance Committee for ratification.

(12) The recommendations of the Finance Committee shall be implemented with the approval of the Board of Management.

(13) Subject to control of the Board of Management and provisions of Statutes, the Finance Committee shall have the following powers and functions, namely:- (a) To prepare the annual budget of the University and to fix limits of total annual recurring & non-recurring expenditures based on the income and resources of the University; (b) To examine and review the annual accounts and audit reports of the University. (c) To ensure that no expenditure is incurred in excess of the limits so fixed. (d) To recommend to the Chancellor, the approval of expenditures others than that provided in the budget. (e) To advice the Board of Management on financial implications of newly proposed colleges, academic units, regional centers, study centers, departments and posts etc. (f) To assist the Fee Committee in deciding the fees to be charged by the University for various courses offered by it. (g) To assess the financial viability of various existing programs as well as proposed programs. (h) To monitor and assess financial management, financial compliance and financial viability of constituent colleges/schools, academic units, regional centers, study centers etc. and to suggest to the Board of Management, specific remedial measures as required. (i) To exercise such other powers and perform such other functions as assigned by the Board of Management or as required for efficient financial management of the University. (j) To give its views on any finical matter solicited by an ‘Authority’ or an ‘Officer’ of the University.