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Finance
Types of Fund

(a) Central Government Grants.
(b) State Government Grants.
(c) Grants from Various organizations/Projects
(d) Consultancy Fee/ Membership Fee.
Accounting System

  • The accounts of the institute will be maintained on commercial principal of "Double Entry System" in Tally Package.
  • The Institute will maintain among others the followings:
  • Receipt and Payment Account.
  • Income and Expenditure account
  • Balance Sheet of the Institution.

The Institute will maintain separate cash book for each grant.

Cash Book (Recurring Grant)
  • Cash book of recurring grant will contain 12 specified heads of accounts.
  • Salaries of faculty and staff.
  • Travel expenses
  • Maintenance of vehicles
  • Training and research programme
  • Purchase of books & journals
  • Publication
  • Office Contingencies and other charges
  • Cost of running mess /hostel
  • Water supply, electricity and telephone
  • Training aid/ equipment not covered under the non recurring expenses.
  • Miscellaneous
  • Central share of 100% salaries for five core faculties

Cash Book (Non-Recurring Grant)

Cash Book of non-recurring grants budget will be maintained under following head of accounts :

Main Head Sub Head of A/c

Category –I Administration/building.
Category-II Class room/seminar hall/library/hostel
Category-III Renovation of Building.
Category-IV Training equipments (Computer, Television VCR, LCD Projector etc)
Category V Office equipments (Fax Machine, Xerox Machine, duplicating & regiography etc.
Category V Vehicle.
Category VI Furniture and Furnishing
(hostel/class room/office,
seminar hall, meeting hall, guest house etc.)

Cash Book of Other Grants

For other grants a Cash book will be maintained and will contain the following heads of accounts.

Audit of Accounts

The Controller and Auditor General shall have the right to audit the accounts of the institution. Compliance of the audit report and comments thereon shall be sent to the State Govt. and GOI and audit office.
The Chartered Accountant and local fund auditors shall have access to the records of the Institute. The audit report shall be certified and signed by the auditing authorities. Chartered Accountant for the audit purpose will be appointed through bidding. Besides this, internal audit of the Institute will also be conducted . The Executive Director of the Institute shall ensure that the annual accounts of the Institute are prepared by a date not later than 30th June each year comprising of receipt and payment account, Trial Balance and Balance sheet.

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