The Composition of the Finance Committee shall be as under
- Vice-Chancellor – Chairperson;
- Pro Vice-Chancellor – Not Applicable;
- One person nominated by the Sponsoring Body;
- Two nominees of the Board of Management, one of whom shall be a member of the Board;
- One representative of Central Government not below the rank of Joint Secretary or his representative to the Government of India, in case the
Institution is controlled and managed by Central Government or is receiving grants more than or equal to 50% of its expenditure
(based on average of previous three year account) from the Central Government directly or through its Agencies; and in all other
Institutions Deemed to be universities, the Commission shall nominate a representative from a panel of names selected through a process approved by the Commission;
- One representative of the State Government, in case the Institution Deemed to be University is receiving grants from the State Government;
- Finance Officer shall be the ex officio secretary of the Finance Committee.
TENURE OF MEMBERS OF THE FINANCE COMMITTEE
All members of the Finance Committee other than ex-officio members shall hold office for a term of three years from the date of first appointment.
POWERS AND FUNCTIONS OF THE FINANCE COMMITTEE
- To consider the annual accounts and financial estimates of the Institution Deemed to be University and to submit them to the Board of the Management for its approval;
- To consider and recommend the annual budget and revised estimates to the Board of Management;
- To fix limits on the total recurring expenditure and the total nonrecurring expenditure of each year based on the income and resources of the Institution Deemed to be University.
Note: No expenditure other than that provided in the budget shall be incurred by the Institution Deemed to be University without the approval of the Finance Committee.
MEETINGS OF THE FINANCE COMMITTEE:
The Finance Committee shaIl meet at least twice a year to examine the accounts and to scrutinize proposals for expenditure. Four members shall constitute the quorum for the meeting.
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