(1) The University shall have a General Fund to which shall be credited, namely:—
(a) its income from fees, endowments and grants, if any;
(b) contributions or grants which may be made by the Government to such fund on such conditions as may be imposed by the Government; and
(c) all other receipts.
(2) The University shall form a fund called the Foundation Fund from contributions and grants made by the Central Government and the Government of Kerala for being credited to that fund and such other sums from the University which may be credited to the said fund.
(3) The monies in the Foundation Fund shall be invested in the securities mentioned or referred to in clauses (a) to (d) of section 20 of the Indian Trusts Act, 1882 (Central Act 2 of 1882).
(4) The University shall furnish such statements, account reports and other particulars as the Government may require relating to any grant made by the Government and shall take such action and furnish such statements, accounts, reports and other particulars relating to the utilization of any grant within such time and in such manner as the Government may direct.
1. Substituted by Act 25 of 2014.
29
(5) It shall be competent for the University in furtherance of its objectives to accept grants from the Government of Kerala or any other State Government or donations under such conditions as may be agreed upon between the University and the granter or donor.
(6) The University may have such other funds as may be prescribed.
(7) The General Fund, the Foundation Fund and other funds of the University shall be managed according to the provisions laid down in the Statutes.
(8) The Government shall every year make non lapsable lump sum grants to the University, namely:—
(a) a grant not less than the estimated net expenditure of pay and allowances of the staff, contingencies, supplies and services of the University;
(b) a grant to meet such additional items of expenditure, recurring and nonrecurring as the Government may deem necessary for the proper functioning of the University.