Section 9: Budget Control and Power of Incurring expenditure

9. Budget Control and Power of incurring expenditure :- (i) The Principal shall appoint an officer-in-charge for controlling the expenditure under the various activities of Non Govt. Fund (Non-refundable amounts) in the beginning of each session. (ii) The officer-in-charge shall frame the Budget estimates in respect of the activities under his/her control for the session latest by the 15th August each year and submit to the Principal on the prescribed Performa for his/her approval. (iii) Some of the purposes for which Non-Govt. Funds can be utilized for various activities are listed in Appendix 'B' annexed to these Rules, for the guidance of the officer-in-charge. (iv) The Principal may hire various services through agencies in the larger interest of the students with the prior approval of the Director. The payment for such purpose shall be made either on the rates prescribed by the State Government or on the basis of lowest rates received through open tenders. (v) If in the larger interest of the student's community it is considered necessary to utilize some funds for purposes other than those given in the said appendix, it can be done so, after obtaining prior sanction of the principal. (vi) The Budget shall be sanctioned by the Principal after due scrutiny of the Budget estimates in the account sanction. (vii) No Expenditure shall be allowed to be incurred from the Non Government fund unless the Budget for that year is sanctioned. However, in case of urgency the expenditure may be incurred by the Principal with the prior approval of the Director for such activities for which Budget is not sanctioned but larger student’s / institutional interest is involved. Provided that supplementary Budget will be passed at the institute level before the close of that financial year. (viii) The financial powers of the Principal and the Officer-in-charge to incur expenditure under various heads of the Non. Govt Fund Account after observance of all due formalities, shall be as under :- Officer Recurring Non Recurring Extent of condition (a) Principal Full power Full power • According to Budget provision for the particular year. • For expenditure on item or items by appropriation of savings of the past years as approved by Advisory Committee. (b) Officer I/c p. a 50,000/- 2,00,000/- For expenditure on item or items by appropriation of savings of the past years as approved by Advisory Committee. (ix) The Officer-in-charge of the fund shall see that proper accounts are maintained of the expenditure incurred and he/she will be personally responsible for maintenance of stock Registers, checking the quantity and quality of the articles purchased and the correctness and verifications of the bills submitted by the various firms. (x) Officer-in-charge shall be responsible for exercising strict economy and enforcement of financial rules at every stage. He/She shall also see that the expenditure is kept within the limit of authorized appropriation. (xi) A gazetted officer appointed by the Principal shall carry out physical verification of entire stock before 30th June each year. (xii) The accounts of the Non-Govt. fund shall be subjected to the audit. (xiii) Purchase and physical custody and accounting of such stores:- (a) An advisory Committee shall be appointed for approval of the various purchases made from Non-Govt. Fund Account. The members will be as follows :- 1. Staff Advisor Students Club - Chairman. 2. Student's representatives nominated - Member by the Principal. 3. O.C. of the student's activities - Member-Secretary. (b) A schedule showing the dates by which tenders or quotations for common items required in each year shall be prepared and made available. (c) The quotations or tenders shall be invited by the due date by the Officer-in-charge. He/She shall obtain the approval of the Principal. (d) After due dates, the quotations along with comparative statement will be prepared and sent to the Purchase Committee through Accountant along with recommendation for obtaining the approval of the Principal. (e) After approval of the rates, the Officer-in-charge shall submit a draft purchase order to the Principal through Accountant for approval and after obtaining the approval; the necessary order for supply shall be placed with the concerned firm by the Officer-in-charge while endorsing a copy to Store Section of the College. (f) The Articles or materials shall be received directly by the College Stores and necessary verification be made by Officer-in-charge of the student's activities with regard to the quality and quantity, rates and amounts etc. in conformity with the purchase order. (g) The physical custody, accounting and issues or disposal etc. shall be done by the Store Keeper exactly in the same manner as prescribed for Govt. Stores, but through separate books.