Section 4: Maintenance of Accounts

(1) Every private school shall keep separate accounts for different kinds of transactions, namely fees collected, grants received, financial assistance received, payments of salary to staff, purchase of machinery and equipments, laboratory articles, library books, stationary and other expenditure incurred. (2) Every private school shall keep the registers, accounts and records within the premises of the educational institution. They shall be made available at all reasonable times for inspection by the Authorised officer. (3) Accounts maintained by private school together with all vouchers relating to various items or receipts and expenditure shall be preserved by that school until the audit of accounts is over and objection, if any, raised is settled. (4) The Authorised officer, and the District committee members shall, at all reasonable times, have free access to the books, registers, accounts, records, documents, securities, cash and other property belonging to or in the custody of every Private School and may summon any person in whose possession they are, to produce the same. (5) The Authorised officer or the District committee members who have made search and inspection of any private school shall send a report with relevant records to the Director.