Financial Provisions and Regulations

General Provisions

  1. The University :
    1. shall prepare and submit its annual estimates of revenue and expenditure to the Cabinet Secretary for approval in such form and at such times as the Cabinet Secretary shall from time to time prescribe.
    2. may incur expenditure for purposes of the institution in accordance with estimates approved by the Cabinet Secretary, and any approved expenditure under any head of the estimates may not be exceeded without the prior approval of the Council.
    3. may, subject to any other written law, regulations and guidelines, appeal to the general public for subscriptions, donations or bequests for the benefit of the University.
    1. The funds of the  University shall comprise of—
      1. such sums as may be provided by Parliament;
      2. such monies or assets as may accrue to or vest in the University in the course of the exercise of its powers or the performance of its functions under the Act or under any other written law; and
      3. all monies from any other source provided for or donated or lent to the University.
    2. There shall be made to the University, out of monies provided by Parliament for that purpose, grants towards the expenditure incurred in the exercise of its powers or in performance of its functions under the Act.
  2. Any unexpended balance of the grant made under section 45 of the Act may be carried forward in the account of the University from one year to the next and be expended as the University may determine.
    1. The University shall cause to be kept all proper books of records of accounts of the income, expenditure and the assets of the University.
    2. Within three months from the end of each financial year, the University shall submit to the Auditor General Corporations the accounts of the University together with -
      1. a statement of the income and expenditure of the University during the financial year; and
      2. a balance sheet of the University on the last day of the year.
    3. The accounts of the University shall be audited and reported upon in accordance with the provisions of the Prevailing Public Audit Act.
  3. All immovable property, shares, funds and securities as may from time to time become the property of the University shall be in the name of the University and shall be dealt with in such manner as the institution may from time to time determine, subject to the conditions upon which any grants are made from public funds for capital or  recurrent purposes ,and the conditions upon which any  endowment, bequest or donation is made . for any purposes connected with the institution.
  4. The University may:-
      1. invest any of its funds in securities in which for the time being trustees may by law invest in trust funds, or in any other securities which the Treasury or any other authorized body may, from time to time, approve for that purpose.
      2. subject to the approval of the Treasury or any other authorized body, place on deposit with such bank or banks as the University may determine, any monies not immediately required for the purposes of the University.
  5. The financial year of the University shall be the period of twelve months ending on the thirtieth day of June in each year.