Section 11 in The National Commission for Minority Educational Institutions (Annual Statement of Accounts) Rules, 2006
11. Sponsored Projects
11.1In respect of ongoing Sponsored Projects, the amounts received from sponsors are credited to the head "Current Liabilities and Provisions - Current Liabilities - Other Liabilities Receipts against ongoing sponsored projects." As and when expenditure is incurred advances are paid against such projects, or the concerned project account is debited with allocated overhead charges, the liability account is debited.11.2In addition to the Earmarked Fund for the Junior Research Fellowships funded by the University Grants Commission, Fellowships and Scholarships are also sponsored by various organizations. These are accounted in the same way as Sponsored Projects except that the expenditure generally is only on disbursement of Fellowships and Scholarships, which may include allowances for contingent expenditure by the Fellows and scholars.11.3The Institution itself also awards Fellowships and Scholarships, which are accounted as Academic expenses.
