Section 10 in The University Grants Commission (Regulation of Admission and Fees in Private Non-Aided Professional Institutions) Regulations, 1997
10. Maintenance of account of fees
(1)Every Institution shall maintain two separate accounts, namely, the Maintenance Accounts and the Development Accounts.(2)(i)The proceeds of tuition fee and cost recoveries of boarding and lodging charges and other miscellaneous fees shall be credited to the maintenance accounts.(ii)The maintenance accounts shall be kept in two parts, namely, (a) the pay and allowance, and (b) the other expenditure.(iii)All recurring expenditure shall be met from the maintenance account and brought to account in the part relating to pay and allowances, or as the case may be, under the other expenditure.(3)At least half of the proceeds of development fee shall be credited to the development account in the first ten years of establishment of the institution, after which this Account (Development Account) will receive the entire proceeds of this fee, miscellaneous receipts of the institution would also be credited to the same account. The proceeds of this fee would be utilized for the procurement of equipment, books and journals, and the acquisition of assets. The management may debit expenditure on improvement of faculty to this account.(4)The accounts of the professional institutions shall be audited every year to ensure that the financial management conforms to the broad frame work of these regulations and the guidelines issued by the Commission from time to time.
