Section 8 in The National Commission for Minority Educational Institutions (Annual Statement of Accounts) Rules, 2006
8. Earmarked/ Endowment Funds. - The following long terms funds are earmarked for specific purposes. Each of the funds has a separate bank account. Those with large balances also have investments in Government Securities, Debentures and Bonds and Term Deposits with Banks. The income from investments/ advances (House Building Conveyance and computer) on accrued basis and interest on savings Bank Accounts are credited to the respective Funds. The expenditure and advances (in the case of House Building & Conveyance/Computer) are debited to the fund. The assets created out of Earmarked Funds where the ownership Vests in the Institution, are merged with the assets of the Institution by crediting an equal amount to the Capital Fund. The balance in the respective funds is carried forward and is represented on the assets side by the balance at Bank , Investments and accrued interest.
8.1Corpus Fund was established in (year). Matching contribution from University Grants Commission, Recognition/ Affiliation fee received from Colleges and other academic institutions, Institutions share of Consultancy fees and contributions from Research Projects are treated as additions to Corpus fund.Income from investments of the fund is added to the Fund. The Corpus Fund is utilized for both Revenue and Capital expenditure based on the guidelines by the University Grants Commission and the Executive council of the Institution from time to time. The assets created out of the Corpus Fund are merged with the assets of the Institution by crediting an equal amount to the Capital Fund. The balance in the Corpus Fund which is carried forward is represented by the balance in a separate Bank account, investment in RBI Bonds and Fixed Deposits with the Bank and Accrued interest on investments.8.2A. D Fund. - This fund was established on ISI February 2006. The fund is to be utilized for some of the innovative Programmes, and for sustenance of its research and such other development activities as laid down by the Executive Council from time to time.8.3House Building Advances Fund. - A revolving fund for the purpose of paying interest bearing advances to the officers & staff for House Building.8.4JRF/ SRF Fund. - Fund provided by the UGC/Government for the purpose of paying Fellowships to Junior/ Senior Research Fellows.8.5Conveyance Fund (including Computer advances). - A revolving fund for the purpose of paying interest bearing advances to officers & staff for the purchase of motor cars, two wheelers and computers.8.6Rajiv Gandhi National Fellowship Fund. - Fund provided by University Grants Commission for fellowship to SC/ST Students of the University.8.7Endowment Funds. - Endowments are funds received from various individual donors, Trusts and other organizations, for establishing Chairs and for Medals & Prizes, as specified by the Donors. While each of the Endowment funds has its own investment there is one savings Bank Account for all the Endowment funds, as the uninvested balances against them are negligible.The income from investment of each Endowment Fund is added to the Fund. The interest on Savings Bank a/c is allocated to all the Endowment funds in the ratio of the year end closing balances in each fund. The expenditure on Medals & Prizes is met from the interest earned on investment of the respective Endowment Funds and the balance is carried forward. In respect of Chairs, however, the corpus of the Endowment is also used.The balances are represented by Investment in RBI Bonds and Fixed Deposits and balance in the Saving Bank Account common for all Endowments, and Accrued Interest on Investments.
