IIM Act 22Chapter IV · Accounts and Audit
Section 22 · Fund of Institute
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(1) Every Institute shall maintain a Fund to which shall be credited—
(a) all moneys provided by the Central Government;
(b) all fees and other charges received by the Institute;
(c) all moneys received by the Institute by way of grants, gifts, donations, benefactions, bequests or transfers;
(d) all moneys received by the Institute from utilisation of intellectual property arising from research conducted or rendering advisory or consultancy services by it; and
(e) all moneys received by the Institute in any other manner or from any other source.
(2) All moneys credited to the Fund of every Institute shall be deposited in such banks or invested in such manner as may be laid down by the Board by regulations.
(3) Each Institute shall create a corpus fund for long term sustainability of the Institute, to which shall be credited such per cent. of the net income of the Institute and donations made specifically towards such corpus fund as the Central Government may in accordance with the provisions of the Income tax Act, 1961 (43 of 1961), notify:
Provided that the Board may also create endowment funds for specific purposes to which donations may be specifically made.
(4) The fund of any Institute shall be applied in such manner and for such purposes as may be specified by the regulations.
(a) all moneys provided by the Central Government;
(b) all fees and other charges received by the Institute;
(c) all moneys received by the Institute by way of grants, gifts, donations, benefactions, bequests or transfers;
(d) all moneys received by the Institute from utilisation of intellectual property arising from research conducted or rendering advisory or consultancy services by it; and
(e) all moneys received by the Institute in any other manner or from any other source.
(2) All moneys credited to the Fund of every Institute shall be deposited in such banks or invested in such manner as may be laid down by the Board by regulations.
(3) Each Institute shall create a corpus fund for long term sustainability of the Institute, to which shall be credited such per cent. of the net income of the Institute and donations made specifically towards such corpus fund as the Central Government may in accordance with the provisions of the Income tax Act, 1961 (43 of 1961), notify:
Provided that the Board may also create endowment funds for specific purposes to which donations may be specifically made.
(4) The fund of any Institute shall be applied in such manner and for such purposes as may be specified by the regulations.
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