IIIT Act 27Chapter IV · Accounts and Audit
Section 27 · Fund of Institute
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(1) Every Institute shall maintain a Fund to which shall be credited—
(a) all monies provided by the Central Government or the State Government or industry partner, as the case may be;
(b) all fees and other charges received by the Institute from students;
(c) all monies received by the Institute by way of grants, gifts, donations, benefactions, bequests or transfers;
(d) all monies received by the Institute from utilisation of intellectual property arising from research conducted or provision of advisory or consultancy services by it; and
(e) all monies received by the Institute in any other manner or from any other source.
(2) The Fund of every Institute shall be applied towards meeting the expenses of the Institute including expenses incurred in the exercise of its powers and discharge of its duties under this Act, furtherance of research in the Institute or in collaboration with other educational institutions or industry and for capital investment aimed at the growth and development of the Institute.
(3) All monies credited to the Fund of every Institute shall be deposited in such banks or invested in such manner as the Institute may, with approval of the Board, decide.
(4) 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 purpose to which donations may be specifically made.
(a) all monies provided by the Central Government or the State Government or industry partner, as the case may be;
(b) all fees and other charges received by the Institute from students;
(c) all monies received by the Institute by way of grants, gifts, donations, benefactions, bequests or transfers;
(d) all monies received by the Institute from utilisation of intellectual property arising from research conducted or provision of advisory or consultancy services by it; and
(e) all monies received by the Institute in any other manner or from any other source.
(2) The Fund of every Institute shall be applied towards meeting the expenses of the Institute including expenses incurred in the exercise of its powers and discharge of its duties under this Act, furtherance of research in the Institute or in collaboration with other educational institutions or industry and for capital investment aimed at the growth and development of the Institute.
(3) All monies credited to the Fund of every Institute shall be deposited in such banks or invested in such manner as the Institute may, with approval of the Board, decide.
(4) 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 purpose to which donations may be specifically made.
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