GENERAL PRINCIPLES - Shivaji University

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administrative approval under a specific budget head.
(e) ‘Code’ means the University Account Code.
(f)
‘Financial Year’ means the year beginning with the 1 st of April and ending on
the 31 st March of the following calendar year.
(g) Finance Committee means the Finance and Accounts Committee of Shivaji
University.
(h) ‘Form’ means specimen formats appended to this Code.
(i)
(j)
Head of the Department means, a person, who is designated as Head of the
Academic Department.
‘Management Council’ means Management Council of the Shivaji University.
(k) ‘Re-appropriation’ means transfer of funds from one budget head to another.
(l)
‘Recurring Charge’ means a charge, which involves a liability beyond the
financial year in which it is originally sanctioned.
(m) Sectional Head, is the person, in-charge of the administrative section of the
University.
(n) ‘Suspense Account’ means the head of the account under which transactions
of a temporary character, which are not to be adjusted forthwith in the accounts,
as final receipts or outlay or the correct classification of which cannot be
determined, are recorded.
(o) University, means Shivaji University Kolhapur.
(p) The term ‘works’ when used by itself in a comprehensive sense applies not
only to works of construction and repairs but also to other individual objects
of expenditure connected with the supply, repairs and carriage of tools and
plants and other objects.
All other terms and expressions in this code will have the same meaning as in the
Maharashtra Universities Act, 1994. (Maharashtra Act No. XXXV of 1994)
1.5 Accounting of the University shall be on a financial year basis, the financial year
commencing on 1 st April and ending on 31 st March.
1.6 Every Budget Controlling Officer is required to undertake reconciliation of receipts
and expenditure at the end of every three months with the Cash-book Section of
the Finance Department. On agreement, the reconciliation statement shall be
signed by Budget Controlling Officer as well as the Asstt. Registrar in the Finance
Department.
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