GENERAL PRINCIPLES - Shivaji University

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1.7 Every officer/employee incurring or authorising expenditure from the University
Funds shall be guided by high standards of financial propriety. Among the principles
on which emphasis shall be laid are the following: -
(i)
Every officer/employee of the University shall exercise the same vigilance in
respect of expenditure incurred in connection with the transactions of the
University, as a person of ordinary prudence would exercise in respect of
expenditure of his own money.
(ii) The expenditure shall not be prima-facie more than what the occasion demands.
(iii) No authority shall exercise its powers of sanctioning expenditure to pass an
order which will be directly or indirectly to its own advantage.
(iv) The amount of allowances granted to meet expenditure of a particular type
shall be so regulated that the allowances are not on the whole a source of
profit to the recipients.
1.8 Any officer/employee of the University on whom financial delegation has been
made shall not incur any expenditure which is likely to involve at a later date
expenditure beyond the power of his sanction.
1.9 No officer/employee shall without previously obtaining extra funds incur liability in
excess of the amount provided in the budget under the respective heads of
accounts. Where the officer exceeds the grant, he shall be held personally
responsible for the same.
1.10 Whenever an individual who has responsibility for the administration or management
of University Funds as a personal interest in a matter concerning such funds
which is to be discussed at any meeting of the University Body, he or she must;
(a) declare an interest before the meeting or at the meeting before discussions
begin on the matter,
(b) be absent from the meeting for that item unless expressly invited to remain
present in order to provide information,
(c) not be counted in the quorum for that part of the meeting; and
(d) be absent during the vote and have no vote on the matter
1.11 Responsibility of internal control within a budgetary unit rests with the head of that
unit, who shall ensure that appropriate and adequate arrangements exist to
safeguard all assets; that University policies, including the regulations and financial
procedures are complied with; and that records are maintained in as complete
and accurate a form as possible.
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