UGC writes to universities for utilisation certificate of funds

Source: The Hitavada      Date: 04 Nov 2017 12:18:40

Staff Reporter,

University Grant Commission (UGC) has directed all universties to submit utilisation certificate of funds in appended format. UGC said Ministry of Finance, Department of Expenditure on March 8, 2017 formulated the General Financial Rules 2017 (GFRs). The provisions of GFRs 2017 are deemed to be applicable to autonomous bodies except to the extent to the bye law of an autonomous body provides separate financial rules which have been approved by the Government. The Commission said certificate should include information of grants received, expenditure incurred and closing balance, grants position at the beginning of financial year (cash in hand and unadjusted advances), unspent balances of grants received years, interest earned thereon, interest deposited back to the UGC, grants received during the year, expenditure incurred, closing balanced etc.

Commission said, main accounts and other subsidiary accounts and registers are maintained as prescribed in the relevant rules, standing instructions and have been duly audited by designated auditors. There exist internal controls for safeguarding public funds, assets, watching outcomes and achievements of physical target against the financial inputs, ensuring quality in asset creation etc and periodic evaluation of internal controls in exercised to ensure their effectiveness. UGC said to the best of knowledge and belief, no transactions have been entered that are in violation of relevant rules.

The responsibility among the key functionaries for execution of the scheme have been assigned in clear terms and are not general in nature. The benefits were extended to the intended beneficiaries and only such areas, districts were covered where the scheme was intended to operate. The expenditure on various components of the scheme was in the proportion authorised as per the scheme guidelines and terms and conditions of the grants-in-aid. According to UGC, it has been ensured that the physical and financial performance under salary, recurring, creation of capital assets has been according to the requirements as prescribed in the guidelines issues by UGC and the performance or target achieved for the year to which the utilisation of the fund resulted.