Chapter  VI

FINANCE

INCOME

6.01

The total funds of the Students' Gymkhana shall comprise of:

a)  Contributions made by the Students as annual Gymkhana fees.

b)  Regular contribution made by the Institute.

c)  Funds from other sources such as membership fees for club, sale of tickets 

for professional programme, sponsorship, ad-hoc contribution from the institute etc.

6.02

every member of the Students' gymkhana shall pay a consolidated Gymkhana fee 

of Rs. 54/- (Rs. Fifty Four).

6.03

The total funds available under (a) and (b) of 6.01 will be determined by every senate 

as per the Budget scheme in effect at the time of adoption of this constitution as per 

the decision in the B.O.G. meeting held on October 1978.

6.04

All fees payable by the students in respect of the Gymkhana shall be collected

 centrally by the cashier of the Institute and deposited into the branch of the State 

bank of India in a separate account to be opened in the name of the Chief Counselor

 of the Gymkhana. Intimation regarding the amount credited to the Bank Account 

shall be sent by the institute Cashier to the treasurer of the Gymkhana. A formal 

receipt of the money as and when transferred to the Gymkhana Bank Account shall 

be looked for from the Chief Counselor of the Gymkhana.

6.05

Similarly the Institute contribution payable to the Gymkhana fund shall also be 

credited to the bank account under intimation of the Treasurer of the Gymkhana.

BUDGET

6.06

Each council will finalize its annual budget in consultation with the Finance

 Committee and the executive concerned will present in to the Senate for ratification.

6.07

If the Senate advises some changes in the budget of any council, the corresponding 

executive should meet his council members to modify the budget proposal, which 

he will put to the senate for ratification.

6.08

The senate will make all the final adjustment to the budget.

6.09

Only Senate will pass the Annual Budget.

6.10

All Equipment purchases will be done only with the approval of the Finance Committee.

6.11

Normally not even intra-committee budget heads shall be allowed to be exceeded. 

However if  reallocation of funds is essential the executive concerned will obtain the

 permission of the Finance Committee and notify the Senate to the effect .

6.12

Advances, Purchases, Expenditure

The Guiding spirit in the expenditure of the Gymkhana shall be economy at all stages 

and in all possible ways.

6.13

Advances will be given to the President  and the General Secretaries of the Cultural, 

Games, Films and Science and Technology Councils( that is the five executives) 

or to any person they authorize, in writing, to do so against their name. All advances 

shall stand due against the names of the concerned executives unless and  until 

satisfactorily accounted for in accordance with all the rules in force.

6.14

Accounts for any expenditure should be submitted as early as possible after the

 amount has been withdrawn. If more than one advance or a large sum is pending, 

a further advance should only be sanctioned with the written consent of the

 Convener of the Finance Committee.

6.15

Payments and Accounts

Payment for any bill will be made only after the same has been verified for payment

 by the concerned executive. However, no bill/ voucher will be accepted as valid 

and adjusted for unless scrutinized and accepted as proper, as per the rules laid 

down by the Students' Senate and by the Finance Committee.

6.16

Withdrawals from the bank account will be made by cheques signed by the Chief 

Counselor and Treasurer.

6.17

Accounts for all expenditure made from the Gymkhana funds will be maintained by 

the DOSA Office.

6.18

Disciplinary action

The senate shall take disciplinary action against any person(s) against whom a 

case of  gross financial mis-management/ mal-appropriation has been reported and

 accepted as true after the concerned person(s) has(have) been given adequate 

opportunity to defend himself (themselves). The decision shall be referred to the

 Chief Counselor for implementation.

6.19

Proceedings initiated by one senate and not completed during its terms will be 

continued by the next senate, possibly after re-appraisal of the issue, as a result of 

which the new senate may:                                                                                                                                                       

                a)   extend time limit for clearance of outstanding amounts

                b)   mitigate punishment

                c)   enhance punishment

6.20

However, if the Finance Committee of a particular year fails to point out cases 

of gross financial mis-management/ mal-appropriation of funds which are 

subsequently discovered by the succeeding Finance Committee, then disciplinary

 action will be initiated against the Financial Committee members also.( as per 

article 6.18)

6.21

Annual Report

The Financial Committee will present its final report before the joint session of the

 senate. 

This Report must include:

                    a) A balance sheet (of income/ expenditure).

                    b) Any exceptional expenditure

                    c) Recommended action

6.22

Written annual report of the treasurer, checked by the audit board, should 

 circulated to the students.