(1) In the case of self financed institutions including Government/ Government aided institutions running a course on self-financing basis, there shall be an endowment fund of Rs. 5.00 lakh per course per unit and a reserve fund of Rs. 3.00 lakh per course per unit of approved intake, in the form of a Fixed Deposit of a duration of and above 5 years of a nationalized bank. The endowment fund and reserve fund shall be operated jointly by the authorized representative of the management and an officer of the Regional Committee concerned.
(2) The academic and other staff of the institutions shall be paid such salary as may be prescribed by the concerned Government/Board by account payee cheque or as per Advice into the bank account of employee specially opened for the purpose.
(3) Following statements of Accounts, duly certified by a Chartered Accountant, shall be maintained and displayed on its official website by every institution every financial year by 30th September of the year:
(i) Balance Sheet as on the last date of the financial year.
(ii) Profit and Loss Account for the financial year.
(iii) Receipt and Payment Account for the financial year.
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