The role and functions of the Finance and Accounts Division

Finance and Accounts Division

The role and functions of the Finance and Accounts Division are to oversee the management of the financial affairs of the Public Universities in respect of revenue income and expenditure and also to assists the UGC in its financial decision making processes.

The main functions of the Finance & Accounts Division are as follows:

1.   To assess the financial needs of the Public Universities;

2.   Visit the universities and hold meetings and also group discussions with the concerned official of  

      the universities;

  1. Examine the financial aspects of the universities to ensure that the funds provided by the government are spent for the purposes for which these are earmarked.
  2. Scrutinize intensively the revenue budget of the universities and other specific financial proposals, which are communicated to the Ministry of Education and Ministry of Finance under Medium-Term Budgetary Frame Work (MTBF) for consideration of grants and arrange inclusion thereof in the revenue budget of the government.
  3. Make budgetary allocations for the universities according to their needs vis-a-vis the availability of funds after the annual budget is approved by the government;
  4. Draw budgeted funds from the Government Exchequer in four equal quarterly installments and disburse it to the universities on the basis of the budgetary allocation;
  5. Verify the utilization of funds by the universities by analyzing the periodic financial statements prepared by and received from the universities;
  6. Allocating and disbursing money in favor of research support fund to assist the higher education and research;
  7. Allocating and disbursing funds through cheque for the UGC M.Phil & Ph.D Fellowship, UGC Awards, UGC Merit Awards, UGC Chair, Rokeya Chair, SAARC Chair etc;
  8. Examine Audit objections of UGC and prepare necessary Broad Sheet Reply (BSR) on behalf of the UGC, communicate essential guidelines for keeping away from Audit objection ;
  9. Comply necessary arrangements with the role and opinion of the UGC regarding public Accounts Committee as and when required ;
  10. prepare Annual Work/Action plan of University and the UGC to meet up audit objection through bilateral & tripartite meeting, Maintain liaison with the ministry of Education, Audit Directorate, Other Offices, and the Universities regarding Audit related matter ;
  11. prepare monthly audit report showing cumulative audit objections statement of Universities and the UGC, send it to the ministry of Education for necessary action ;
  12. Furnish opinion of the Commission (UGC) for Broad Sheet Reply (BSR) of universities and send it to the Audit Directorate/Ministry of Education.

 

The Finance & Accounts Division of the UGC is headed by a Director who is assisted by three Deputy Directors, two senior Assistant Directors, five Assistant Directors and number of officers and staff under direct supervision of a Member of Commission.