(1) There shall be a University Fund which shall include––
(a) any contribution or grant made by the Central Government;
(b) grant from Co-operative Education Fund maintained under the Multi-State Co-operative Societies Act, 2002 (39 of 2002) or States’ or Union Territories’ Co-operative Societies Acts;
(c) grant from corpus Fund for Co-operative Training set up by the Central Government;
(d) any contribution or grant made by the State Government;
(e) any contribution made by Government, semi-Government or autonomous bodies;
(f) any gifts, bequests, donations, endowments or other grants;
(g) income received by the University from fees and charges;
(h) income received by the University from undertaking projects and consultancy services;
(i) money received by the University from the collaborating industries, co-operative societies, federations, unions and other organisations in terms of the provisions of the Memorandum of Understanding between the University and such collaborating industry, co-operative society, federation, union or other organisation; and
(j) money received from any other source, provided that any funding from foreign sources shall require prior approval of the Central Government.
(2) All funds of the University shall be deposited in such banks or invested in such manner as the Executive Council may decide on the recommendation of the Finance Committee.
(3) The funds of the University shall be applied towards meeting the expenses of the University including expenses incurred in the exercise of its powers and discharge of its functions by or under this Act.
(4) The University, at all times, shall strive to be self-sufficient in meeting its expenses and shall, while launching new courses or programmes, establishing new schools or other infrastructure, creating or filling posts, incurring recurring or non-recurring expenses and creating any other financial liability, take into account financial resources that are either available with the University or tied up with stakeholders or any other source.