The Finance and Accounts Officer shall be the principal finance, accounts and audit officer of the university. He shall be a full-time salaried officer and shall work directly under the superintendence, direction and control of the Vice-Chancellor.

The Finance and Accounts Officer shall be a person who is a chartered accountant or a cost accountant, with professional experience of not less than five years.

In case the person possessing the qualifications and experience as specified in sub-section (2) cannot be appointed, the Finance and Accounts Officer may be appointed from amongst the Government Officers of the State Finance and Accounts Service, holding the post not below the rank of Deputy Director.

The Finance and Accounts Officer shall be appointed by the Vice-Chancellor on the recommendation of the Selection Committee constituted for the purpose under this Act.

The appointment of the Finance and Accounts Officer shall be for a term of five years or till the age of superannuation, whichever is earlier, and he shall not be eligible for re-appointment in that university.

The Finance and Accounts Officer shall,—

1. Exercise general supervision over the funds of the university and advise the Vice-Chancellor as regards the finances of the university;

2. Hold and manage the funds, property and investments, including trust and endowed property, for furthering the objects of the university, with the approval of the Vice-Chancellor;

3. Ensure that the limits fixed by the university for recurring and nonrecurring expenditure for a year are not exceeded, and that all allocations are expended for the purposes for which they are granted or allotted;

4. Keep watch on the state of the cash and bank balances and investments;

5. Ensure effective revenue management by keeping watch on the process and progress of collection of revenue, and advise the Vice- Chancellor on the methods to be employed in this regard; (f) perform the duties under clauses (a) to (e) as per the Maharashtra Universities Account Code;

6. Get the accounts of the university audited, regularly;

7. Ensure that the registers of buildings, land, equipment, machinery and other assets are maintained up-to-date and that the physical verification and reconciliation of these assets and other consumable material in all offices, conducted colleges, workshops and stores of the university are conducted regularly;

8. Propose to the Vice-Chancellor that explanation be called for unauthorized expenditure or other financial irregularities from any academic member or non-vacation academic staff or an officer of the university of the rank of Assistant Registrar or equivalent and above;

9. Propose to the Registrar that explanation be called from any non- academic member of the university, other than the teacher, non-vacation academic staff and an officer of the university of the rank of Assistant Registrar or equivalent and above, for unauthorized expenditure or irregularities in any particular case, and recommend disciplinary action against the persons in default;

10. Call for, from any office, centre, laboratory, conducted college, department of the university or university institution, any information and returns that he thinks necessary for the proper discharge of his financial responsibilities;

11. Maintain the minutes of the meetings of the Finance and Accounts Committee;

12. Be responsible for preparation and maintenance of accounts by double entry accounting system, on accrual basis, presenting the annual financial estimates (budget), statement of accounts and audit reports, to the Finance and Accounts Committee and to the Management Council;

13. Prepare financial reports as required by the various authorities or bodies of the university, the State Government, the Central Government, the Central Educational Commissions or Councils, Commission, University Grants, Commission and All India Council for Technical Education and any such body providing funds to the university;

14. Exercise such other powers and perform such other duties as prescribed by or under this Act or assigned to him by the Vice- Chancellor and Pro Vice-Chancellor, from time to time.