As per the Maharashtra Universities Act, 1994 the duties of the Finance and Accounts Officer shall be to :
- Exercise general supervision over the funds of the university, and shall advise the Vice-Chancellor as regards the finances of the university.
- Hold and manage the funds, property and investments, including trust and endowed property, for furthering any of the objects of the university.
- Ensure that the limits fixed by the university for recurring and non-recurring expenditure for a year are not exceeded, and that all allocations are expended for the purposes for which they are granted or allocated.
- Keep watch on the state of the cash and bank balances and of investments.
- Keep watch on the progress of collection of revenue and advise the Vice-Chancellor on the methods to be employed for collection.
- Have the accounts of the University audited regularly.
- Ensure that the registers of buildings, land, equipment and machinery are maintained up-to-date and that the stock taking of equipments and other consumable materials in all offices, [conducted college], workshops and stores of the university is conducted regularly.
- Propose to the Vice-Chancellor that explanation be called for unauthorized expenditure or other financial irregularities from any academic member of university.
- Propose to the registrar that explanation be called from any non-academic member for unauthorized expenditure or irregularities in any particular case, and recommend disciplinary action against the persons at fault.
- . Call for from any office centre, laboratory, [conducted college], department of the university or university institution, for any information and returns that he thinks necessary for the proper discharge of his financial responsibilities.
- . Exercise such other powers, perform such other duties, and discharge such other financial functions as are assigned to him by the Vice-Chancellor or are prescribed by the Ordinances.
