FINANCE DIVISION

The Finance Division has been mandated to manage Funds efficiently and effectively in such a manner as to accomplish the objectives of the organization by planning, monitoring, organizing and controlling the monetary resources of the Association. The Division is entrusted with the responsibility to implement various Schemes and Projects and provide requisite financial expertise and overall perspective of financial management in implementation of activities of the Association in the field of education, culture, sports and allied areas. It ensures budgetary integrity for proper implementation of schemes besides maintaining proper accounts and records. The Association is funded by Grant-in-aid from the Ministry of Human Resource Development and Ministry of Youth Affairs and Sports and internal receipts on account of Annual Subscription, Sale of Publications, Advertisements, Subscription of weekly Journal-University News, Equivalence Fee from students etc. The internal income of the organization has registered continuous growth.

Roles & Responsibilities:

  1. Responsible for managing proper Accounting System.
  2. Responsible for preparation and submission of Annual Accounts to various departments and organizations.
  3. Preparation of Budget Estimates & Revised Estimates
  4. Responsible for releasing salaries and other establishment expenditure.
  5. Responsible for releasing funds for recurring and non recurring expenditure of AIU.
  6. Responsible for Budgetary Control and Cash Management.
  7. Responsible for reconciliation of Bank Accounts.
  8. Responsible for coordination with the Ministry of HRD and other departments and organizations with reference to financial matters.
  9. Responsible in coordinating with Government Auditors for Transaction Audit.
  10. Responsible in coordinating with  Statutory Auditors for audit of Accounts of AIU, AIU Provident Fund Trust & AIU Employees Group Gratuity Scheme.

Internal Financial control systems and their adequacy:
The Association has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the AIU’s policies, the safeguarding of its assets, the prevention and detection of errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial disclosures.

Future Programme for Strengthening Financial Position:
The aim is to achieve self sufficiency in financial matters as early as possible.

FINANCE COMMITTEE:
The Finance Committee shall consist of the President, the Vice-President and the immediate past President and failing him a nominee of the Governing Council.  The Head of the Accounts Division shall be the Secretary of the Finance Committee.

NOTIFICATIONS:

NOTIFICATION FOR ANNUAL SUBSCRIPTION 2017-18

Annual Subscription of the Association for the Financial Year 2017-18 falls due on 1.4.2017. A request letter to remit the membership fee was sent to the Member Universities from our end on 10.3.2017. A rebate of Rs. 1000/- is admissible if the subscription is received by AIU before 30th April, 2017.

Rate of Membership Fee

Category / Type of Universities Annual Membership Fees Processing Fees
Government Universities/ Public Funded Deemed Universities/ Institutions of National Importance ₹ 50,000/- Per Annum Inclusive of Service Tax ₹ 10,000/- one time Inclusive of Service Tax
Private-Self-financed universities/ Private-Self financed Deemed Universities ₹ 1,50,000/- Per Annum Inclusive of Service Tax ₹ 10,000/- one time Inclusive of Service Tax
Associate Membership to Government/ Public funded Universities of other countries ₹ 50,000/- Per Annum Inclusive of Service Tax ₹ 10,000/- one time Inclusive of Service Tax
Associate Membership to Private/ Self-financed Universities of other countries ₹ 1,50,000/- Per Annum Inclusive of Service Tax ₹ 10,000/- one time Inclusive of Service Tax

Payment Mode

  • Demand Draft in favour of Association of Indian Universities, New Delhi and send it to our New Delhi Office.
  • Pay by Cheque/DD at Canara Bank Branches (Write the following account number at the back of cheque)
  • Account Holder Name Association of Indian Universities
    Bank A/c No 0158101000975(Savings)
  • ECS/RTGS as per details given below
  • Beneficiary Name Association of Indian Universities
    Beneficiary Account Number 0158101000975(Savings)
    Beneficiary Bank CANARA BANK,
    Deen Dayal Upadhyay Marg,
    New Delhi-110002
    IFSC Code CNRB0000158
    Amount(in figs)
    Amount(in words)

    In case subscription is transferred through option iii) above, transfer details may please be sent by a letter/e.mail (aiu_finance@rediffmail.com/ accounts@aiu.ac.in)

    Donation to the Association by individual, company, firm or any other person are exempt under section 80G(5)(vi) of Income Tax Act. 1961 from the A.Y. 2010-11 onwards.

    ANNUAL ACCOUNTS

    MINUTES OF THE FINANCE COMMITTEE

    IMPORTANT LINKS

    For further queries please mail at accounts@aiu.ac.in