The Universities Act mandates that any monies coming from the Parliament, donations, gifts, grants and endowments or from any other source should be paid into the Fund as shown in the figure.
The following monies shall be paid into the Fund
- Monies provided by Parliament;
- Such sums of money as may be received by the Board in the form of donations;
- Such sums of money as may be specifically designated for the Fund by the Board out of its own Funds;
- Income generated by investments made by the Trustees; and
- Endowments, grants and gifts from whatever source designated for the Fund.
There shall be paid out of the Fund
- Any expenditure approved by the Trustees for the funding of the public universities;
- Any expenditure approved by the Trustees for conditional grants and loans to private universities; and
- Any expenditure authorized by the Trustees to be incurred in connection with the administration of the Fund.