- Equipment maintenance fund
- Equipment replacement fund
- Faculty development fund
- Corpus fund
These are for ensuring the sustainability of the TEQIP II initiatives for the next five years (2017-2022) beyond the completion of the project period.
For ensuring the sustainability of the TEQIP II initiatives, four funds have already been made available to the Nineteen TEQIP II institutions immediately after the end of TEQIP II project. The period of utilization of four funds will be for five years commenced from 1st August 2017 onwards (immediately after the end of TEQIP II grace period).
It is the responsibility of the respective institution to ensure the sustainability of the TEQIP II activities beyond the completion of the TEQIP II project period by judicious and efficient utilisation of funds deposited in the four funds accounts namely Equipment maintenance fund, Equipment replacement fund, Faculty development fund and Corpus fund.
The Board of Governors (BoGs) of the TEQIP II institutions will continue to function with the same decision-making power over the four Funds that they had during the TEQIP II Project period. State Govt. have already reconstituted the members of the BoGs as per the conditions laid down by the UGC/MHRD.
The norms for utilisation of the four funds will be in accordance with the Program Implementation Plan (PIP) of TEQIP II and strictly as per the prior approval of the Institute Board of Governors (BOG).
The nodal officers and co-ordinators of TEQIP II will continue for the next five years for utilization of the four funds as envisaged in the TEQIP II PIP for ensuring the sustainability of the TEQIP II initiatives. Proper records /log book/registers/activity details regarding the utilization of the four funds should be maintained in the respective institution and presented in the BoG meetings.