| (a) | money appropriated by Parliament; |
| (b) | fees or charges for services rendered; |
| (c) | interest on fees or charges for services rendered; |
| (d) | donations or contributions; and |
| (e) | any other income accruing to or received by the Institute. |
| (a) | must keep record of all— |
| (i) | funds received and spent; |
| (ii) | assets and liabilities; and |
| (iii) | financial transactions; |
| (b) | must, in each financial year, submit to the Minister by not later than 31 August of each year, and in such manner as the Minister may determine, a statement of estimated income and expenditure for the ensuing financial year, for approval by the Minister with the concurrence of the Minister of Finance; |
| (c) | may, in any financial year, submit an adjusted statement of its estimated income and expenditure to the Minister, for approval by the Minister with the concurrence of the Minister of Finance; and |
| (d) | may not incur any expenses which exceed the total amount approved in terms of paragraph (b) or (c), |
| (3) | If the Minister does not approve of the Institute's statement of estimated income and expenditure or adjusted statement of estimated income and expenditure, the Institute must submit a revised statement to the Minister within a period specified by the Minister. |
| (a) | The money contemplated in subsection (1) must be used in accordance with the approved statement referred to in subsection (2) or (3). |
| (b) | Any balance not spent within the financial year in question must be carried over as a credit to the next financial year. |
| (5) | Subject to subsection (4), the board may invest any portion of its funds in such manner as the Minister, with the concurrence of the Minister of Finance, may approve. |
| (6) | Subject to the Public Finance Management Act, 1999 (Act No. 1 of 1999), the board— |
| (a) | is the accounting authority of the Institute; |
| (b) | is charged with the responsibility of accounting for monies received or payment made by the Institute; and |
| (c) | must cause the necessary accounting and other related records to be kept. |
| (7) | The accounts, financial statements and records of the Institute must be audited annually. |
[Section 43E inserted by section 15 of Act No. 1 of 2013]
