General and Further Education and Training Quality Assurance Act, 2001 (Act No. 58 of 2001)Chapter 2 : Establishment and Functions of Council13. Funds of Council |
| 1) | The funds of the Council consist of – |
| a) | money appropriated by Parliament; |
| b) | donations and contributions received by the Council; |
| c) | money received by the Council in respect of fees charged for services; |
| d) | interest received on investments referred to in subsection (5); |
| e) | money obtained by way of loans, subject to chapter 8 of the Public Finance Management Act, 1999 (Act No. 1 of 1999); and |
| f) | any other income received by the Council. |
| 2) | The Council – |
| a) | must keep a record of all funds received and spent and of all assets, liabilities and financial transactions; |
| b) | subject to Chapter 6 of the Public Finance Management Act, 1999 (Act No. 1 of 1999), and at such time and in such manner as the Minister may determine, must in each financial year submit a budget for the ensuing financial year to the Minister for his or her approval; |
| c) | may in any financial year submit adjusted budgets to the Minister for his or her approval; and |
| d) | may not incur any expenditure which exceeds the total amount approved in terms of paragraphs (b) and (c). |
| 3) | If the Minister does not approve the budget of the Council, the Minister must require the Council to provide a revised budget to him or her within a specified period. |
| 4) | Subject to the Public Finance Management Act, 1999 (Act No. 1 of 1999), the funds contemplated in subsection (1), must be used by the Council in accordance with the approved budget. |
| 5) | Subject to subsection (4) and the Public Finance Management Act, 1999 (Act No. 1 of 1999), the Council may invest surplus funds. |