| (1) | Expenditure in connection with the administration and functioning of the Institute must be defrayed from monies appropriated by Parliament for this purpose. |
| (2) | Monies appropriated by Parliament for this purpose:— |
| (a) | constitute earmarked funds on the Departmental vote; and |
| (b) | may not be used by the Department for any other purpose unless the Council has been consulted and the National Treasury approves such use. |
| (3) | The Institute may receive funds from donations, contributions or gifts and from other sources approved by the Council in accordance with National Treasury regulations. |
| (4) | Subject to the Public Finance Management Act, 1999 (Act No. 1 of 1999), the— |
[Words preceding section 13(4)(a) substituted by section 18 of Act No. 24 of 2015, GG 39587, dated 8 January 2016]
| (a) | is charged with the responsibility of accounting for monies received or paid out for or on account of the administration and functioning of the Institute and for donations, contributions or gifts in accordance with National Treasury regulations; and |
| (b) | must cause the necessary accounting and other related records to be kept, which records must be audited by the Auditor-General. |
| (5) | The Institute must utilise the donations, contributions or gifts to advance the objects of the Institute as contained in this Act or any other law. |
| (6) | The financial year of the Institute is the period of 1 April in any year to 31 March in the following year, except that the first financial year of the Institute begins on the date on which this Act comes into operation, and ends on 31 March of the following year. |
| (7) | The Institute may invest or deposit money that is not immediately required for contingencies or current expenditure— |
| (a) | in a call account or short-term fixed deposit with any registered bank or financial institution in the Republic; or |
| (b) | in an investment account with the Corporation for Public Deposits established by section 2 of the Corporation for Public Deposits Act, 1984 (Act No. 46 of 1984). |
| (8) | Within six months after the end of each financial year, the Director must prepare financial statements in accordance with established accounting practice, principles and procedures, comprising— |
| (a) | a statement, with suitable and sufficient particulars, reflecting the income and expenditure of the Institute during the preceding financial year; and |
| (b) | a balance sheet showing the state of its assets, liabilities and financial position as at the end of that financial year. |
| (9) | The Auditor-General must audit the financial statements of the Institute each year. |
