Income of State Universities and Colleges.
Section 57
SEC. 57. Income of State Universities and Colleges.— Income of State Universities and Colleges derived from tuition fees, school charges and other sources as may be imposed by Governing Boards, other than those accruing to Revolving Funds created under LOI Nos. 872 and 1026 and those authorized to be recorded as Trust Receipts pursuant to P.D. No. 1177, shall be deposited with the National Treasury and recorded as a special account of the General Fund pursuant to P.D. No. 1234, for the use of the institution, subject to SEC. 40, P.D. No. 1177: Provided, That disbursements from the special account shall not exceed the amount actually earned and deposited: Provided, further, That a cash advance on such income may be allowed State Universities and Colleges representing up to one-half of income actually realized during the preceding year and this cash advance shall be liquidated from income actually earned during the budget year: and Provided, finally, That in no case shall such funds be used to create positions, nor for payment of salaries, wages or allowances, except as may be specifically approved by the Ministry of the Budget for income-producing activities or to purchase motor vehicles, equipment or books, without the prior approval of the President (Prime Minister), pursuant to Letter of Implementation No. 29. All collections of the State Universities and Colleges for fees, charges and receipts intended for private recipient units, including private foundations affiliated with these institutions, shall be duly acknowledged with official receipts and deposited as a Trust Receipt before said income may be transferred or allocated to the beneficiaries. Availment of such income shall be subject to SEC. 40 of P.D. No. 1177.