CORAA

Fund Utilization Certificate Format — CA Certificate (Term Loan / Grant / Subsidy)

A CA-issued end-use certificate confirming that funds disbursed under a term loan, grant or subsidy were applied to the sanctioned purpose — traced to bank statements, invoices and the books of account. Required by lenders for end-use monitoring and by grant bodies before further releases.

Free · CORAA original — SA-aligned
Updated 29 Jul 2026
Type
End-use / utilisation certificate
Framework
ICAI Guidance Note on Reports or Certificates for Special Purposes; lender / scheme conditions
Used for
Term-loan end-use monitoring / grant & subsidy releases
UDIN
Mandatory on every utilization certificate
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Your firm — letterhead
Appears at the top of the document as the audit firm letterhead.
Used as the letterhead block.
Engagement details
The client and period this document is for.
What’s inside

An excerpt from the template.

FUND UTILIZATION CERTIFICATE

This is to certify that the funds disbursed to ___ (PAN: ___), having its address at ___, under sanction / scheme reference ___, have been utilised up to ___ for the purpose for which they were sanctioned, as detailed below.

A. Funds Received

B. Utilisation of Funds

↑ Excerpt only — the full template is what you download as Word
About this template

What you’re downloading, and when to use it.

This template follows the format published by the Institute of Chartered Accountants of India (ICAI) in the AASB Audit Working Paper Templates (June 2023), the authoritative reference for Indian statutory-audit documentation. Fill in your firm’s letterhead and the engagement details on the form above, click Download Word file, and you’ll get a fully formatted .docx ready to use.

Everything is generated in your browser and on a stateless API endpoint — no account, nothing stored on our servers. We’ll ask for a work email once before your first download so we can send you the file and the occasional relevant update; after that, downloads on this device are instant. Edit freely in Word, Google Docs or Pages before sending to your client.

Common questions

FAQs.

What is a fund utilization certificate?
It is a CA-issued certificate confirming that funds disbursed under a term loan, government grant or subsidy have been applied to the purpose for which they were sanctioned. It reconciles funds received (including the borrower's own margin) against heads of expenditure, states the unutilised balance, and confirms that no diversion was observed during verification.
When do banks ask for an end-use certificate from a CA?
Lenders monitor the end-use of credit as part of RBI-driven credit discipline, and sanction letters for term loans and project finance commonly require a CA's end-use certificate after disbursement — especially before releasing subsequent tranches. Grant and subsidy schemes similarly require a utilisation certificate before further instalments are released.
What does the CA verify before certifying utilisation of funds?
The CA reads the sanction letter or scheme conditions to fix the permitted purpose, traces each disbursement into the bank account, and follows the money out to supplier invoices, payment records and asset or expense entries in the books. Where assets were to be created, supporting records such as installation reports or fixed-asset registers are also examined.
Is UDIN mandatory on a fund utilization certificate?
Yes. UDIN is mandatory on all certificates issued by practising CAs, including utilisation and end-use certificates, and the lender or grant authority can verify it on udin.icai.org.
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