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FINANCIAL POLICY OF JANANEETHI:
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Jananeethi is non
profit making voluntary organization registered under Travancore
Cochin Literary, Scientific and Charitable Societies Act XII of
1995.
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By virtue of its
Constitution, Jananeethi is authorized to raise funds and acquire
properties by loan or grant from the public, governmental and
non-governmental agencies, national and international charities,
banks and other financiers to achieve its objectives.
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Any income
generated through consultation charges, licence fees, hire
charges, bank interests, gifts or donations in cash or kind shall
be solely applied to the attainment of the objectives of the
Society. Payment of any profit or dividend among the members is
prohibited.
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The income of the
society will include membership fees; donations or contributions
or grants made by friends, benefactors and donor agencies; grants
made by state-central governments; income from investments, income
and receipts from other sources etc.
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The bankers of the
Society shall be decided by the Board of Directors. All funds
shall be paid into the Society’s account with the said bank(s) and
shall not be withdrawn except by means of a cheque signed jointly
by the Chairman and Executive Director.
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The accounts of
the Society shall be audited by a qualified auditor(s) appointed
by the Board of Directors.
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No alienation,
lease, exchange or mortgage of the properties of value above Rs
one lakh shall be effected without the previous written sanction
of the Board of Directors and subsequent sanction of the general
assembly.
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The accounts of
the Society shall be maintained by the accounts officer and it
shall be checked and verified by the executive director. However,
the Treasurer of the Society shall examine the income and
expenditure entries periodically and will ensure that statutory
requirements are complied with.
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The accounts
officer and executive director shall jointly be responsible for
the updating and timely renewal of necessary
certificates/sanctions by the income tax department (ex: Section
80G / 35 AC / FCRA), and more importantly filing of statutory
reports/statements to respective departments/ministries of
Central/State governments.
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The Executive
Committee of the Society will evaluate the utilization of
financial resources with respect to the provisions given in each
project. Every six months the Board will again discuss the
modalities of funds utilization.
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The accounts
officer in consultation with the executive director and Treasurer
of Society will submit the accounts for auditing before the end of
May every year. The audited statement of income and expenditure
and the financial report prepared by the auditor will be presented
in the annual meeting of the Board by the Treasurer. The Board
will approve the audit report and will give sanction to present it
in the annual general assembly to be held before the end of July
every year.
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The audited
statement of accounts and certified copy of the financial report
of Jananeethi will be published along with the Annual Report of
the organization. Further, the sources of funds, the salary scale
of the staff and expenses of air travel, both domestic and
international, if any will be published in the annual report.
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The budget
preparation will start with planning of activities for the next
year. Each department will prepare a list of programmes and will
present in the staff meeting. The executive committee will
finalize the draft of budget estimates and will be given to the
executive director. The final draft of the budget shall be
prepared jointly by the accounts officer, executive director and
treasurer of the Society.
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Jananeethi
accounts and financial reports are open and transparent. Any one
who is a member of the organization can ask for the documents to
examine and verify.
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In the case of
project funds, the project coordinator and the accounts officer
together checks the utilization of funds with the help of
parameters given by the donor agencies. This will again be checked
by the executive director who will report to the Board as mid term
appraisal.
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The executive
director shall see that the administrative costs in any project
proposal do not exceed 20 per cent of the total cost estimates of
the project. He/She shall see that proper acknowledgement of the
funding partners is made as per agreement signed between the
Society and concerned donor agency.
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In case of a
dissolution of the Society, any property remain after satisfaction
of its debts and liabilities shall not be paid to or distributed
among the members of the Society of any of them but shall
consistently with objectives of he Society be handed over to a
Charitable society of every similar nature and objective or with
the State Government.
This was
presented, discussed and was finally approved
in the Board
Meeting held on 20th June, 2009.
financial policy (pdf)
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