Finance policy

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Financial System for structural side of organisation

1. System of financial management:

It is decentralised into departments and units with a pyramidal structural system of supervision. Similarly there is a system of designated revenue collection from lower level to upper level. * (see pg16) Each unit and higher level up to Centre has a general miscellaneous fund directly under the control of the finance department. The source of collection of this fund is general.

2. Financial bodies and its structure:

a) CFC (Central Finance Committee) is a body of the Central Committee to oversee the financial activities through the General Finance Department. b) General Finance Department: General supervision of all financial activities of all departments and wings. c) In coordination with Central Commerce Secy to take such steps so that no dept, no wing, no section and no sub-section of our organisation. depends on donation for the day to day running of the organization there by establishing self-sufficiency. Donations are to be sought for service projects and acquiring organisational properties. d)Raise fund for general activities.

3. Resources of Finance:

Donation, (margiis are required to contribute minimum 2% of their income) Contribution and Production or activities for item/items designated to each department for fund raising.

4. Bank account:

A bank account should be opened in the name of the organisation, the department, project or activities. Above bank accounts should be opened jointly with two signatures (two out of three)by concerned persons with the approval of the structural supervisory authority and GFS. An individual WT bank account can be opened with permission.

5. Treasury:

All the collection, donation and contribution of funds must be deposited to the Treasury. To withdraw the fund there is need of concurrence of GFS in all cases and sanction of GS for general fund, sanction of ES for ERAWS fund in the Centre. Similar system will work on the other levels. Within the Treasury there is an Account Section. This Account Section will maintain the account of the fund, which is deposited to Treasury. Each department, section and individual will maintain its own account.

6. Approval of Project:

The President is the final authority to approve any project. The project proposal should be submitted to the GS with the recommendation of the department secretary after the concurrence of GFS.

7. Tax Payment:

Legal work and Tax Payment of any project or department should be done promptly by the concerned In-charge. Tax return should be submitted regularly to the revenue department of the Govt by the concerned body.

8. Donation, Loan and Transfer of funds:

Donation: As our institutions are charitable and service oriented organisations, it does not encourage giving any kind of donation, however, if it becomes imperative, the said donation can be given with proper approval of the management committee of the institution or unit. Loan: No loan equivalent to $1000 is to be taken or given without permission and approval of Finance Department and President of AMPS. Transfer of Funds: Transfer of funds from one unit to another unit of same department can be done taking into consideration the progress and developments of both units, but with the proper recommendations and final approval of the concerned central departmental secretary and GFS.

9. Reports and Returns:

Every department is to collect a monthly finance report from its lower levels. A consolidated report is to be submitted by the Finance Secretary or In-charge of that level to the higher level regularly. The department head should submit the previous finance report of his/her department in the following month to GFS.

10. Inspection and Audit:

The Finance Department, with the help of ISMUB Dept, or directly, makes arrangements for inspection of every unit at regular intervals and yearly. Internal and external auditors do audit. The audit report is submitted to the General Finance Dept. of AMPS and to the agency where it is imperative.

General Finance Secretary (GFS).........ACBs Sectorial FS.................………………..ACBs Regional FS…………………………..ACBs Diocese FS...............……………….....ACBs Dit. FS.................……………………..ACBs Bhukti FS.........………………….........ACBs Panchayat FS......………………...........ACBs Village FS......…………………............ACBs Unit FS

Financial System for Organisational (Margii) side of organisation

“You must endeavour to spend a minimum of one-fiftieth of your income on public service” (Livelihood, Chapter 25, Caracarya Part.1). (More information needed to explain how to organise this)

  • Examples of systems of designated revenue collection:

Disposal of Surplus, Net Profit of ERAWS Units: (and WWD projects? Trade projects?)

The profit of a school after meeting its regular expenses to the end of the month should be distributed as follows: 50% for reserve fund to meet emergency of school. 25% to be transferred to Central ERAWS for all-round development of ERAWS and to be issued receipt for the same. 25% for betterment of other ERAWS units.

Surplus profit of Homes and its transfer to Relief Section (Central)

Children's Home should meet requirements for 100 children for one year. Students Home, Retiring Home and Sisters Home should meet requirement for 100 persons for one year. From each remaining portion of cash: Keep 25% of surplus to meet requirements of a bad year. 25% for betterment of Homes. Rest 50% should be transferred to Central ERAWS to help Relief Section Central to meet emergencies and to feed different homes. (From RS Guide Book pgs 1-3)

Other financial policies:

25% of Babas Photos sales to be given to legal head 2.5% of the profit of publication sales to Babas family Pratik sales proceeds to Training Centres Kiirtan Cassette sales to HPMG/HPMGL Prabhat Samgeet sales to Central Office. The minimum 2% collection from margiis is to be distributed towards all depts as approved by CEC.