Funds & Accounts

15. Funds:

The funds of the association may be raised by receiving:
(a) Registration fee from members;
(b) Donations, contributions as are voluntarily provided by members;
(c) Deposits from Members, patrons, sympathizers, such deposits are however non-interest bearing;
(d) Interest-bearing loans and borrowing from financial institutions in exceptionally essential circumstances;
(e) Advertisement for the magazine, website, YouTube etc.


16. Modalities Maintenance Accounts:
16.1. The compliance of procedure as per the Societies Act solely depends upon proper maintenance of records of accounts and statutory audit. The following procedure must be adopted with full transparency on expenditure, receipts that need internal surveillance through regular trial balance and finally to get final accounts audited by a recognized Auditor as contained in the MOA under heading "Maintenance and Audit of Accounts". It is essential to follow registered Regulation in respect of “Books of Accounts and Inspection” and “Duties of Office Bearers” for Maintenance. The Treasurer and the Secretary are jointly responsible for any matters related to the Accounts.


16.2. JRCPAA will maintain a separate account for the scholarship fund. Donations received for scholarship fund only will be deposited in the separate account for the scholarship fund. Money from this account cannot be transferred to any other account and cannot be expended for any other reason. However, money from the other accounts can be transferred to the scholarship fund if deemed necessary.


16.3. All donations, collections, and income, excepting money donated specifically for the scholarship fund, will be deposited in a separate account/fund.


16.4. The Executive Committee will have the responsibility of overall management of the funds.


16.5. The funds of the Society shall keep in banks/post offices/Mutual Funds and be invested in any securities specified under Sec. 20 of the Indian Trust Act, 1882.


17. Safe Custody of Properties:
The executive committee of JRCPAA will be the sole owner of all movable/immovable properties, and income of the Society derived or obtained from whatsoever source, and they will be utilized solely towards the promotion of the Aims & Objectives of the Association. No portion thereof should be paid or divided among any of the members by way of profits and/or utilized to further personal ambitions provided that nothing herein contained shall prevent the payment in good faith of remuneration of any officers of the association or other persons in return for any services rendered to the association.


18. Expenditure:
18.1. All expenditures up to a sum of Rs. 500/- must have prior approval of the Secretary, and beyond that sum, it must have prior approval of the President. If necessitates President may take consent of Executive Committee on heavy expenditures depending upon the merit of the case. In the case of Expenditures on specific projects, it must be approved by the Executive Committee with a budget being prepared for the cause. The expenditure voucher then be prepared by the Treasurer at the instance of Secretary/President with their endorsement. All records of approval must be maintained for auditor.


18.2. The Treasurer must properly maintain cash Book and Petty Cash Book on the weekly reviewing basis. All cash and Bank transactions must be posted regularly on the reviewing schedule every week.


18.3. Cheque Books to be kept with the Treasurer and must be issued with authorized signatories namely any one of President and Secretary as the first signatory and Treasurer as the second signatory.


18.4. Cash expenditure at one time should not exceed Rs. 500/-.


18.5. The Treasurer in consultation with President and Secretary should prepare a draft budget on annual expenditure at the beginning of each Financial Year and get the same approved by the first Executive Committee Meeting at the start new Financial Year.


18.6. Meeting Expenses: The members of the JRCPAA Executive Committee shall be reimbursed for their travel, hotel, parking, and meals (the limits to depend on the financial situation of the association, as determined by the Executive Committee through resolution) expense incurred while attending such Executive Committee meetings, with prior approval of the President and/or the Secretary.


19. Receipts:
19.1. Receipts must be issued against each collection serially against payment both by Cash as well as by Cheque in serially maintained printed Receipt Book.


19.2. The receipt book should be kept with the Treasurer, and use of duplicate book can only be done on specific cases with the approval of the Secretary.


19.3. The Receipt Book should be issued to Treasurer serially and numbered by the Secretary who shall maintain the records of the number of Books issued in a particular Financial Year.


19.4. Each Financial Year should start with a fresh Receipt Book.


20. Trial Balance:
20.1. Trial Balance to be prepared every three months figuring total Collections/Expenditures starting from 1st April every year.


20.2. A final Trial Balance to be prepared annually for the period 1st April to 31st March next year.


20.3. Balance Sheet:
20.3.1. All Receipt & Payment Account, Income & Expenditure Account along with Balance Sheet to be prepared every year starting from 1st April and ending on 31st March for submission to the Auditor for audit along with all supporting documents like receipts, vouchers, sanctions, etc. as required and asked for by the Auditor.


20.3.2. The Treasurer is responsible for satisfying Auditor all his/her queries regarding documentation, authentication, and correctness of accounts. He may seek the help of the Secretary in this matter.


20.3.3. The Treasurer shall present the auditees account before the AGM and get the same passed.


20.3.4. After the AGM passes the audited account, Treasurer shall submit the copy of audited account along with Secretary's report to the Registrar of societies within three months for renewal of registration of JRCPAA. This is statutory for every year.


20.3.5. The Treasurer should submit within 31st October; the Income Tax Return every year.
 

21. Books of Account & Inspection
The books of account and other statutory books shall be kept at the registered office and shall open to the inspection of the members at such time and place as the Executive Committee directs on a written request made by any member.


22. Accounting Year
The accounting year of the Society shall be from the first day of April of each year to 31st day of March of the following year.


23. Maintenance and Audit of Accounts
The Society shall maintain books of accounts as required under Sec.15 (1) (a), (b) of the West Bengal Societies Registration Act, 1961. The accounts shall be auditable by a duly qualified auditor, as stated in Sec.15 (2) of the West Bengal Societies Registration Act, 1961.


24. Suit & Legal Proceedings
All suits and legal proceedings by or against the Society shall be in the name of the Secretary or such person as shall be appointed by the committee.


25. Other Stipulations:
25.1. JRCPAA cannot affiliate itself with any political party or any political group.


25.2. JRCPAA cannot be used as a political platform for any political party or any political group.


25.3. JRCPAA cannot affiliate itself with any religious party or any religious group.


25.4. JRCPAA cannot be used as a religious platform for any religious party or any religious group.


25.5. JRCPAA cannot discriminate anyone for anything on the basis of a person's race, religion, sex or sexual orientation.