Shri Sai Educational and Welfare Association

1. Sources of Funds The Association receives funds through:

• Project-based grants and support funds.
• Membership fees from members.
• Individual donations and CSR contributions.
• Government grants and institutional donations.

2. Fund Disbursement & Expenditure

• Approval Process: Every expense must be pre-approved by the President or the General Secretary.
• Documentation: No payment will be released without valid bills, receipts, or appropriate supporting documents.
• Methods of Payment: As far as possible, payments should be made through banking channels (Cheque/NEFT) to ensure a clear audit trail.

3. Bookkeeping & Records

• Daily Accounts: The Accountant/Designated Staff will maintain daily records of all receipts and expenditures.
• Asset Register: A record of all fixed assets (equipment, furniture, etc.) purchased by the Association will be maintained and updated regularly.
• Petty Cash: A small amount of petty cash may be maintained for minor office expenses, which must be reconciled weekly.

4. Statutory Compliances

• Tax Deduction (TDS): The Association will deduct tax at source (TDS) as per Government of India rules where applicable.
• Income Tax: We will ensure timely filing of returns and maintain our 12AA and 80G status through transparent financial reporting.

5. Auditing & Reporting

• Internal Review: Financial reports (Income & Expenditure statements) will be prepared quarterly and reviewed by the Board.
• External Audit: The accounts of the Association shall be audited annually by an independent Chartered Accountant (CA) appointed by the General Secretary/Board.
• Transparency: Annual audit reports will be made available to major donors and relevant government authorities as required.

6. Financial Integrity

• Staff and volunteers are strictly prohibited from using the Association’s funds for personal use.
• Any financial irregularity or fraud will lead to immediate legal action and termination of association.