FINANCE POLICY

CONTRIBUTION

1.      Contribution may be deducted from the month  of joining to the college from such staff.

2.      Contribution amount may be as follows:

          For Teaching Staff                  : From Rs. 100

          For Non-Teaching Staff          : From Rs.   50

3.      After deduction of necessary expenses and payment from Contribution Balance,  Interest may be fixed as 4% at the end of every Financial Year. No Interest may be given to staff leaving in the middle of the Financial Year.

4.      Out of Cash at Bank after loan disbursement, 50% may be deposited in to the Bank as Fixed Deposit on 1st April of Every Financial Year. Remaining amount may be kept for future Loan and SWA expenditure purpose

STAFF BALANCE MAINTENANCE OF ACCOUNTS

Staff Balance on 31-3-10

 swf 2010 and 2011-12.

1. Interest on Staff Members Balance is 5% p.a.

on the closing balance on 31st Dec. of the respective year.

( Amended from this Year)

2.Interest is not accrued for

the Staff leaving in the middle of the year


 

Loan Settlement Details Rules for applying Loan

Loan Settlement for 2010-11

 

 

 

 

1  Loan may be sanctioned to all the permanent staff members of  our college

2.      Loan amount may be based on the one month take home salary, which is rounded off in thousands, for Teaching and Non-Teaching Members.

3.      Interest on loan may be continued at the earlier Rate i.e. 7.5%

4.      Repayment period for loan may be fixed as 6 nmonths or 1 year. Morethan 1 year may not be considered.

5.      For Applying loan, member has to apply in the proper format as now it is continued.

6.      New Loan will be sanctioned after the repayment of previous loan.

7.      Six  Prepaid cheques may be collected from Loan applicant before sanctioning  the Loan. After 6 months, remaining cheques may be collected.

8.      Repayment of loan may be made only through Cheque not by cash.

9.      Loan account is to be maintained separately. Format of loan a/c may give over all repayment of the year.

10.  Each person Loan account is to be maintained.

 

FINANCY POLICY FOR EXPENDITURE:

1.      Gift to Staff Members:

                  a.   A Fixed Amount of Rs.2,000 may be given for Marriage of the SWA member.

                  b.   A Fixed amount of Rs.1,000 may be given for  the functions(House Warming, Birth Day of Child of the Member, Marriage of brother/sister of SWA                         Member.

                  c.       Greeting cards may be given Birth Day or Wedding of Members of SWA.

2.      Payment:

a.       Any payment made from SWA, it may be by Cheque, not by cash.

b.       No payment made for other than SWA purpose. In case of emergency, it may be discussed with Executive Committee.

c.       Expenditure/payment may be allowed only for the categories mentioned in the bylaws or amended by special resolution.

 

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