2. What is AuroIN Benevolent Fund ?
AuroIN Benevolent Fund (ABF) is a financial
assistance for its employees and their near &
dear ones.
ABF is designed to fulfill educational desires
of its employees' near and dear ones and for
their children, and addresses the hindrances
where money becomes a hassle towards taking
the next step.
Catering to AuroIN employees eligible
dependants, facing financial hardship will be
the sole moto.
3. Objective
This internal fund fosters to support and
encourage financially challenged kin and
keaths of AuroIN's employees to give
maximum support to their children who aim
at higher and better education.
ABF is purely intended to relieve distress
amongst them, providing financial assistance
as an emphathetic touch.
4. What will ABF do ?
- ABF will take care of employees' children's
admission into school.
- It will bear the cost of exam fees and course
fees.
- Interest free educational loans may also be
given to the employees under extenuating
circumstances. A partial amount shall be
recovered in 10 equal installments.
5. Salient Features
- An employee for whom the fund is previously
granted, will not be allowed for a second grant,
until the case is acute and clear.
- An employee will be eligible to get further loans
from the Fund after completion of one year from
the date provided previous loan is fully paid back.
* The amount contributed from the interested
employees as a Donation with have tax benefit
under the IT Act.
6. Salient Features
- Donations into the fund is purely based on
individual's willingness to join hands for this
great cause.
- After collecting the donation, the fund will
acknowledge the employee with a certificate
of appreciation.
- Any employee who wants to discontinue
contributing to this fund, can do at any point
of time by communicating to the Fund
Committee in writing.
7. Collection of Funds
AuroIN's Management reserves the right of
sanctioning the desired amount for creation of
the fund every month.
Funds from the interested employees will be
collected by the Cashier, by the way of making
deduction from the salary of the members on a
standing written authorization given by the
employee concern.
* Contribution once made to the fund shall not
be refunded unless approved otherwise.
8. Administration of the Fund
A Managing Committee will administer the
Benevolent Fund.
The Fund will be easily accessible to all of the
needy employees.
Employees need to put request in writing
enabling the Committee to help them in time.
9. Fund Managing Committee
The administration of the fund shall be vested
on a Managing Committee, which shall carry
out the objectives of the Fund and generally
exercise all powers in furtherance there of.
The following shall be the members of the
Managing Committee-
Director (Admin.) : Chairman/ CEO/ COO
Under Secretary (Admin) : Secretary
Accounts Officer : Treasurer
Five selected staff members : General Body
10. Function of the Fund CommitteeFunction of the Fund CommitteeFunction of the Fund CommitteeFunction of the Fund Committee
Quorum:
Five members of the Managing Committee
shall form a quorum at any meeting to
consider the applications for loans/ grants etc.
to the employees.
11. Function of the Fund CommitteeFunction of the Fund CommitteeFunction of the Fund CommitteeFunction of the Fund CommitteeFunction of the Fund CommitteeFunction of the Fund CommitteeFunction of the Fund CommitteeFunction of the Fund Committee
The Managing Committee shall have the power
to frame/ armed by-laws and rules of procedure
and conduct of business relating to Benevolent
Fund.
The quantum of relief in each case shall be
determined by the Managing Committee headed
by the Director of the Fund.
Funds will be approved in cases as may be
deemed fit and deserving by the Managing
Committee of the fund.
12. Base of Selection
Prior to approval or grant of fund to an
employee, the Managing Committee will
consider the following criteria:
- Employee's income
- Family background
- Financial background
-Academical performance (In case of
educational loan)
Cases will be considered which will be deemed
fit and deserving by the Managing Committee.
13. Application for Assistance
Application for assistance from the members
shall be received by the Secretary of the Fund.
These applications shall be considered by the
Managing Committee in its meeting held
periodically. The application shall be supported
by the elected members from the staff side.
In case of Emergency, the Chairman of the
Committee shall have powers to sanction
amounts to the extent and for the purpose
mentioned herein above, which shall be ratified
by the Managing Committee at its next meeting.
14. Bankers
The Bankers of the Fund shall be SBI.
The Bank Account shall be operated jointly by
the Treasurer and the Secretary of the Fund.
The Treasurer shall be responsible for all
money received and spent by him on behalf of
the Fund and also for the maintenance of
accounts.
Audit of Accounts:
The accounts of the Fund shall be audited by an
Internal Auditor to be appointed by the
Managing Committee who can be an employee
of higher cadre.