AuroIN Benevolent Fund

We Care!

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.

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.

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.

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 fromthe 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.

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.

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.

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.

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/ COOUnder Secretary (Admin) : SecretaryAccounts Officer : TreasurerFive selected staff members : General Body

Function of the Fund Committee Function of the Fund Committee Function of the Fund Committee Function 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.

Function of the Fund Committee Function of the Fund Committee Function of the Fund Committee Function of the Fund Committee Function of the Fund Committee Function of the Fund Committee Function of the Fund Committee Function 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.

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.

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.

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.

AuroIN Believes in TOGETHERNESS!

THIS YEARLET US...

JOIN HANDS TOGETHERFOR A BETTER

AND BRIGHTER FUTURE!!!