Standing Finance Committee

STANDING FINANCE COMMITTEE

There shall be a Standing Finance Committee of the Association consisting of the following:
  1. Director: To be unanimously selected (failing thereby to be elected) by the Executive Council amongst the Members of the Executive Council.
  2. Members – 6
    • (a) Nominated Members (3): Nominated by the Executive Council amongst the Members of the General Body having rich experience in financial management.
    • (b) Co-opted Members (2): The Director of the Standing Finanance Committee may co-opt maximum two experts, if necessary and it has as to be ratified by the Executive Council.
    • (c) Ex-officio Member (1): The Secretary or Joint Secretary of the Association.
  3. Convener: Convener is a full time professional with expertise in the relevant field of the Committee to be selected by Selection Committee Chaired by the Director and same may be approved by the Executive Council and will have no right for casting a Vote.

8.1 FUNCTIONS:

  1. The following matters shall be referred to the Standing Finance Committee which shall consider them and make its recommendation thereon to the Executive Council namely:
    • a. Annual Accounts showing the receipts and expenditure of the Association together with audit report thereon.
    • b. Budget estimates showing the estimated receipts and expenditure of the Association.
    • c. All proposals for the creation of new posts.
    • d. All financial matters pertaining to the Association including new proposals, re- appropriations of funds etc.
    • e. All matters relating to the invitation and acceptance of tenders.

8.2 POWERS OF THE STANDING FINANCE COMMITTEE

The Standing Finance Committee shall have
  1. the general control of all Financial matters of the Association and shall have authority to do, exercise and perform all the acts and deeds for sound financial status and control of the Association and its branches whether within or outside India consistent with the aim and objectives of the Association, as set forth in the Memorandum of Association.
  2. The Standing Finance Committee will allot specific budget to each of the Standing committees based on their proposals and collections through grants or donations, if any. All specific donations or grants collected by those committees will be allotted to them in the budget apart from the main funds of the Association.
  3. The Standing Finance Committee will also institute grants for different Centers of Yoga for improving their infrastructure and for setting up Centers of Excellence in the country and abroad.
  4. The Standing Finance Committee will also prepare the necessary application forms, handbooks for setting up the procedures for Grants and also wet similar application forms and booklets prepared by different committees involving Finances and provide their recommendations to the Executive Council.
  5. The Standing Finance Committee is also empowered to recommend to the Executive Council to make such changes in the bye-laws of the Association as they shall think essential for the regulation of the financial matters of the Association and in particular with reference to (i) the criteria formulated by different Standing Committees (ii) the criteria of booklets prepared if any delineating the activities of different standing committees (iii) set up internal auditing mechanisms for bringing in transparent, standard accounting procedures available to the public at large and (vii) any other purpose that may be necessary. vi. The Executive Council may by resolution delegate such administrative and financial powers as it may think proper to the Director of Standing Finance Committee as may be considered necessary.
  6. The Standing Finance Committee shall have the powers to revise, reframe, amend or repeal the financial handbook of the Association to be passed by the Executive Council of the Association from time to time.
  7. Nothing in these rules shall prevent the Director from exercising any or all the powers of the Standing Finance Committee in case of emergency for the furtherance of the financial matters of the Indian Yoga Association and the action taken by the Director on such occasions shall be reported to the Executive Council subsequently for ratification/information.

8.3 PROCEEDINGS OF THE STANDING RESEARCH COMMITTEE

  1. The Finance Committee shall meet as often as may be considered necessary by the Secretary for the transaction of the financial business of the Association but shall meet at least once a year. The Director will Chair all such meetings.
  2. Every notice calling for a meeting of the Standing Finance Committee shall state the date, time and place at which such meetings will be held and shall be served upon every member of the Standing Finance Committee not less than 14 clear days in case of ordinary meeting and not less than 7 clear days in the case of extraordinary meeting before the date of meeting under Certificate of Posting if sent by post or E-mail.
  3. The agenda shall also be sent along with the notice of the meeting and where it is not possible, the agenda shall be sent at least 7 days before the ordinary meeting and 5 days before the extraordinary meeting under certificate of Posting if sent by post.
  4. The Convener shall send notice of meeting of the Standing Finance Committee to all the members of the Standing Finance Committee.
  5. The accidental omission to give notice or the non-receipt of the notice by any member shall however, not invalidate the proceedings of the meeting.
  6. The convener will also record the minutes of the meeting and keep all the necessary records for implementation.
  7. One third of the members of the Standing Finance Committee present in person shall constitute the quorum at any meeting of the Standing Finance Committee.
  8. In case a meeting is adjourned for want of quorum, there shall be no quorum for the adjourned meeting.
  9. All disputed questions at meetings of the Standing Finance Committee shall be determined by votes and the opinion of the majority shall prevail. Each member of the Standing Finance Committee shall have one vote and in case of equality of votes, the Director chairing the session shall have a casting vote.
  10. Any business which it may be necessary for the Standing Finance Committee to perform, may be performed by way of a resolution in writing circulated amongst all its members and any such resolution so circulated and approved by majority of members entitled to vote at a meeting of Standing Finance Committee shall be as effectual and binding as if such a resolution had been passed in a meeting of the Standing Finance Committee provided at least 3 members of the Committee have given their approval to the resolution.
  11. The Director shall have the right to adjourn any meeting.
  12. A decision given by the Director of the meeting on a point of order raised by a member shall be final.
  13. All proceedings of the meetings of the Standing Finance Committee shall be entered in a Minute Book to be maintained by the Convener for the purpose and the Director at the next
meeting shall sign all minutes after the same is duly confirmed by majority of the other members.

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