Standing Finance Committee

Standing Finance Committee

The Standing Finance Committee will be chaired by Director, selected/elected by the General Body. The Treasurer of the Association may be the Member-Secretary of the Finance Committee and the members will be nominated by the Governing Body.

The Standing Finance Committee shall consist of the following officials

Shri P.C. Kapur – Director, Standing Finance Committee

Functions

• The following matters shall be referred to the Standing Finance Committee which shall consider them and make its recommendation thereon to the Executive Council/Governing Council/General Body, namely:
• Annual Accounts showing the receipts and expenditure of the Association together with audit report thereon.
• Budget estimates showing the estimated receipts and expenditure of the Association.
• All proposals for the creation of new posts.
• All financial matters pertaining to the Association including new proposals, re- appropriations of funds etc.
• All matters relating to the invitation and acceptance of tenders, etc.
• To make efforts for generating funds for the functioning of IYA.

Powers of The Standing Finance Committee

• The Standing Finance Committee shall have 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.
• 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.
• 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.
• The Standing Finance Committee will also prepare the necessary application forms, handbooks for setting up the procedures for Grants and also get similar application forms and booklets prepared by different committees involving Finances and provide their recommendations to the Executive Council.
• 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 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.
• Nothing in these rules shall prevent the Director, Standing Finance Committee 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 Association and the decision taken by the Director on such occasions shall be reported to the Standing Finance Committee subsequently for ratification/information.

Proceedings of The Standing Finance Committee

• The Standing Finance Committee shall meet as often as may be considered necessary by the Treasurer for the transaction of the financial business of the Association but shall meet at least once in a quarter of the year. The Director will Chair all such meetings.
• 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 10 clear days before the date of meeting by post or by E-mail.
• 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 meeting by post or E-mail.
• The Member-Secretary of the Standing Finance Committee shall send notice of meeting to all the members of the Standing Finance Committee.
• 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.
• 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.
• 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.
• The Director shall have the right to adjourn any meeting.
• A decision given by the Director of the meeting on a point of order raised by any member shall be final.
• All proceedings of the meetings of the Standing Finance Committee shall be entered in a Minute Book to be maintained by the Member-Secretary for the purpose. The Director and the Member-Secretary shall sign all minutes after the same are duly confirmed at the next meeting.