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BUDGET & FINANCE

BUDGET & FINANCE COMMITTEE 

 No organization runs without the efficient and effective committee on Budget and Finance. It is the custodian of all accounts of the TOCHI and gives life as well as death to the organization keeping in view the effectiveness and efficiency of its functions, financial prudence and professionalism. It is a committee that prepares budget for the entire organization and arranges finances for its operations and conducts accountability of the TOCHI members. As a whole Budget & Finance Committee is the mother of all other committees of the organization and caters for their needs as a mother cater for the needs of her children.

TOCHI is expected to emerge as a vibrant and dynamic welfare organization based upon the international standards of accounting and budgeting. It will be a role model for the sister welfare organization in the region. To achieve this goal, a professional committee of budget and finance is need of the hours so that it can prepare the budget and keep and maintain the accounts of the TOCHI  in a professional manner. In addition, it keeps a watch on each penny to have been spent prudently and has been accounted for. By this TOCHI will be able to present a true and fair picture of the money spent to the development partners as well as other stakeholders.

Functions of the Budget & Finance Committee

  • The Budget & Finance Committee will prepare the annual operational and development budget of the organization that will be submitted to the General Body for approval.
  • It will keep and maintain the accounts of the organization in accordance with the International accounting and budgeting standards.
  • It will conduct the audit of the accounts through a certified chartered accountant firm whose report will be submitted to the Executive Council for onward submission to the General Body in the Annual general Body Meeting.
  • It will keep the record of the receipts accrued on account of registration, monthly subscription and donations.
  • It will also keep the record of all donors and development partners – their business addresses, contact numbers, emails and will update it on monthly basis.
  • The committee will also invest the funds of the organization in profit-bearing accounts subject to the approval of the President.
  • The Chairman of the Committee, ie. the Secretary Finance of TOCHI will be a joint signatory in the Bank accounts.
  • The committee will submit a duly reconciled monthly income and expenditure statement to the General Secretary and the President of TOCHI.
  • The committee will also provide financial advises to the Executive Council on matter of financial implications.
  • The committee will also monitor and review the projection of the income and expenditure of the organization on quarterly basis and will submit its report to the Executive Council.
  • The committee will also devise viable financial and budgetary policies of the organization.
  • The committee will perform any function having financial implication as deems fit by the Executive Council to be assigned thereto.

 Organizational Structure of the Budget & Finance Committee

 The committee will consist of at least five members of the outreach body headed by a Chairman of the committee who will be responsible to carry out the affairs of the committee in the light of the objectives of TOCHI and the functions of the Committee.

  • The number of the members may be increased by the Chairman himself, however, he is required to be prudent and vigilant while choosing members in accordance with the mandate given in the constitution.
  • Each member of the committee will have the same privilege and rights as enshrined in the constitution of the TOCHI.
  • The Chairman will hold a monthly meeting of the committee to evaluate the progress of the committee and will submit a report to the Executive Council for information and further necessary action.
  • The Chairman of the Committee can recommend, in writing, the termination of membership of the committee members recording reasons thereof. However, the Executive Council will consider the recommendations of the Chairman provided they are reasonable, unbiased and free of prejudice. The Executive Council will act in accordance with the procedure of termination of membership as envisioned in the constitution.

 

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