OBJECTIVE
Policy aims to help build budget, place internal controls, and quality financial reporting.
SCOPE
This policy is applicable to all WeVysya affiliates, Leaders, Members and Staff.
POLICY GUIDELINES/PROCESS
BUDGET
WeVysya Global President will present the budget allocated for the year to Global Board in the first global board meeting of the year and take the approval of the same. Budget to be prepared taking into consensus of all (Global Board, State Team and Core Members)
INTERNAL CONTROLS
WeVysya have placed internal controls to avoid frauds.
INFLOW
1. Memberships are granted only through the online registration and collection of membership fee through the online portal only.
2. Automatic issue of GST compliant invoice to the members upon successful payment.
3. Cancellation of any membership fee to be processed upon approval from Global Vice President Memberships through a written email communication to Global Vice President Finance mentioning the reason for refund.
4. WeVysya will issue the GST complaint invoice for any sponsorships, advertisement services or any others provided and ensure the amount is realized by the Global Vice President Finance.
5. WeVysya will have only one bank account and Global Vice President Finance will be the in charge of same.
OUTFLOW
1. Expenses will be spent only based on the allocated budget. Any deviation from the budget will be discussed and approved in the global board meeting if cause deems fit.
2. All the expenses incurred will be supported by GST compliant invoices preferably. If the supplier is not GST registered person, then the expense will be supported by the invoice or voucher.
3. Before incurring any expense, a quotation or proforma invoice will be obtained from the supplier and which will be backed by the purchase order signed by the requester and Global President. Quotations will be received from minimum of two suppliers and will be awarded to the best quote. Supplier KYC documents like PAN, Aadhaar, GST certificate and a cancelled cheque will be collected.
4. All the payments will be through banking channel only and no cash transactions.
5. Reimbursements will be claimed through the duly signed reimbursement form by annexing the supporting documents. The supporting documents will be in the name of WeVysya only. In the exceptional cases like travel tickets, etc where it is not possible in the name of WeVysya, it will be in the name of user.
6. All the reimbursements will be emailed to Global Vice President Finance with a copy to the Global President. Payments will be released on approval by the Global President.
7. The original claim forms along with the supporting documents will be sent to the WeVysya global office. These documents will be handed over to the account department.
QUALITY FINANCIAL REPORTING
1. Proper books of accounts are prepared and maintained by the accounts department of WeVysya.
2. Variance analysis report with actuals Vs budgeted will be prepared and discussed in the Global board meeting to take corrective course of action.
3. An independent audit will be carried out by a Chartered Accountant appointed at the annual general meeting.
4. Financial statements along with the audit report will be circulated and approved at the annual general meeting.
MEETING FEES AND EXPENSES
1. Maintain proper records for collection of meeting fees in a register
2. Ensure collection from all the members
3. To the extent possible collect the meeting fees in cash
4. Make the payments like restaurant bill, meeting expenses, etc in the mode you have collected
5. Collect supporting documents for payments made. If invoices are not available, vouchers should be made available
6. Maintain a register for cash balance available at house level and store the supporting documents
7. Treasurer should get the signatures of President and Secretary before start of next meeting beside the cash available balance in Register
8. Post the summary of transactions of every meeting in the PST group and finance group with opening balance, collections, expenses and closing balance
9. Every member will have right to inspect the registers and supporting documents
10. Prepare budgets and allocate the meeting fees for better management and fruit full utilization
11. Take quotations for any high value transactions and give preference to our members
12. Any major expenses not feasible to spend from house kitty, reach out to Global Vice President Finance upon approval of Global President
13. Spend for expenses wisely and ethically.
MEMBERSHIP FEES
1. Membership fee is increased from Rs. 5,000 to Rs. 6,000
2. Registration charges for new member to continue at Rs.1,000
3. GST at 18% at membership fee and registration fees
4. Change in membership fee policy:
a. Membership fee and renewals based on the financial year
b. New member joining before 6 months from the start of financial year i.e 30th September has to pay full membership fee of Rs. 6,000/-
c. New member joining after 6 months from the start of financial year i.e on or after 1st October, has to pay half year membership along with full year membership fee for the following year. The total membership fee would be Rs. 9,000/- (Rs. 3,000+ Rs. 6,000)
5. Memberships are granted only through the online registration and collection of membership fee through the online portal only.
6. Automatic issue of GST compliant invoice to the members upon successful payment.
7. Cancellation of any membership fee to be processed upon approval from Global Vice President Memberships through a written email communication to Global Vice President Finance mentioning the reason for refund.
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