What is AuroIN Benevolent Fund ?AuroIN Benevolent Fund (ABF) is a financialassistance for its employees and their near &dear ones.ABF is designed to fulfill educational desiresof its employees near and dear ones and fortheir children, and addresses the hindranceswhere money becomes a hassle towards takingthe next step.Catering to AuroIN employees eligibledependants, facing financial hardship will bethe sole moto.
ObjectiveThis internal fund fosters to support andencourage financially challenged kin andkeaths of AuroINs employees to givemaximum support to their children who aimat higher and better education.ABF is purely intended to relieve distressamongst them, providing financial assistanceas an emphathetic touch.
What will ABF do ?- ABF will take care of employees childrensadmission into school.- It will bear the cost of exam fees and coursefees.- Interest free educational loans may also begiven to the employees under extenuatingcircumstances. A partial amount shall berecovered in 10 equal installments.
Salient Features- An employee for whom the fund is previouslygranted, will not be allowed for a second grant,until the case is acute and clear.- An employee will be eligible to get further loansfrom the Fund after completion of one year fromthe date provided previous loan is fully paid back.* The amount contributed from the interestedemployees as a Donation with have tax benefitunder the IT Act.
Salient Features- Donations into the fund is purely based onindividuals willingness to join hands for thisgreat cause.- After collecting the donation, the fund willacknowledge the employee with a certificateof appreciation.- Any employee who wants to discontinuecontributing to this fund, can do at any pointof time by communicating to the FundCommittee in writing.
Collection of FundsAuroINs Management reserves the right ofsanctioning the desired amount for creation ofthe fund every month.Funds from the interested employees will becollected by the Cashier, by the way of makingdeduction from the salary of the members on astanding written authorization given by theemployee concern.* Contribution once made to the fund shall notbe refunded unless approved otherwise.
Administration of the FundA Managing Committee will administer theBenevolent Fund.The Fund will be easily accessible to all of theneedy employees.Employees need to put request in writingenabling the Committee to help them in time.
Fund Managing CommitteeThe administration of the fund shall be vestedon a Managing Committee, which shall carryout the objectives of the Fund and generallyexercise all powers in furtherance there of.The following shall be the members of theManaging Committee-Director (Admin.) : Chairman/ CEO/ COOUnder Secretary (Admin) : SecretaryAccounts Officer : TreasurerFive selected staff members : General Body
Function of the Fund CommitteeFunction of the Fund CommitteeFunction of the Fund CommitteeFunction of the Fund CommitteeQuorum:Five members of the Managing Committeeshall form a quorum at any meeting toconsider the applications for loans/ grants etc.to the employees.
Function of the Fund CommitteeFunction of the Fund CommitteeFunction of the Fund CommitteeFunction of the Fund CommitteeFunction of the Fund CommitteeFunction of the Fund CommitteeFunction of the Fund CommitteeFunction of the Fund CommitteeThe Managing Committee shall have the powerto frame/ armed by-laws and rules of procedureand conduct of business relating to BenevolentFund.The quantum of relief in each case shall bedetermined by the Managing Committee headedby the Director of the Fund.Funds will be approved in cases as may bedeemed fit and deserving by the ManagingCommittee of the fund.
Base of SelectionPrior to approval or grant of fund to anemployee, the Managing Committee willconsider the following criteria:- Employees income- Family background- Financial background-Academical performance (In case ofeducational loan)Cases will be considered which will be deemedfit and deserving by the Managing Committee.
Application for AssistanceApplication for assistance from the membersshall be received by the Secretary of the Fund.These applications shall be considered by theManaging Committee in its meeting heldperiodically. The application shall be supportedby the elected members from the staff side.In case of Emergency, the Chairman of theCommittee shall have powers to sanctionamounts to the extent and for the purposementioned herein above, which shall be ratifiedby the Managing Committee at its next meeting.
BankersThe Bankers of the Fund shall be SBI.The Bank Account shall be operated jointly bythe Treasurer and the Secretary of the Fund.The Treasurer shall be responsible for allmoney received and spent by him on behalf ofthe Fund and also for the maintenance ofaccounts.Audit of Accounts:The accounts of the Fund shall be audited by anInternal Auditor to be appointed by theManaging Committee who can be an employeeof higher cadre.