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6. Safeguarding Funds Received
6.1 |
The following guidelines should give the basic level of protection for funds received.
1) All cash and cheques received should be banked intact daily. Daily collections should not be used for day to day expenditure.
2) Cash and cheques need to be kept in safe custody until they are banked.
3) The organisation needs to ensure that cash received for Tsunami relief work is banked only in the designated accounts. Cash / cheques received for specific projects should only be banked in the specific account maintained for such project. Cash / Cheques received for general assistance should be banked in the common account maintained for such general purposes.
4) Control needs to be maintained over issue of receipt books. Therefore unused receipt books should be kept in safe custody.
5) All receipts should be pre-numbered and issued with 3 copies.(Refer Annex 01)
1st copy – to the donor / person handing over the money
2nd copy – to the accounts division
3rd copy – book copy
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6.2 |
Short Term Investment of Excess Funds
Funds which are in excess of immediate requirements may be invested in interest bearing instruments (Eg: Treasury Bills, Short Term Fixed Deposits). However maximum precaution should be taken in selecting the financial institution. Interest earned should be accounted and utilised only for Tsunami project related activities. |
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