IPSA Membership Rules and Regulations

Article IV : Finance

  1. The admission fee and subscription for each category of membership shall be as follows:

    These amounts may be altered by the Council if and when necessary.

  2. The annual subscription shall be for the calendar year. Subscription for a calendar year shall become due on the 1st day of that calendar year. The financial year shall also coincide with the calendar year.

  3. The Treasurer may keep a small amount of money with him as cash to incur sundry expenditures but the bulk of the sums received by the Treasurer on behalf of the Association shall be deposited in a Bank Account in the name of the Association in any of the Nationalized Banks. The Bank Account shall be operated by the Treasurer jointly with the Secretary, or the President. Out of the budgeted provision, disbursements below Rs. 2000/- under any "Head" may be authorized either by the President or the Secretary, but individual disbursements exceeding Rs. 20001 must be approved by both the President and Secretary.

  4. The Council may, however, from time to time authorize one or more members of the Association to singly or jointly operate subsidiary accounts of the Association for specific purposes e.9., for each one of its publications. In such cases, subject to the availability of funds, the budgeted amounts for the particular activities shall be transferred to the respective subsidiary accounts by the Treasurer. The person(s) appointed by the Council to operate these subsidiary accounts shall be authorized to make payments not exceeding the budgeted provisions for the respective Head of the subsidiary account, and at the end of each financial year they shall submit the vouchers and statement of income and Expenditure of their subsidiary account to the Treasurer for inclusion in the annual statement of the accounts of the Association. Whenever necessary the Executive Council may delegate the disbursing power of the Secretary to the Joint Secretary or any other member of the Executive Council at the place of the Treasurer and authorize him/her to operate the Accounts of the Association jointly with the Treasurer.

  5. The accounts and vouchers of the receipts and expenditure of the Association shall be subject to the scrutiny of the standing Finance Committee of the Council at such intervals as the Council may prescribe and shall be subject to the annual audit. The annual statements of the accounts, shall, after professional audit, be printed in the Report of the Association.

  6. All sums received as donations, Donor and Life membership fees and Admission. Fees, and any other sums allocated by the Council would constitute a Reserve Fund and generally only the interest therefrom shall be available for the general expenditure of the Association, this rule will however not apply to gifts and donations obtained for specific purposes.

  7. All securities and moneys, which are the property of the Association, shall be deposited for safe custody in any nationalised bank in lndia.

  8.  The funds of the Association shall be spent for the attainment of the objects of the Association and no portion thereof shall be paid or transferred directly or indirectly to any of its members through any mean except as provided in para (9) following.

  9.  The President may approve payment of travel grants to the members of the Council, of the Nominating Committee, and of any subcommittee formed by the Council for attending the meeting of the body concerned. Travel grants may also be granted to members of the Association for attending scientific meetings of the Association and presenting papers thereat.