Finances

Finances

The financial year shall be from first of July in every year

Operation of accounts

An account in the name of APRAS shall be opened in a recognized National Bank, after obtaining formal approval from the executive committee, which shall be submitted in writing to the bank at the time of the opening of the account.

The account shall be operated, by the Treasurer jointly with the president/vice president or the secretary who shall be the co-signatory.

Under no circumstances, this is norm shall be selected to change amount received towards subscription/admissions fee, shall form a Corpus fund, which shall be placed in the form of fixed deposits. The interest cumulating over this Corpus only shall be Deposited in to the account of the association, which shall be utilized by the executive for the administrative/conference grants/any other grants for the fulfilment of the objectives of the Association.

The utilization of funds shall be subject to availability and under nocircumstance the executive is empowered to inker expenditure beyond the available funds thus, putting the Association in depth or financial liabilities.