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  • Basic Financial Guidelines

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    1) Societies must have an approved budget plan for all spring semester 2009 events, implemented by patrons and office bearers, with funding proposals sent in advance including planned funding and expenditures. 2) Sponsorships must be via crossed cheque to IBA Karachi accompanied by a letter indicating the sponsored event title. Payments will be made after sponsorship receipt. 3) All payment requests require joint approval by the patron and society manager and must be within the approved budget for that event.

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    1) Societies must have an approved budget plan for all spring semester 2009 events, implemented by patrons and office bearers, with funding proposals sent in advance including planned funding and expenditures. 2) Sponsorships must be via crossed cheque to IBA Karachi accompanied by a letter indicating the sponsored event title. Payments will be made after sponsorship receipt. 3) All payment requests require joint approval by the patron and society manager and must be within the approved budget for that event.

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    5 views1 page

    Basic Financial Guidelines

    Uploaded by

    hamza_haq_2
    1) Societies must have an approved budget plan for all spring semester 2009 events, implemented by patrons and office bearers, with funding proposals sent in advance including planned funding and expenditures. 2) Sponsorships must be via crossed cheque to IBA Karachi accompanied by a letter indicating the sponsored event title. Payments will be made after sponsorship receipt. 3) All payment requests require joint approval by the patron and society manager and must be within the approved budget for that event.

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    Please find below basic financial guidelines for your reference:

    There shall be a Budget Plan approved by the President (the Director) comprising of all the societies events to be held in Spring Semester 2009. The Budget Plan shall be implemented by the Patrons / Office Bearers of the Societies. For each planned event, there shall be proposal approved by the Patron supported with planned funding and expenditure statement for control purposes. The statement shall clearly indicate the funding of events i.e. whether to be financed from allocated budget or from sponsorships or both. This financial proposal shall be sent to Finance department in advance of the event for checking of proper budget utilization and other necessary guidance. The sponsorships / contributions from organizations shall be received via a crossed cheque in the name of IBA, Karachi. It is also suggested that the cheque be accompanied with a letter from the donor / sponsor indicating the title of sponsored event. The payments for sponsored events will be made after the receipt of sponsorship amount. All payment requests for expenditures shall be approved jointly by the Patron and the Manager of that Society . The total of such payment requests for a particular event shall be with in the budget approved for such event. Utmost efforts shall be made to make all payments directly to the supplier via a crossed cheque. In case of petty items or where cheque payments can not be made, advance for such petty purchases will be issued to responsible persons (with his / her consent) subject to adjustment. Payment request shall be accompanied with the following documents 1. Invoice from the Supplier with contact details (Where applicable GST invoice must also obtained) 2. Work / Payment Order signed by the Patron 3. Three Quotations along with Comparative summary 4. Justification in payment request where lowest supplier is not selected

    Upon completion of the event, every responsible person is required to close that event by submitting Receipts and Expenditure Statement on actual basis indicating savings, if any.

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