AFVOA Newletters of Year 2013

Page 52 of 61 Ladies and Gentlemen, you reposed faith in us to run the organization for the last two years. I have given a factual account. We wish the new management the very best and assure our full cooperation, whenever it is sought, as immediate past committee members. Thank You Brig K Muthulaxmi Vice-President Passing of Annual Report Brig VA Subramanyam proposed that the Annual Report be passed. Brig TM Sridharan seconded the proposal.. Presentation of Audited Accounts Col RS Varadan, Treasurer presented the audited accounts, copies of which had been circulated to the members in advance. The following observations on the audited accounts were made by Maj Gen C Govindaswamy. Alongside the responses from the President are recorded. 1. Receipt of donation from members.... Rs, 69,001. (R & P Statement) This is a huge amount, equal to yearly subscription of a few previous years. This kind gesture of the venerable members may kindly be acknowledged suitably with the names and the amounts in an annexure to the Statement of Account and also announced during the AGM. Point noted and will be acted upon . 2. High Receipts and Continuing Low Key Expdr: The major recurring receipts from Subscription (Rs 92,506) and Interest minus TDS (Rs 1,12,763) total to Rs 2.05 Lakhs. The yearly expenditure is only Rs 18,488 as follows:-- Welfare : 4210 News Letter : 5319 Office Maint : 6590 Admin : 1369 Audit : 1000 Total : 18488 Say, 19,000. Thus, out of more than Rs Two Lakhs receipt, less than Rs 19 thousand is the expenditure. AFVOA continues to spend less than 10 % of its recurring receipts. Out of this surplus, Rs 40,000 is used for subsiding food (Maharaj expenditure); balance unutilised amount of about Rs one and a half lakh is added to capital accumulation, as FDs.