AFVOA Newletters of Year 2013

Page 53 of 61 This year the capital holding has increased by Rs three lakhs as can be seen from the Balance sheet. Other factors contributing to increased savings are (a) Donation of Rs 69,001 (b) Action rightly taken by you to convert the low interest yielding S/B A/C amounts in the two banks to F/Ds as per my suggestion in the AGM of last year. My observation and submission on the above are as follows:- (a) With such low key expenditure and accumulating surpluses, where is the need for increasing annual subscription from Rs 300 to Rs 400 and/or introducing life time subscription? Those actions will lead to more and more surplus. (b) Therefore: --- (i) Do not increase subscription, if there is low expenditure. (ii) Rethink on Life Time Subscription from this angle also. (c) Prepare a blue print for effective utilization of receipts for the common good of veterans. I wish to state here that with easy availability of more money there can be occasion for excessive and extravagant expenditure at some future time, which is avoidable. High Receipts and Continuing Low Key Expdr. The phrase 'low key’ is perhaps inappropriate. We have taken special care to conserve our finances. Our office bearers have been moving around extensively in their own transport on AFVOA work and have not claimed any expenses. We have utilised our personal resources to get work done for the AFVOA. We are claiming nothing for the large number of tele/mob calls made for AFVOA work. No money is claimed towards broad band usage. We have been of the view that accumulation of our funds and transferring to a Strategic Reserve is the way to go. If there is a need to spend on something that the members desire, we may do so, but spending for spending’s sake is not advisable. Do Not Increase Subs: Members and their wives (and sometimes their guests) are now paying Rs 75 each for lunch per meeting. The cost of lunch is Rs 125 per person. If a member and his wife attend six meetings in a year, the subsidy element is Rs 50 x 2 x 6 = Rs 600. When we collect Rs 400 per member as membership fee, we extend a subsidy of Rs 200 to him. If we send him Newsletters by post, we give him another subsidy of Rs 20 x 6 = Rs 120. Is it fair to recommend a reduction in the membership subs to Rs 300? 1. Rethink Life Time Subs (LTS): Please be assured that LTS is not to raise money. On the contrary it is to use the available financial strength of the Association to extend benevolence to our aging members. The more I think about this, I am firmly of the view that LTS is in the larger interest of the members and the organisation. In fact your suggestion to prepare a blue print for effective utilisation of receipts is well taken by saying that LTS is indeed exactly that. 2. Easy Availability of Money: My concern is that we should not give occasion for excessive and extravagant expenditure. The members should not be given to believe that we have money to blow (using phrases like low key expenditure,