Procedures that need to be followed by Asha Stars
Recommendation and Pointers for Asha Stars
Information for the Approving Chapter Treasurer
 

Procedures that need to be followed by Asha Stars

• Funds may be raised specifically for the Asha Star Project only after project approval by a registered Asha for Edcuation chapter.
• All contributions are to be made to "Asha for Education".
• Write name of the Asha Stars Project in cheque reference section.  This will help the treasurer keep track of the funds with the project.
• Each Asha Star contributes at least $300 per year.
• Funds are sent to the project only after the chapter approval.  The chapter needs to approve the project every year before the funds are sent out.  If you are having to send funds more often (every six months or every three months), inform the projects group when it meets that such and such amount has been sent to so and so project.  Also, keep the approving chapter infomed of any change in proposal.  Of course, the Asha Stars should be unanimous about these fundings.
• Maintain up-to-date Agreement Statements for all funds transfered.  When the funds are sent out, please attach an agreement statement clearly writing down the purpose (not necessirily the entire details) for which the money is to be used.  This agreement is to be signed by one of the Asha Stars and the project representative in India.  Send two copies of the agreement after signing to the project representative.  The project representative signs at least one and sends it back to you for your records.  Such letters also help the project and Asha when its finances are audited.
• All administrative expenses are borne by Asha Stars.  Obviously all these mailings or wire transfers require funds.  Create a "petty-cash fund".  All Asha stars could contribute a small amount (around $20 or so) to this fund.  One of the Asha Stars keeps track of the petty-cash fund.

Recommendation and pointers for Asha Stars

• Good practice to act on fiancial matters immediately as otherwise, it has negative implications on Asha for Education as a whole.
• Good idea to have one Asha Star to managing the finance for the Star project.  He/she could be the person who collects the cheques and passes it to the approving chapter treasurer.  He/she could also make sure that all the matching grants (if the companies at which the contributing people work has such a programme) have arrived.  He/she and the co-ordinator also make sure that all the Asha Stars contribute every year.  Good idea for this person to build up a rapport with the treasurer of the approving chapter.
• Once the funds are collected, the approving Asha chapter treasurer issues a cheque to the project.  The Asha Star manging the finance or the treasurer could mail by "Registered post with Acknowledgement" to the project.  This ensures that you have a dated and signed receipt for the funds from the receiving party.
• The funds could also be sent by wire-transfer.  This is usually more efficient (up to three days, but usually the same day) and is free from the vagaries of sending letters.  But it costs more.
• For continuning good-will, go the extra length if necessary to make sure that the contributers receive their receipts for Asha for Education promptly (within 3 months).
• This point might seem like trivia but is worthy of note for saving time in the future.  Make sure that you spell out the month when you put the date on cheques sent to India.  In the past, bank officials in India have been baffled by dates such as 2-15-00, causing unnecessary delays in the funds getting through!  If you must write the month first, spell it out, eg. February 15, 2000.
• Keep an updated file, probably in the files section of the Project eGroups that all of you can access and verify when needed.  (The egroups could be made private for the viewing of only the eGroup members.)
• A summary of financial transaction could be periodically posted on the project web-site for the general public to view.

Information for the Approving Chapter Treasurer

• Please track seperately all funds contributed specifically to approved Asha Star Projects project.
• Release funds for the project on the recommendation of the Asha Stars members only after discussion in the projects group of the approving chapter.
• All administrative expenses (wire-transfer/mailing expenses) are to be borne by the Asha Stars or the treasurer.  Do not use Asha for Education funds for these expenses.

Some of these things may seem obvious but the success of Asha Stars Projects and Asha for Education's mission critically depends on how efficiently and transparently we handle our finances.  Every year, we need to file financial statements to the IRS in the US and the IT dept. in India.  So we have to vigilent at every step.
 

For questions on finance specific to Asha Stars projects, send email to Asha Stars Projects eGroups
For general fianance related questions, send email to xxxyyyzzz

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