- Published: Tuesday, 26 March 2013 01:07
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Funds and Account
The funds of the PRICAI must be kept in the name of the PRICAI (an unregistered association) in a financial institution decided by the Steering Committee.
Proper books and accounts shall be kept and maintained either in written or printed form in English, showing correctly the financial affairs of the PRICAI and the particulars usually shown in books of a like nature.
All amounts shall be paid by cheque signed by the Chair and/or Secretary-Treasurer or any other member authorised from time to time by the Steering Committee. Or it has to go through an Institutional Finance and Accounting system. It was decided in PRICAI 2006 SC meeting that PRICAI finance should be maintained at Griffith University under the custodianship of Prof Abdul Sattar (Treasurer).
All expenditures shall be approved or ratified at a Steering Committee meeting biennially at each PRICAI.
Contributions to PRICAI funds
It is expected that each PRICAI xxxx makes a substantial financial contribution from its surplus to the PRICAI series funds. This fund is critical to maintain ongoing expenses and to start new initiatives such as distinguished service award, etc. A general guideline is that local organising body keeps 50% of the surplus and pass 50% of the surplus to PRICAI, unless other agreements were made between the PRICAI SC and the host organisation.