September 22, 2012IIT BHU Global Alumni Meet, Santa Clara, CA Money Matters ITBHU Global Alumni Association Inc. Vibhore Kumar Treasurer, CSE 2002.

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Presentation transcript:

September 22, 2012IIT BHU Global Alumni Meet, Santa Clara, CA Money Matters ITBHU Global Alumni Association Inc. Vibhore Kumar Treasurer, CSE 2002

September 22, 2012IIT BHU Global Alumni Meet, Santa Clara, CA The alumni association is registered as a nonprofit organization in the state of New Jersey. IRS 501(c)(3) status, which means that your contributions are tax deductible – Organization issues receipts for contributions – Organization files tax returns with IRS Report on contributions and expenses is published quarterly in the Chronicle Quick overview

September 22, 2012IIT BHU Global Alumni Meet, Santa Clara, CA Money flow & accounts Alumni Wells Fargo Account Cash/Checks Charitable activities Student scholarships Publication awards Leadership awards Volunteer awards Infrastructure Expenses Alumni website Transaction fees Miscellaneous office expenses Fund raising events Every expense has to be approved by the board Accounts maintained online and are open for public review Board members work as volunteers

September 22, 2012IIT BHU Global Alumni Meet, Santa Clara, CA Balance sheet & tax returns

September 22, 2012IIT BHU Global Alumni Meet, Santa Clara, CA India organization & account

September 22, 2012IIT BHU Global Alumni Meet, Santa Clara, CA Going forward… We expect that large contributions will start pouring in soon – Commitments from several batches – Large donors ready to step-in Our operational costs will increase a bit – Need to think of creating an endowment fund – Accounts will have to be managed professionally It will be easier to deploy funds once IIT (BHU) has FCRA clearance

September 22, 2012IIT BHU Global Alumni Meet, Santa Clara, CA Questions? If not then please proceed this link:

September 22, 2012IIT BHU Global Alumni Meet, Santa Clara, CA