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FINANCIAL REGULATIONS OF TFI

(As Approved by General Assembly on 3^rd August’ 2000 at Bangalore)

1.      APPLICABILITY

 These financial Regulations govern the business affairs of the TFI in accordance with the provisions of the TFI Constitution

 2.      USE OF FUNDS

The funds standing at the disposal of the TFI are to be used in a cost effective manner for promotion and development of Taekwondo in India and to full fill the constitutional responsibilities of the Federation as far as possible, if funds permit.

 3.                BUDGET 

3.1       The budget forms the basis for the conduct of business. The Treasurer in consultation with Secretary General under the overall guidance of the President TFI will make the draft for the budget. 

3.2       It is mailed to the Member Units 3 weeks before the General Assembly. The budget will be placed before the Executive Committee and further submitted for final approval by the General Assembly. 

3.3       Membership fees are fixed by the General Assembly as provided in the constitution.

4.      ANNUAL STATEMENT OF ACCOUNTS 

Budgetary income and expenditure are to be audited by Chartered Accountants as decided by the General Assembly.

5.      MANAGEMENT OF ACCOUNTS

As far as possible, financial transactions involving TFI accounts are to be transacted without the use of cash.

6.      MEETINGS & TRAVEL  

6.1       Representative attending the General Assembly and Members of the Executive Committee are paid TA / DA as approved by the General Assembly and in accordance with travel regulations in effect at the time. 

6.2       Official trips require the approval of the President TFI. This does not pertain to trips covered under TFI Rules & Regulations in effect at the time. 

6.3       Executive Committee is the authority in financial and accounting questions, which are not covered by the financial regulations as well as Rules & Regulations of TFI in force at that time. 

6.4       In case of exigency of circumstances, the President will take                 the  decision even if beyond his powers as provided in the                 Constitution, subject to ratification by the Executive                         Committee     in its next meeting.

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Last modified: April 12, 2001