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KOA BOARD RESOLUTIONS
March 8, 2007 BACK TO ZONE FUNDS RESOLUTION Dear Members,
This is to inform you that the KOA board recently
passed a resolution to return a certain percentage of the total
membership fee raised, back to zones for offsetting the expenses
incurred in organizing local events. The details of the
resolution are enclosed below. The resolution was passed with 10
votes in favor and 1 absent vote. Following is the voting record:
Zone 1 - Nimmi Kalla - YES
Zone 2 - Santosh Raina - YES
Zone 3 - Ashutosh Ganjoo - YES
Zone 4 - Swapna Raina - Absent
Zone 5 - Anjali Kaul Zutshi - YES
Zone 6 - Ashutosh Kaul - YES
Zone 7 - Ajay Koul - YES
Zone 8 - Pradumon Tickoo - YES
Zone 9 - Rajeev Sumbly - YES
Zone 10 - Amrit Nehru - YES
President - Sunil Fotedar - YES
Based on the membership fee data from last year
(2006), following are the amounts that will be reimbursed back to
each zone:
If you have any specific question about this
resolution, please get in touch with your Zonal Director. They all
have the required information about this resolution. If after
talking to them, you still have a question, please feel free to
contact me offline.
Thanks,
Lalit Koul
Secretary, KOA
(508) 337.9181
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"Back to Zone Funds"
Resolution
KOA will return a percentage of membership fee
raised, back to zones for offsetting the expenses incurred in
organizing local events. These funds will be used for activities
that support the mission of KOA, like our cultural events, celebrations, etc. Also per standard non-profit accounting practices, such funds have to be paid as a reimbursement to the BOD member who is organizing the events. This allows for a system of checks and balances, and ensures proper use of donated funds. The three main elements of the resolution are:
PERIOD OF CONSIDERATION
Period of consideration for “Back to Zone Funds” calculation will be from January 1 till December 31 of the previous calendar year. Therefore for the calendar year 2007, the percentage will be calculated on the total membership dues received from January 1, 2006 till December 31, 2006.
PERCENTAGE OF MEMBERSHIP DUES TO BE
“RETURNED” TO ZONES
Each zone will be provided 20 (twenty) percent of the total membership dues from that zone collected during the “period of consideration”.
USE OF FUNDS
The ‘Back to Zone Funds” will be used for purposes that are completely in line with the mission of KOA. This includes cultural events, community celebrations, publications that support our mission, etc. Each director is welcome to raise additional funds specifically for these or other activities, as long as the directors bring these new projects to the notice of the board and the board passes a resolution approving the program as supporting the KOA mission. Also, please note that since we have to keep a record of all receipts for tax purposes, payments to zonal directors will be made on a reimbursement basis, UPTO the total amount of the “Back to Zone Funds” available for each zone. |
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