Facilities
1. Preamble
1.1 The Fund shall be called ISMAA Benevolent Fund Kolkata Chapter
1.2 The Fund is for the benefit of ISM Alumni Association, Kolkata Chapter members and their Spouses. The Fund has been created primarily to provide assistance – both physical and financial, to tie over emergencies, unexpected crisis mainly like medical needs and occasionally related to major downturns, causing undue hardships in their lives. Most of the assistance would be in the form of soft loan.
2 Scope of Benevolent Assistance
2.1 An Unexpected Crises is defined as any event or combination of circumstances which needs immediate expenses or any pressing need due to a sudden and unexpected event, which could not have been foreseen by the applicant.
2.2 Undue Hardship is defined as any circumstances peculiar to the applicant’s situation, not deliberately caused by the applicant, which are of such magnitude or severity that the applicant does not have or can not raise sufficient money to reasonably tie over them.
A provision will be in force to sanction loan with simple interest over a period to be decided by the Governing Body or a Committee formed for this purpose, depending upon the magnitude of the crises, which mostly will be related to medical.
3 Eligibility
To be eligible for assistance, the applicant must
3.1 Be a past student or past faculty member of Indian School of Mines, Dhanbad and their spouse.
3.2 Be a Life or Ordinary member of ISMAA Kolkata Chapter with all paid up membership dues.
3.3 Have a lawful and bona fide financial need to tie over an emergency.
3.4 Be willing and able to substantiate the need in writing and provide whatever documentation that is requested.
4 Guidelines Governing Assistance
4.1 Assistance will be given for needs arising from unexpected, calamitous events and circumstances defined above.
4.2 Assistance will be provided as a one-time support and not on a continuing basis or ongoing support.
4.3 Assistance can be a Grant or Loan. The terms and conditions shall be decided on a case-to-case basis by the Benevolent Fund Committee.
4.4 Assistance could also be in physical form by way of visits of Benevolent Fund members to the residence of very Senior Alumni’s, taking care of their well being and extending necessary help and assistance during exingency / hospitalization.
4.5 The Benevolent Fund Committee may decide to make the payment either directly to the applicant or to a third party with valid and acceptable documents.
4.6 No single grant from the Fund will exceed the upper limits which will be set by the Governing Body of ISMAA KC. The upper limits may be revised by the Governing Body from time to time depending upon, the availability of Fund.
4.7 The Governing Body of ISMAA KC may, however, by a special resolution, grant an assistance exceeding the upper limits, in exceptional cases.
4.8 The application for assistance should be in writing and should be recommended by al least two Life Members of ISMAA KC
4.9 The Benevolent Fund Committee may ask the applicant to appear for discussion and clarification necessary to process the application. An applicant may appear either in person or via tele-conference, to present his/her case before the Committee.
4.10 The Convener of the Benevolent Fund Committee shall have the discretionary power to provide assistance without the prior sanction of the Committee, in case of emergencies.
5 Source of Funds
5.1 ISMAA KC shall make an initial grant of Rs 1,00,000 ( Rupees one Lakh ) to establish this Benevolent Fund.
5.2 Funds to be raised through non-refundable voluntary donations or legacies from members of ISMAA KC and associated Chapter members. For this, a minimum contribution of Rs 2,000.00 with no limit for maximum donation per member is solicited. However, members are requested to donate handsomely for this Noble cause to support our Alumni’s.
5.3 Funds may also be raised from well wishers, Companies and Firms, Trusts etc. or through special fund-raising events.
5.4 Donors may make suggestions but not designations or restrictions concerning the identity of the needy individuals or the utilization of their donations.
5.5 The Donors will be duly acknowledged and Donors names will be periodically notified.
6 Mode of payment
6.1 All voluntary donations to the Benevolent Fund shall be ;
6.1.1 Through Account Payee Cheque drawn in favour of ‘ ISM Alumni Association Kolkata Chapter A/c No. 255010100034016’, OR
6.1.2 Through Electronic fund transfer to Savings Bank Account No. 255010100034016’with Axis Bank Limited, Prince Anwar Shah Road Branch, Kolkata – 700 033 , IFSC Code UTIB0000255 , MICR No. 700211020.
6.2 The Benevolent Fund Account shall be maintained through a dedicated Savings Bank Account with Axis Bank Limited. The Account shall be solely and exclusively used for Benevolent Fund Management
6.3 All donations shall be acknowledged through a stamped official receipt from ISMAA KC.
7 Administration of Benevolent Fund
7.1 The Governing Body of ISMAA KC shall appoint a Benevolent Fund Committee to administer the Fund. The Benevolent Fund Committee shall comprise of 7 member, with a Convener as its head, and preferably have one lady as its member.
7.2 The Benevolent Fund Committee shall
7.2.1 create, maintain and distribute application forms.
7.2.2 receive and review applications for assistance
7.2.3 adopt procedures that are efficient , responsive to emergency needs, protective of privacy rights of applicant and consistent to Fund goals.
7.2.4 maintain accounts and provide quarterly reports to the Governing Body of ISMAA KC on the status and working of the Fund.
7.2.5 submit an Annual Report to be included in the Annual Report of ISMAA KC.
7.2.6 give appropriate publicity to the existence and working of the Fund.
7.2.7 The accounts of the Fund shall be audited as per the procedure by which the accounts of ISMAA KC are audited.
8 Miscellaneous
8.1 The Governing Body of ISMAA KC reserves the rights to the final interpretation of the guidelines, to modify and amend the guidelines and has full and final discretion as th the approval of assistance.
The Charter has been approved by the Governing Body of ISM Alumni Association Kolkata Chapter in its meeting held on 15th Day of November, 2016
