We have now decided to have one extra post in our society which is the advisor. The advisor acts as an viewer for our society, if anything doesn't goes well in our association, he will tell us what to do. He will also have the authority to look into account to make sure there's no discrepancies between the high committees. While as for the high committees, they are chosen from all the members to lead the association. They will have the authority to approve the transaction of fund from our account for activities. They will have to have a majority vote between the committee to approve the transaction. The flow of the association is stated below:
Advisor
^
High Committee
^
Members
^
High Committee
^
Members
How we will use the fund??
If possible we don't want to use the money given by the members for example if the members are required to pay RM50 per person. The RM50 will remain untouched. We will only use the money to generate income, only the dividend or the income of the investment is used to fund activities. So if there is 100 person who paid RM50, the fund will have RM5000. If we have a dividend of 8% per year, we will have rm400 worth of income for that year. We then go into the second year, where as, another RM5000 is filled in the fund, we have now RM10400 and again if we have a dividend of 8% from the fund, we have now Rm10400 plus the income for that year 832= RM11232. For any activities, we will not use the RM10000 but we will only use the money generated which is RM1232. RM1232 is more than enough to fund a gathering.
BANK-IN
After doing some research regarding ways to collect the fund, we have found the most effective way do it. When we have our own bank account, we will post it in the blog. The process of transaction is:
a)Bank-in the money into our batch account
b)send the details of the transaction to the person in charge(date, time)
If possible we don't want to use the money given by the members for example if the members are required to pay RM50 per person. The RM50 will remain untouched. We will only use the money to generate income, only the dividend or the income of the investment is used to fund activities. So if there is 100 person who paid RM50, the fund will have RM5000. If we have a dividend of 8% per year, we will have rm400 worth of income for that year. We then go into the second year, where as, another RM5000 is filled in the fund, we have now RM10400 and again if we have a dividend of 8% from the fund, we have now Rm10400 plus the income for that year 832= RM11232. For any activities, we will not use the RM10000 but we will only use the money generated which is RM1232. RM1232 is more than enough to fund a gathering.
BANK-IN
After doing some research regarding ways to collect the fund, we have found the most effective way do it. When we have our own bank account, we will post it in the blog. The process of transaction is:
a)Bank-in the money into our batch account
b)send the details of the transaction to the person in charge(date, time)
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