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FINANCE COMMITTEE REPORT Dear Nagarathars,


We would like to thank you all for providing a great opportunity for us to serve our community. We also would like to thank the previous Texas treasury team for doing a great job. We had a two great years with all of your support.


Here are highlights of some of our accomplishments during the term.


Non-Profit Status in India


NSNA is registered as a local entity in India opened two Accounts in ICICI. One for receiving donations in India and another one to receive foreign contributions (FCRA Account)


We have applied with Ministry of Home Affairs (MHA) in India to get approval for transferring funds from USA bank accounts to ICICI FCRA account. We are expecting that we will receive the prior/temp permission from MHA in next couple of months. Once we receive this prior permission, we can operate this account in India.


We have applied with Internal Revenue Department in India to get tax exemption status, and we are expecting to receive the exemption certificate in May 2012.


Accounting Maintenance


We have improved the account keeping process to capture greater detailed information by tracking all our accounts and transactions using Non-Profit accounting software.


To avoid reinventing the wheel, we have created a treasury manual to capture all treasury related work and processes to the make the transition and work of Future Treasury teams much easier.


Financial Snapshots


Despite of the economic slowdown, we received donations from all of you very generously. Thank you all and as our community tradition, we have proved that giving is part of our culture


When we took over the term, we received $506,581 as NSNA Financial asset.


We are glad to announce that we have increased the Volume 13, issue 1 53


annamalai sambanthan, nj & kathiresan lakshmananan, nj


NSNA asset to $660,405 during our period. All these would not have been possible without the help of lot of our folks in all the regions. We would like to take this opportunity to thank few individuals who helped us during the two year term.


Total Assets Received from Previous Term $506,581 2010-11 Contributions/Revenue


$594,824 2010-11 Expenses 2010-11 Increase in Net Assets Total Assets as of Feb, 2012 $441,000 $153,824 $660,405


Mr. Sevugan Chetty, New York , served as a joint treasurer for a year and helped us in various treasury activities


Mr. Selvanathan Lakshmanan, New Jersey for Internal Audit


Mr. Chidarmabaram Palaniappan, NANAL Team, New Jersey for overseeing the NANAL Financials.


Mr. Subu Ganesan, Retreat Team, New Jersey for overseeing the Retreat Financials.


Mr. Venktachalam Venkatachalam & Mr. Thenappan Alagappan, Fund Raising Team, New Jersey for helping us with Fund Raising.


Special thanks to Mr. Sundar Chockalingam, Washington DC, for expediting the ICICI account creation for NSNA local entity in India


Mr. Kathiresan Solaiappan & Mr. Uthaman Chitesabesan for helping us with Education Committee Check Issuance Process.


All Regional Secretaries for helping us raise funds and keep track of the local contributions to NSNA


Last but not least, we would like to thank all 2010-11 EC committee members for their phenomenal support and co-operation for the past two years.


Once again thank you all and signing off… Annamalai Sambanthan & Kathiresan Lakshmanan


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