2022-09-30,
SSKZM Old Boys Association
Qtr. No. E-111,
Sainik School P.O,
Kazhakootam,
Thiruvananthapuram – 695585
22 Aug 2022
Dear members,
You are aware that it is only through contributions from members that OBA is able to undertake projects and activities for the benefit of our school and cadets. The current Executive Committee had carried out an assessment of the state of funds of the OBA and have decided that there is an urgent need for a fund raising. So, on behalf of the Executive Committee, I request all members for voluntary contributions to the OBA.
I wish to elaborate it a little more so that everyone gets a clear idea regarding the state of funds and its utilisation. As on 31 Mar 2022 we had a total of INR 70,23,101.83 in our accounts which are under two sub heads, Capital Accounts and Students Scholarship Fund (SSF). The Capital Head held a sum of INR 43,66,144.83 and SSF a sum of INR 26,47,331.00 (The difference of INR 9626.00 in the total is due to income received in Advance). Almost all of it has been invested in Fixed Deposits earning about INR 2,00,000/- and INR 1,25,000/- as interest in the two accounts respectively in a year . The interest income is taxable and we have been paying our taxes regularly. However, contributions by members are non-taxable. You will agree that a 53-year-old organisation like ours should be much healthier financially.
In addition to the interest from FDs, the OBA receives additional income in the form of Membership Fee and Old Boys Day Collections. This amount varies but on an average we get a total of about INR 1,30,000/- from these two heads. The expenditures have been tightly controlled and it is ensured that some amount is added to the corpus every year. The SSF is only utilised to support cadets who are unable to pay their Annual School Fees. You would be disappointed to know that we are able to give only INR 60,000/- towards support to poor students out of SSF. All other expenses including payment to the accountant, rent for office, website expenses, presentation of monetary awards to cadets, payment for plaques for OBA Achievement Awards, expenditure on OBA sponsored events (Late Harshan Memorial Basketball Tournament, Late NJ Nair Memorial Quiz/Debate Competition and Late NBN Memorial Teachers Enrichment Programme) and other miscellaneous expenditures are being paid from the Capital Account head. As you can see income is barely sufficient to fund the existing activities and we are unable to undertake any other activity for cadets, staff of the school or young Old Boys.
It is a relief that Sponsoring Batches took care of the expenditures during Old Boys Day in the previous years. However, the COVID Pandemic caused a major upset and Old Boys Day 2022 had to be held without the support of a Sponsoring Batch. The entire expenditure on the Old Boys Day, amounting to approximately INR 5 lakhs, had to be spent from the Capital Account of OBA thus depleting the Corpus by that amount.
Thus, it is absolutely necessary that we approach you all for generous contributions to the OBA account as depletion of Corpus would further reduce the amount available to fund the existing activities of the OBA. I urge all members to contribute as our strength lies in numbers and participation irrespective of amounts contributed by individuals.
The current EC would like to undertake meaningful and productive activities for overall growth of the school and also help young Old Boys. These would be in consultation with the school and after proper deliberations, taking into consideration the popular views of the members as well. I am sure we will receive your wholehearted support in making the OBA relevant and vibrant.
The Bank account details for the fund transfer are as under:-
Account No: 16170200005935
Account Name: M/s SSKZM OBA
IFSC: FDRL0001617
Federal Bank, Kazhakuttom
UPI ID: sskzmoba1@fbl
For easy transfer of money we have obtained UPI ID for the account as well. It is very important that you mention your Roll Number and name in the transaction while transferring the amount. This will help in accounting the receipts properly. We need to establish that these are contribution from members for it to be considered non-taxable.
With warm regards
Yours Sincerely,
Col M Sajjad (Retd) 574/74
President SSKZM OBA
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