• A.S.S.E.T Foundation fiscal year ends on March 31 of each Calendar year.
• Income Tax Department for Tax Concession for Donors - Approval of 80G(5)(vi) of the Income Tax Act, 1961.
• Income Tax Dept Order for tax exemption for the trust - Aproval of 12AA of the Income-Tax Act, 1961.

Internal Audit of Trust Financial Matters:

The Board of Trustees shall at their discretion appoint a committee of members from the list of regular donors and patrons, to scrutinize the Trust financial records and report to them of their findings. Such committees could be asked to conduct scrutiny at least once a year, and at a maximum four times in a fiscal year. A.S.S.E.T Foundation lays an emphasis on financial discipline, such audit shall be also to ensure that the administrative costs are managed within the stipulated percentage of collection of yearly funds.

Financial records

Board of Trustees of A.S.S.E.T Foundation are happy to report that even in the first year after registering as a Trust, many donors and well-wishers came forward to support the noble cause undertaken by the Trust. As a result,A.S.S.E.T Foundation has been able to select three school top ranking students and to finance their higher educational financial needs.

But, much needs to be accomplished with respect to mobilization of funds. Our objectives are lofty but financial resources and availability of funds are very limited. Munificent donations are solicited from well-wishers as well as public who would like to participate in the noble mission of the Trust to help deserving students under the aegis of our “Educate and Elevate” objective.

Such donations are eligible to 50% for IT exemption under 80G section of Income-Tax act. Accordingly an application has been submitted to Income Tax department.

The balance amount left after funding 85 % collected in each financial year will be carried over by A.S.S.E.T Foundation. The Board of Trustees shall invest the money and funds of the trust not immediately required in any one or more of the methods prescribed in section 11(5) of the income tax act 1961 as amended from time to time read with section 13(1) (d) of the income tax Act, 1961.

It is one of the main purposes of the Trust that the Administrative expenses shall be kept to the barest minimum and maximum funding should be for the Trust’s “Educate and Elevate” objective.

Trustee Info