SDARF being an NPO, will be funded entirely by donations from the public, corporates, grants from other foundations, and ultimately CSR funds. Therefore, the Managing Director has a fiduciary responsibility to the public at large and also to the Board.

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The management and staff of SDARF should develop the practice, from day one, of using the funds frugally and judiciously. The management plans to inculcate these values through training and regular communication to the staff and by carefully reviewing the expenditure.

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Financial Integrity:

This is one of the most important issues for SDARF, and we intend to pay great attention to this aspect in all our activities, including collection and expenditure.  In this context, it should be noted that the Chairman & Managing Director of SDARF, Dr. Murali N. Kadiramangalam, headed two American subsidiaries (turnover exceeding INR. 150 crores each annually), reporting to the CEO & other U. S. A. Directors. He subsequently managed a global vertical business in excess of $50 Million. Dr. Murali is well known for his honesty, integrity, and ethical business practices, having been trained in FCPA (Foreign Corrupt Practices Act), Prevention of Corruption Act (PCA), etc. He spent over 15 years in the U.S.A., first at university & subsequently leading a business unit, thus gaining familiarity with international business norms and ethical practices. Notwithstanding the above, the following checks and balances have been put in place:

1. Oversight by the Board of Directors (BOD), made up of individuals of high standing

2. Quarterly review of research activities by an eminent group of archaeologists & Sanskrit scholars. This will help orient the research in a proper direction and will also ensure that efforts are not misdirected and hence wasteful expenditure is avoided.

3. Guidance and review of financial activities, decisions, plans and balance sheet by an eminent group of Independent Charted Accountants (other than the auditors)

4. Audit by PV Deo & Associates LLP, Pune, who have an impeccable reputation and are auditors for major corporates.

5. All major activities will be reviewed at the Annual General Meeting (AGM).

6. Commitment to providing a summary of the audited balance sheet on the website of SDARF annually. On request, audited balance sheet will be provided to major donors (INR. 5 Lakhs and above).

7. Annual filing of Income Tax Return to the IT Department.

8. Secretarial audit by Zalak Mehta & Co, Mumbai and filing of compliance report and annual returns with the Registrar of Companies.

 

Besides the above, Directors will be assigned to review the audited balance sheet (“audit committee”) and the salaries / increments (“compensation committee). Compliance reports will be submitted to the Board of Directors & reviewed by them at every meeting to ensure that SDARF remains compliant at all times.