News & Notes 684:FAMC announcement

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684 icon.jpg   News & Notes 684
28 January 2017

FAMC announcement

Over the past couple of months the newly appointed Funds and Assets Management Committee (FAMC) has had to investigate several units and their financial transactions.

During this process it was observed that some units that have bank accounts did not disclose the details of these accounts on the unit balance sheet and no valid reasons were given by the unit executives, Trust trustees, or unit accountants explaining these omissions.

As a consequence of these discoveries, and in order to avoid any misunderstandings in the future, the FAMC herewith formally makes it known that all bank account details, including opening and closing statements, have to be disclosed by the unit executives to the unit accountant and/or auditor so that all such information is accurately reflected in the annual balance sheet.

Omitting details as stated above will be seen as a grave violation of the fiduciary duties of the unit executives as well as the Trust trustees.

Thank you for your cooperation in ensuring Auroville's fiscal accountability.

Regards, Amy, Bindu, Chali, Chandresh, Lyle, Prabhu, Stephanie, Ulli, and Yuval (FAMC members)