To,

The President,
Indian Orthopedic Association,
IOA House,
Delhi,

Sub: Regarding Finance Committee Meeting Minutes published at Page number 98 and 99 of latest
Newsletter 2018

Dear Sir,

Greetings from Agra!

It gives me pleasure in writing that leadership finally accepted to make the Finance committee and it
listened to my suggestions and points raised by me by various letters.

I want to bring under your kind notice that many points which were discussed and need to be answered
by the CA has not been mentioned which I am detailing below and request the leadership to take the
answer to these questions as it is must for the health of the IOA – our organization. ( I am copying the
Minutes printed in the news letter and writing my comments in Bold and in Red Colour which I think
must be added and completed -

1. GST Liability of Indian Orthopedic Association should be rechecked and finalized. Responsibility given

to Mr. Ashok Garg to check the best modality.

(Thanks for the point it need to be finalized as we are much above Rs 20 lakh to be in GST net)

2. Balance sheet to be placed before the GBM in the annual conference. It should be pre-circulated,

preferably one month before.

(Thank this year it was only 10 days before, but I am sure that this time will keep improving)

3. The present limit of cheque to be signed by Treasurer and Joint Secretary is Rs. 50, 000 /-. It is out of

time now. It should be raised to Rs. 5 lacs and it was decided that it should be discussed in EC and as

well in GBM for approval. All agreed.

(My objection was “Cheque of higher value issued without taking Executive in confidence” –
Expenditure above than prescribed limit cleared - Discussion was as follows)

Item Discussion Action

Cheque of higher value
passed without taking
Executive into confidence
Dr. Chaturvedi – Raising the limit
from Rs 50
It is too difficult to check all papers at the end of financial year. He quoted Thousand to 5
example of cheque signed without getting passed by Executive. lakh will bring in
next executive
Dr. Sudhir Kapoor -
and subsequent
In emergency if president or secretary is not available then the authorized
 signatory as per the blue book can sign the cheques. GBM
Dr. Chaturvedi - Action –
But not above Rs 50000 as per constitution and in case it was done in some Secretary for
emergency it needs to be passed by Executive. Agenda

Dr. Sanjay-

CA please clarify that if he encounters some extra ordinary expenditure in

Audit does he enquires about it?

Mr. Ashok Garg C.A -

Yes he asks treasurer about it.

Dr. Chaturvedi -
Do you mention in your Audit Report.

Mr. Ashok Garg C.A

He can’t, because than it would be difficult to get Income tax clearance.

Dr. Chaturvedi -
Than how Executive and GBM will know about this extra ordinary expense.
All agreed

Dr. Kapoor -
This limit needs to be enhanced suggest limit to be Rs. 5 lakhs

All accepted, but above this limit procedure remain same.

4. Any extra ordinary expenditure which is required in emergency, by the office bearers should be
ratified by the subsequent executive committee meeting.

(This is the same as discussed in above point)

5. Internal check system to maintain proper financial records should be strengthened. Internal
Auditor/Accountant will be employed to monthly audit.

(Thanks – My Suggestion was as IOA paying good amount on accounting and Auditor charges (Rs.
230100) – along with a CEO of the association and now finance committee – we must have a Internal
check system with check list – which I have already submitted. So that we may not overlook such
expenses and prevent IOA loss)

6. IJO Accounts should be fully merged with the IOA Accounts from this year.
 (Thank you for accepting merging, the question remained that there was huge difference in previous
years as shown by my previous letter and CA has promised to show that this difference is only
because of accounting and he will match all the figure – which will be send to me but still waiting.)

Item Discussion Action

Discrepancy in Payment by
IOA and Receipt by IJO
(Letter of Dr. Sanjay
Chaturvedi)
Dr. Chaturvedi -- Mr. Ashok
Please see my letter showing differences in the IOA and IJO payment and Agarwal CA will
receipt. see the letter
Mr. Ashok Garg CA – again and will
It is not there and assure that he will be presenting and matching previous clarifies all
differences (what Dr. Chaturvedi pointed out as “differences”) . After 2018 differences year
there will not be any difference between official IJO and IOA Balance sheet wise to the
and full merger will be done. satisfaction of
He also said “Since 1995 he is C.A and auditing the IOA account and after this committee
2013 he has been given the responsibility of IJO also so he is trying his best before presenting
to merge both for last 4 years and he ensures this year the merger will be in the next
complete and the account can be tallied any time”. executive and
Dr. Chaturvedi GBM
Please send the matched figures.

7. The assets of the IOA have been constant over so many years. It should be re evaluated by the CA,
whether it needs to be revised. Please provide a tentative fair market value.

(Thank you – The discussion was as follows and the CA was requested to find the ways to use it for
getting benefit for utilization and/or depreciation so that we need not to pay income tax.)

Item Discussion Action

Assets Dr. Chaturvedi – Dr. Kapoor will
Raised the question about assets of the association why it is fixed for so many advise after
years? getting expert
Treasure (Dr. Manish Dhawan) and supported by CA Mr. Ashok Garg – opinion Should
Asset is being purchased as expenditure. assets be
Dr. Chaturvedi -- continued as
Assets and expense have definite definition attached to it and showing asset expenditure or
as expenditure is flouting the law. need to be added
Dr. Kapoor – as Assets and
It was decided to confirm and inform the executive about those points, what then claim the
is correct method? depreciation.
Secretary to
finalize before
presenting in next
executive and
subsequently in
GBM

8. Dr. Sanjay Chaturvedi had accepted the responsibility to archive all documents and conferences
 electronically.

9. All agreed to pay Rs.10 Lac to Agra Orthopaedic Society pending since 2004. It was also passed in

recent EC meeting of IOA and AOS will pay the balance amount to IOA as contribution from IOACON-

2013.

10) One more point about TDS was also discussed – as follows

Item Discussion Action

Discrepancy in TDS Dr. Chaturvedi – Mr. Ashok Garg
That there is discrepancy in TDS which is deducted and return which is CA will send
received by IOA ,he also said in 2015 IJO transferred the TDS which was not details and match
shown in the audit report of IOA. the TDS and get it
Mr. Ashok Garg CA -- confirmed with
Assure that it is not the case and will show and match all TDS to association Dr. Chaturvedi
satisfaction. (From year 2010). before presenting
in next executive
and GBM

Hope that you and executive will consider changes in the Minutes and improve the IOA financial
management so that IOA grow financially stronger and stronger.

Long Live IOA!

In service of IOA

With Kind Regards

Dr. Sanjay Chaturvedi