STUDENTS’ COUNCIL

IIM LUCKNOW

Fund Rules

This document contains the set of rules and guidelines for usage and reimbursement
of expenses undertaken by a committee for an event / activity. Please ensure that all
guidelines are met and exceptions (if any) will require the approval of the Student
Affairs Chairman.
Contents
Guidelines cum Rules..................................................................................................................................3
1. Fund release and Usage process..............................................................................................................3
1.1 Getting approval for event.................................................................................................................4
1.2 Getting Advance funds for event / activity........................................................................................8
1.3 Bill Settlement...................................................................................................................................8
1.4 Prize Distribution...............................................................................................................................9
1.5 Getting Funds/ Money.......................................................................................................................9
1.6 Maintaining accounts......................................................................................................................10
1.7 Rules regarding Printouts and Photocopy.......................................................................................10
1.8 Rules regarding Conveyance Reimbursement.................................................................................10
1.9 Reimbursement of expenses for teams travelling for competitions................................................10
2. Updating the Guidelines cum Rules.......................................................................................................12
3. Forms
Event / Activity – Approval Application................................................................................................14
Application for Advance.......................................................................................................................16
Reimbursement of Bills........................................................................................................................17
Settlement of Advance.........................................................................................................................18
Prize Distribution..................................................................................................................................19
Receipt.................................................................................................................................................20
Undertaking..........................................................................................................................................21
Approval – Travel for Competition.......................................................................................................22
Reimbursement of Bills – Travel for Competition.................................................................................23

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Summary of procedure to be followed for organizing an event / activity

Prepare the budget of the event / activity using quotations, budget

Pre-Approval Work document and fund rules
Prepare necessary approval documents as per fund rules

Treasurer, IIML Students' Welfare Association

Approvals Chairman, Student Affairs
Dean (Programme)

Submit advance request as per the fund rules, along with relevant
Advance Request (if any) quotations

Conducting the event / Collect all bills for any expenses incurred, as per requirements of
activity fund rules

Reimbursement and Prepare the reimbursement form with all the bills attached to it
Get the bills checked by Treasurer and Student Affairs Office
other closing formalities Approval by Chairman, Student Affairs

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Guidelines cum Rules

1. Fund release and Usage process
Approvals
 All approvals are forwarded for consideration through the Treasurer. Expenditure under the
Capital Expenditure will require financial and administrative approval from the Director;
except for expenses less than Rs 10,000 where approval of Chairman, Student Affairs and
Placement will be sufficient.
For all other funds, only the approval of Chairman, Student Affairs and Placement will be
required.
 Approval for an event should be taken as follows:
a. Only administrative approval, three (3) working days prior to the event;
b. Administrative and financial (without SPC), seven (7) working days prior to the event; and
c. Administrative and financial (with SPC), twenty (20) working days prior to event.
 Prior to giving any approval, Treasurer has the right to question any committee / club on the
usage of the funds, seek information to understand the quality of the event and the roles of
each member in that event. Based on replies received, Treasurer can suggest changes /
modifications or even cancellation of the same.
Advance
 Request for advance funds for organizing an event / activity can be submitted only after the
event has been approved
 Advance amount is restricted to maximum of 80% of the approved budget and will be
provided based on quotation / proforma invoice and only for expenses required to be paid in
advance or in cases where the Chairman, Student Affairs and Placement deems fit
Sett lement and event/acti vity closing procedure
 All funds allocated to an event / activity should necessarily be utilized only for the event for
which they have been sanctioned except where special approval is received for some other
use
 Bills for reimbursement / advance settlement are to be submitted within 15 days of the event
 No approval for any event / activity will be granted until all bills and advances of all the
previous events have been settled
 In case of excessive delays (more than 30 days), fine can be imposed on all the members of
the club / committee (personal liability of each member) at the discretion of the Treasurer
 Get the cheque in name of the member or vendor, as applicable

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Maintenance of records and audit
 All forms have to be maintained in soft copy by the committees/clubs and printouts are to be
submitted. No hand-written forms will be considered except when changes are made by the
Treasurer or the Student Affairs Chairman.
 Proper records of all events / activities are required to be maintained by the committee /
club. Periodic audit of these records is the responsibility of the committee / club.
 Compliance with the findings of the audit is required to be undertaken by the respective
committee / club
Failure to comply with any of the above guidelines can result in strict action against the committee /
club

1.1 Getting approval for event

Submit the details of the event planned to the Treasurer for approval in the “Event Description
Template”. Following details are important to be mentioned in the form:
1. Name of the committee / club (at the top)
2. Event / Activity
3. Event Name and brief description
4. Date, Time and Duration
5. Expected participation (in Nos. with EOI, if applicable)
6. Participants (PGP1/2, Outside participants – B-schools, etc.)
7. Planned Venue (Classroom, Samanjasya, etc.)
8. Requirements (non-financial)
9. Awards / Prizes to be distributed
10. Estimated expenses to be incurred and its nature. The estimates would only be for
reference and shall not be considered for limits under the particular expenditure head.
11. Money requested from the Budget for the Event/activity. The approval would explicitly be
for the event/activity as a whole and not for individual expenditure head
12. In case a judge, quizmaster etc. is being invited for the event, please ensure the name of the
person is mentioned on the approval application and attach their CV to the application
13. Persons involved from the committee / club and their roles (only in case of events)
Notes:

1. Permission is required before ordering or buying some inventory. No reimbursement will be

provided in case the committee / club incurs any expense for an event which is not
approved except in certain cases where the Chairman, Student Affairs and Placement deems
fit
2. While receiving the approval, please verify that the Chairman, Student Affairs and
Placement has approved (signed) the same.
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3. All events approvals will be stopped after 5th February, 2020
4. No approval for any event / activity will be granted until all bills and advances of all the
previous events have been settled

Please write the Committee name in all header section of all forms and applications
submitted.

Request for mandating attendance:

The committee / club is expected to float an EOI to get an idea of the expected participation in the
event. Accordingly, any request for mandatory attendance must be submitted to the Treasurer
before the event approval is given to the committee / club along with reasons for mandating the
attendance.
In case of late request for mandatory attendance, each member of the committee / club can be
fined. The respective club/committee/Secy-in-charge shall be responsible to conduct attendance at
the event and submit the name of the absentee students to the Treasurer. Appropriate fine may be
imposed on the absentees as suggested by the respective Secy-in-charge.

Applicability of GST (reverse charge):

As per GST norms, if the vendor from whom services are availed is not registered under it, then we
will have to pay GST on the invoice amount. All committees/clubs/AIGs which are funded from the
Budget need to adhere to this. Accordingly, approvals and bill reimbursement forms should indicate
the GST number of vendor and amount and the same will be part of their budget. This shall not be
applicable for sponsored events accounted for under the IIML Students’ Welfare Association.

Purchase committee:
A purchase committee (SPC) is needed to be formed for purchase/hiring of items/use of vendor
services above
Rs. 25,000/- (or any other higher amount as may be notified under
the Government Fund Rules) for Student Activities Budget. The purchase committee
would consist of:

 1 member from committee conducting event

 1 member from SWC/Treasurer
 1 member from Student Affairs Office
 1 member from Purchase Department
 1 member from Accounts Department
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Simple majority would approve purchase.
Note:

1. In case of applicability of SPC, the request for event approval should be submitted 15 days
prior to the event / activity
2. Request for forming SPC should be made immediately after the approval of the event /
activity
3. The limit of Rs. 25,000 is applicable for every item and / or every vendor (even if the
purchases from the vendor are under different budget heads)

Exemptions from SPC:

In the following cases formation of SPC will be exempted:

1. Special Transactions
Certain expenses are towards services or goods which are unique and can be purchased /
availed from only one vendor (Professionals, Artist fees, Amazon gift vouchers or any other
cases where the Chairman, Student Affairs and Placement deems fit). In case of such
expenses, SPC will be exempted. The procedure for claiming this exemption is as follows:
 In the event / activity approval application, mention all details relevant for the approval.
In the expenditure table, mention add a column for “Remarks” and next to such expense
head, mention “SPC exempt transaction” to claim the exemption

Further, SPC rules are not applicable to sponsored events accounted for under the IIML Students’
Welfare Association.

2. Annual Rate Contract

The purchase section of the institute enters into ARCs with vendors for availing various
services. In such cases, the said services are normally required to be availed from them at
the agreed upon rate and accordingly the requirement for SPC is relaxed.

Annual Rate Contracts:

The purchase section may enter into ARCs with vendors for specific services from time to time. All
committees and clubs will be notified of the same. It is important to note that reimbursement will
only be given in case the specified services are availed from these vendors. However, this rule may
be relaxed in case appropriate written approval is taken.

However, this rule may be relaxed in case similar services are availed at a lower rate than
mentioned in the ARC from the same vendor or a different vendor.
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 In case of the expense being more than Rs. 25,000; SPC will be required for selection of
vendor
 If SPC is not applicable (below Rs. 25,000), then the quotations from the ARC vendor needs to
be submitted along with quotation of other vendors proving that the rate offered by the
other vendor is lower for the required service. The same needs to be submitted along with
the event / activity approval form.

Further, this is not applicable to sponsored events accounted for under the IIML Students’ Welfare
Association.

Intra-head / Inter-head adjustments:

 The purpose of such adjustments is to provide greater flexibility to committees and clubs and
lead to better utilisation of the overall budget
 Intra-head adjustments refer to adjustments within the individual heads of any particular
event / activity. Such adjustments can be made with the approval of the Treasurer
 All other inter-head adjustments, whether intra-committee or inter-committee, can only be
made with the approval of Chairman, Student Affairs and Placement

1.2 Getting Advance funds for event / activity

 Write an application to “Chairperson, Student Affairs” requesting for advance working capital.
Use Template “Advance Application Template”.
 After receiving the cheque for advance, sign the receipt for the same in the cheque receipt
register maintained by the Accounts department.

1.3 Bill Settlement

 Collect invoices of all expenses. Invoices must be in the name of IIM Lucknow. Note that
invoice is white-coloured printed document (other two being yellow and pink which are not
accepted as they are duplicate and triplicate). The bill should mention:
 Date
 Bill / Invoice No. (Pre-printed, not handwritten)
 Item, Quantity and Rate of each item.
 Amount.
 Name, stamp/signature of vendor and address of vendor.
 GST Registration No. (of both Vendor and IIM Lucknow)
 TIN no., Service Tax Registration No. (if applicable)

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In case of Sponsored events, bill should be in the name of “IIM Lucknow Students Welfare
Association”. GST number not required for sponsored events having bills in the name of IIM
Lucknow Students Welfare Association

Bills in name of any individual, including committee / club member, would not be accepted for
settlement

 Write an application to “Chairman, Student Affairs and Placement”, giving details of bills.
(Enlist purpose and amount). Also mention the event for which those expenditures were
incurred. See “Advance settlement template” / “Bill reimbursement template”
 Please keep a photocopy / softcopy of the event approval letter, bills and any other
document submitted.
 Please mention the amount of advance taken and amount of bills attached.
 Committee/Club will be responsible for any fake bills. Any bill found fake will not be
reimbursed and every member (both PGP1 and PGP2) will be fined Rs. 1000 each.
 Committee members will have to pay the amount for which they are not able to get the bill.
 In some cases, if bill cannot be obtained and the amount is less than Rs 1000/- then an
undertaking can be accepted. See “Undertaking Template”.
 For expenditure incurred in excess of advance, a separate application is needed to be
submitted with the bills. Use template “Bills Reimbursement Template”.
 The bill settlement process will stop 30 days prior to the end of the academic session.
 Submit bills for reimbursement of expenses within 15 days of the event / activity.
 In case of excessive delays (more than 30 days), fine can be imposed on all the members of the
club / committee (personal liability of each member) at the discretion of the Treasurer.

Partial bill reimbursement:

 Bill reimbursements in the normal case are only when all bills are presented together in one
form
 In certain cases, where payment is of urgent nature or any other payment which the Treasurer
may deem fit; partial payment may be processed.
 This provision is only for payments to outside guests or artists
 Here, the committee/club can either state requirement in advance while taking approval for the
event or after the event in a letter with subject “Special approval request”
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1.4 Prize Distribution

 A document is needed to be submitted towards the distribution of prizes with the names, roll
numbers, institute and signatures of all the winners and the amount. Also mention the name of
the Judge(s) and number of participants. Attach a letter from the judge / scoresheet with
signature of the judge, stating the winners of the competition. Use “Prize Distribution
Template”.
 Prizes can be only given in form of Certificates for intra-college events. Trophies and medals
can only be awarded by Sports committee.
 No cash prizes would be allowed in intra-college events.

1.5 Getting Funds/ Money

Money will be transferred only through account payee cheque / RTGS (charges to be borne by the
club / committee). Under no circumstances cash would be given. Thus, all the committees should
clearly mention the name of the committee member or any other person/entity in whose name
cheque is to be made.

1.6 Maintaining accounts

 All the committees should maintain their account books meticulously. The books should have
full description of the funds coming in as well as going out and should match with the bills
submitted and funds used. It should also include the sponsorship money usage details.
 Accounts of the committees would be audited periodically.

1.7 Rules regarding Printouts and Photocopy

 Each committee can utilize the amount sanctioned in their budget.
 The amount sanctioned would be communicated to the CC and Reprography section, and the
committee can use the resources up to the amount communicated without any prior
permission.
 In case, any committee wishes to utilize an amount beyond that sanctioned, prior permission
would be needed from “Chairperson, Student Affairs”.
 Print accounts of all the committees / clubs will be deactivated on 15th February
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1.8 Rules regarding Conveyance Reimbursement

 Petrol charges / Auto fare reimbursement of Rs. 12 per km travelled will be made subject to
limit for the amount approved for conveyance.
 In case of travel by cab, reimbursement will be provided based on actual expense subject to
the upper limit sanctioned in the event /activity approval

1.9 Reimbursement of expenses for teams travelling for competitions

 Team travelling for competitions are eligible to receive reimbursement of travel expenses
subject to conditions. Application for approval of travel shall be submitted atleast 5 days prior
to the date of travel
 Competition should be conducted by a reputed college at national level or a reputed
organisation (company).
 The team travelled for an advanced stage of the competition (regional / national finals)
 Result of the competition will not affect the reimbursement.
 The amount of reimbursement is restricted upto a maximum of the lower of train fare for AC 2
tier or actual expense, irrespective of whether the actual mode of transport is Air, train or road.
Attach proof of AC 2 tier fare for the relevant destination for the date of travel
 Details of any reimbursement received from the organisers of the event have to be mentioned
in the application. Further, a mail confirming the same should be received from the organisers
directly to the Treasurer. Even if no reimbursement is given, mail confirming the same should
be received on the Treasurer’s email id.
 Application for reimbursement should be submitted within 7 (seven) working days of the
competition
 Use the “Bill Reimbursement template for travel” to apply for reimbursement

 The processing of reimbursement will be undertaken in February of each year for all requests.
Here, the total amount for reimbursement will be capped at the amount sanctioned in the
budget. Accordingly, in case of shortfall in the amount eligible for reimbursement, pro-rata
reimbursements will be processed (after considering requests for inter-head adjustments to
accommodate the shortfall)

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General guidelines:
 All expenditure should be subject to prior approval and availability of budget only
 All bills should be in the name of the institute
 Original bills required
 All empaneled vendors of the institute should not be paid in cash irrespective of the amount
 Any procurement through online by student may be permissible up to Rs.25,000/ - and that may be
reimbursed by cheque subject to compliance of all formalities. Bills should be in the name of IIM
Lucknow

 Any petty expense upto Rs.2000 shall be reimbursed to the student on the basis of the undertaking
(format as attached in fund rules) submitted by the student. Undertaking for any payment made for
labour expense shall have details of labour like name, days/hours worked, contact details etc.

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2. Updating the Guidelines cum Rules

The document may be updated by the Treasurer to incorporate changes as per the prevailing
situation as and when needed.
The aims of any update should always be:
1. Larger interest of the batch in terms of activities and fund usage.
2. Reduction in bureaucracy, thus use of lesser applications and documents.
3. Complying with the administrative rules and regulations involving funds and its usage.

Notice regarding any update would be communicated through batch mail or any other mode
sufficient to give information of the update. Any modification / update is enforceable only after
notice is given to the batch / committees and clubs.

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Important Forms

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Event / Activity – Approval Application

Committee: Date:

Event/Activity:

Details of the event

Brief Description:

Dates, time and duration: (Enter time only after checking the academic time table)

Participants: (PGP 1, 2 / Outside participants – details)

Expected Participation: (in nos., attach EOI if taken)

Requirements / requests

Non-financial: (Classroom/Samanjasya etc)

Estimated Purchases/Expenditures*:
Enclosed supporting details, in case the details run over 1 page
Sr. No. Nature of Expense Estimated Amt (Rs.)

Purchases/Expenditures on which SPC would be applicable:

Sr. No. Nature of Expense Estimated Amt (Rs.)

Details of prize to be awarded (Amount and Number):

Total Amount required from the Budget: (Rs. In figures and words)
*The estimate of expenses is only a guidance to the overall expenditure that would be incurred and may not be assumed as the maximum limit of
expense to be incurred under that expenditure head.

Regards Forwarded for consideration

Name
Club/Committee/AIG Treasurer, IIM L Students’ Welfare Association
PGPID, Mobile No. Arjav Gabani

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This application has been submitted after reading the fund rules and we confirm that it is in compliance
with the rules

Annexure

Details of members involved in organizing the event and their roles:

Sr. No. Member Name Role

(This is required to be printed at the back of the approval form)

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Application for Advance

Date: 14-02-2020
To,
Chairman,
Student Affairs,
IIM Lucknow

Sub: Request for Advance for Farewell of Cultural Committee

Dear Sir,

We require Rs. 30000 as advance for our event FAREWELL to be held on 22-02-2020. Kindly issue a
cheque in favor of Gaurav Mehta at the earliest.

The advance is required for the following:

Amount approved for Event/Activity from the Budget: Rs. 2,79,000

Sr. No. Nature of Expense Advance Required *

(Rs.)
1. Flex and Printing 15000
2. Invitations 15000

*Advance required cannot be more than the Budget approved for the event / activity.

Regards Forwarded for consideration

Gaurav Mehta
Cultural Committee Treasurer, IIML Students’ council
PGP35362, 8765161244 Piyush Kedia

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Reimbursement of Bills
Date:
To,
Chairman,
Student Affairs,
IIM Lucknow
Sub: Reimbursement of Bills for (event name) of (Committee / Club)

Dear Sir,
The details of the bills needed to be reimbursed for_______________________________ held on
___________ are:

Sr. Nature of expense Ref / Bill Actual Expense

No. Number (Rs.)

Total

Amount approved for Event/Activity from the Budget: Rs.

Kindly issue cheques as follows:

S. No. In favour of Amount (Rs.)

The bills and certificate of genuineness are attached herewith.

Regards Forwarded for consideration

Name
Club/Committee/AIG Treasurer, IIM L Students’ Welfare Association
PGPID, Mobile No. Arjav Gabani

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Settlement of Advance
Date:
To,
Chairman,
Student Affairs,
IIM Lucknow

Sub: Settlement of Advance taken for (event name) of (Committee / Club)

Dear Sir,
The details of the bills needed to be reimbursed for_______________________________ held on
___________ are:

S. No. Nature of Expense Ref/ Bill Number Advance Actual

Amount (Rs.) Amount (Rs.)

Kindly settle the advance of Rs.

The bills and certificate of genuineness are attached herewith.

Regards Forwarded for consideration

Name
Club/Committee/AIG Treasurer, IIM L Students’ Welfare Association
PGPID, Mobile No. Arjav Gabani

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Prize Distribution
Date:

Committee:

Event/Activity:

Dates, time and duration:

Judge(s):

S.No. Name Roll Number Institute Prize Amount Signature

Enclosed: Letter from the Judge(s)/ Scoresheet signed by the Judge(s) specifying the winners of the
event.

Regards Forwarded for consideration

Name
Club/Committee/AIG Treasurer, IIM L Students’ Welfare Association
PGPID, Mobile No. Arjav Gabani

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Receipt
Date:

I hereby certify that I have received a cheque in favor of_________________________________ for

amount Rs.__________ towards______________________________________________________
via cheque no: ______________ dated ______________________.

Regards Forwarded for consideration

Name
Club/Committee/AIG Treasurer, IIM L Students’ Welfare Association
PGPID, Mobile No. Arjav Gabani

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Undertaking
Date:

Committee:

Event/Activity:

Actual Dates and Duration:

I hereby undertake that I have spent Rs._________ towards (Nature of Expense) for (event name) of
(Committee / Club) organized on ____________.

Regards Forwarded for consideration

Name
Club/Committee/AIG Treasurer, IIM L Students’ Welfare Association
PGPID, Mobile No. Arjav Gabani

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Approval – Travel for Competition

Date:
To,
Chairman,
Student Affairs,
IIM Lucknow
Sub: Reimbursement of Bills

Budget Head: Students’ Council Event Head: Team Travel for Competition

Details of the competi ti on

Brief Description: (Organization/Institution, Event Name, Brief details, Round)

Dates:
Participants: (B-schools/undergraduates etc)

Details for team and amount requested for sancti on

Sr. No. Team Member Amount (Rs.)

Whether any travel reimbursement is given by the organisers?: (If yes, mention amount)

Amount required from Budget: (Rs. In both figures and words)

Regards Forwarded for consideration

Name
Club/Committee/AIG Treasurer, IIM L Students’ Welfare Association
PGPID, Mobile No. Arjav Gabani

This application has been submitted after reading the fund rules and we confirm that it is in compliance
with the rules

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Reimbursement of Bills – Travel for Competition

Date:
To,
Chairman,
Student Affairs,
IIM Lucknow
Sub: Reimbursement of Bills

Budget Head: Students’ Council Event Head: Team Travel for Competition

Details of the competi ti on

Brief Description: (Organisation/Institution, Event Name, Brief details, Round)

Dates:
Participants: (B-schools/undergraduates etc)

Details for reimbursement

Sr. No. Team Member Actual Amount (Rs.)

Whether any travel reimbursement is given by the organizers? : (If yes, mention amount)
Amount approved for Travel from the Budget: Rs.
Kindly issue cheques as follows:
S. No. In favour of Amount (Rs.)

The bills and certificate of genuineness are attached herewith.

Regards Forwarded for consideration

Name
Club/Committee/AIG Treasurer, IIM L Students’ Welfare Association
PGPID, Mobile No. Arjav Gabani

This application has been submitted after reading the fund rules and we confirm that it is in compliance
with the rules

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