Standard Operating Procedure for OASA Corpus Fund Management
- The Corpus Fund shall be operated only by Joint signature of General Secy, OASA & the Joint Secy. (Finance.
- The initial deposits made in the S.B. Account of OASA by the members shall be converted into Fixed Deposits & Flexi deposits of varied denominations. Half of the initial contributions shall be kept as Fixed Deposit and rest of the deposits shall be kept as Flexi Deposits.
- The yearly fund raising by individual members shall be Rs. 5000/- only, to be deposited as Flexi Deposits only.
- The financial help out of the corpus fund to esteemed members shall be made for the following purposes involving expenditure more than Rs. 500000/-
- a. Ex gratia to the NOK of the deceased member in the event of accidental & pre-mature death;
- b. Chronic illness needing clinical/ surgical interventions like Dialysis, Blood Transfusion, Liver Transplant, Kidney Transplant, Chemotherapy, fitting of Pacemaker etc.
- The Corpus Fund shall not be used as a financial bailout package for medical clinical/ death cases. It shall be more in the nature of an instantaneous gratuitous relief, intended to supplement the health expenditure of the esteemed members in dire need of financial assistance.
- The Executive Body as a whole will be the body to manage the Corpus Fund. However the quorum for this purpose will be presence of any 5 (five) members including either the President or the Secretary or both.
- The financial aid to the esteemed members for medical purposes shall be Rs 50,000/- or 50% of the actual expenditure made over & above Rupees Five Lakhs, whichever is higher as a minimum ceiling and Rupees Five Lakhs or 50% of the actual Expenditure made over and above Rupees Five Lakhs, whichever is lower as a maximum ceiling.
- Ex- gratia aid to NOK/ Family of the deceased members shall be Rs 50,000 over& above any financial aid given to him/her.