Ambuja Foundation was awarded by the prestigious Institute of Chartered Accountants of India (ICAI) for its excellence in financial reporting for FY 2021-22 in the Non-Profit Sector. ICAI council members appreciated ACF's professionalism in financial reporting and it's work in community development over the last 30 years.
ACF is registered under Section 8 of the Companies Act, 2013. It also has registrations in ITA (12A/80G, IT returns), FCRA, and compliance related documents on Workplace & HR (POSH, PF, PT etc.). The compliance team ensures that all registration documents are up to date.
ACF carries out financial internal audits across locations on a yearly basis and also conducts project audits depending on partner requirement. ACF also conducts statutory half yearly audits by involving external auditors who visit locations and scrutinize processes in detail. Donor due diligence processes are considered mandatory for any new partners coming on board and internal reviews for all existing projects are also carried out.
ACF's Board Members are the fiduciaries of the organization, steering ACF towards a sustainable future by adopting sound, ethical and legal governance and financial management policies. The Board meets every quarter to discuss various observations of the operations, process and are closely involved in reviewing ACF's financial statements. Their advice and feedback help to strengthen the statutory systems and operations of the organisation.
ACF, being the CSR arm of Ambuja Cements Ltd, also updates the Company's CSR Committee. The Foundation's CEO is a member of the Committee who updates the members on program activities and achievements at ACF, and also discusses budgetary allocations and expenditures. ACF also schedules an Annual General Meeting every year inviting members to hear ACF's progress and be present for the release of the Annual Report.