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.