Tamils Festival 2026
Financial Governance Guidelines
- Establishment and Purpose
1.1 A Joint Committee Account (“the Account”) shall be established for the sole purpose of managing all funds related to the planning, organisation, and delivery of Tamils Festival 2026.
1.2 The Account shall not be used for any personal, political, or non-festival-related activities.
- Account Name and Custody
2.1 The Account shall be operated under the TRC Multi-Purpose Cooperative Society account.
- Authorised Signatories
3.1 The Joint Committee shall appoint not less than two (2) and not more than three (3) authorised signatories.
3.2 All withdrawals, transfers, or payments shall require at least two (2) signatories acting jointly.
3.3 Signatories shall be the Chairman and Treasurer of the joint committee.
3.4 Any change in signatories shall require prior Joint Committee approval and should approved in the Joint Committee Meeting Minutes.
- Sources of Funds
4.1 Funds credited to the Account may include, but are not limited to:
a) Contributions from participating organisations
b) Sponsorships, grants, and donations
c) Event-related income approved by the Joint Committee
4.2 All funds received shall be properly recorded and acknowledged.
- Use of Funds
5.1 Funds shall be utilised strictly for purposes approved by the Joint Committee, including:
a) Festival programmes and activities
b) Logistics, operations, and administrative expenses
c) Publicity, outreach, and related services
5.2 No cash withdrawals shall be made unless unavoidable and specifically approved.
- Approval and Control of Expenditure
6.1 Major expenditures shall be proposed, discussed, and approved by the Joint Committee.
6.2 The Joint Committee may set spending limits for routine or operational expenses.
6.3 All payments shall, where practicable, be supported by quotations, invoices, or receipts.
- Financial Records and Reporting
7.1 Accurate and complete financial records shall be maintained at all times.
7.2 A statement of income and expenditure shall be presented to the Joint Committee at agreed intervals.
7.3 Records shall be retained for a reasonable period after the closure of the Account.
- Transparency and Accountability
8.1 The Joint Committee shall ensure openness, transparency, and accountability in all financial matters.
8.2 Any potential conflict of interest relating to financial decisions shall be declared and recorded.
- Review and Audit
9.1 Upon completion of Tamils Festival 2026, the Account shall be subject to a financial review or audit, as determined by the Joint Committee.
9.2 The reviewed or audited statement shall be shared with participating organisations.
- Closure of Account and Surplus Funds
10.1 The Account shall be closed within a reasonable time after all festival obligations are settled.
10.2 Any surplus funds shall be disposed of in accordance with a formal resolution passed by the Joint Committee, consistent with community and non-profit principles.
- Collective Responsibility
11.1 All Joint Committee members collectively share responsibility for ensuring compliance with these guidelines.
11.2 Any breach shall be addressed by the Joint Committee in accordance with agreed governance principles.
Roles, Tasks and Responsibilities of Key Office Bearers
- Chairman
12.1 The Chairman shall provide overall leadership and oversight of the Joint Committee Account.
12.2 The Chairman’s responsibilities shall include:
a) Ensuring that the Account is operated strictly in accordance with the approved objectives and governance guidelines;
b) Chairing meetings where financial matters are discussed and ensuring that decisions are properly minuted;
c) Providing final oversight on major expenditures approved by the Joint Committee;
d) Acting as an authorised signatory to the Account, where appointed;
e) Ensuring transparency, accountability, and compliance with applicable laws and best practices in Singapore;
f) Addressing any governance or financial concerns raised by committee members.
- Treasurer
13.1 The Treasurer shall be the principal officer responsible for the financial administration of the Joint Committee Account.
13.2 The Treasurer’s responsibilities shall include:
a) Managing the day-to-day operation of the Account in accordance with approved policies and resolutions;
b) Maintaining accurate and up-to-date records of all income and expenditure;
c) Ensuring that all receipts, invoices, and supporting documents are properly kept;
d) Preparing and presenting periodic financial statements to the Joint Committee;
e) Ensuring that payments are made only after proper approval and supporting documentation;
f) Acting as an authorised signatory to the Account, where appointed;
g) Facilitating financial review or audit upon completion of the festival;
h) Ensuring timely closure of the Account after all obligations are settled.
- Assistant Treasurer
14.1 The Assistant Treasurer shall support the Treasurer in the administration of the Joint Committee Account.
14.2 The Assistant Treasurer’s responsibilities shall include:
a) Assisting in maintaining financial records and documentation;
b) Supporting the preparation of financial statements and reports;
c) Verifying transactions and supporting documents as part of internal controls;
d) Acting as an authorised signatory to the Account, where appointed;
e) Assuming the duties of the Treasurer in the Treasurer’s absence, with the knowledge of the Chairman and Joint Committee.
- Segregation of Duties and Internal Controls
15.1 Wherever practicable, financial duties shall be segregated to minimise risk and enhance accountability.
15.2 No single office bearer shall have sole control over the initiation, approval, and execution of financial transactions.
- Ethical Conduct and Conflict of Interest
16.1 All office bearers shall act in good faith and in the best interests of Tamils Festival 2026.
16.2 Any actual or potential conflict of interest shall be declared and recorded, and the affected member shall abstain from related decisions.
(Updated by Dr.MaGo on 27.12.2025)