NAB Department of Accounts
NAB (India)'s annual budget is around 8 crore. 21% of our total expenditure is on vocational training of the visually impaired, 19% is spent on educational activities, 17% on blindness prevention, 13% on Braille and talking book production and the remaining 30% on rehabilitation, employment, financial and medical assistance for the visually challenged, development of NAB State Branches etc.
Donation from philanthropic individuals, corporate houses and public sector undertakings comprise 48% of our income. The balance 52% is obtained through interest on investments, Government grants and sale proceeds of products made by visually challenged trainees of our training centres. Given that NAB (India) offers a wide range of services for the well-being of the visually challenged, the Ministry of Finance, the Department of Revenue and the National Committee for Promotion of Social and Economic Welfare, Government of India, have considered all NAB projects and activities eligible under Section 35AC of the Income Tax (IT) Act, 1961. Hence, all donations made to NAB are entitled for 100% IT Exemption. A certificate to this effect is given to every donor, along with our official receipt acknowledging the donation.
We have developed effective mechanism for sound expenditure management. The Annual Budget for any particular year is formulated after weighing it against the income and expenditure of previous two years. In case of unforeseen expenses, the concerned department prepares a separate proposal and forwards it for approval of the Executive Director, through the Honorary Secretary of the department. The Executive Director is authorized to sanction expenditure of up to Rs.10,000. Expenditure in the range Rs.10,000-Rs.25,000 needs to be approved by the Honorary Secretary General and those exceeding Rs.25,000 require approval of the Internal Audit and Finance Committee appointed by the Executive Council of NAB (India) at its first meeting held after every General Body Meeting (with elections) once in four years. This system has ensured strict monitoring of expenses so that maximum amount is spent in the interests of the target group.