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PHmm. I’m not sure their typical client will ask these questions! Hoping to get some feedback here. 🤗P* The grant was transferred from an organization’s account.
* All expenses will be made through the bank, not in cash, ensuring there’s always a clear paper trail. This is sufficient for a paper trail along with saving clear invoices. Can you kindly confirm.Thanks!
PThank you—I’m truly grateful for your time and advice.Registering the organization does seem burdensome. I’ve heard it’s not easy to get an organization registered without paying a bribe, which, ironically, could be something worth documenting as another service to publish on Zen. That said, I’d rather focus on services that impact the larger public right now. Registering might cost around ₹20,000—does that sound accurate? (Q1)
I’ve also been told that annual paperwork will be required after registration. Since I’ll eventually need to return to the workforce for income, I may not have the time to keep up with the legal formalities. The benefits of registering seem limited if I’m not seeking substantial funds, and donations are unlikely to amount to much given I am not seeking funds. I assume I’d need to hire a CA for this, which could cost at least ₹10,000 annually—does that estimate seem reasonable? (Q2)
Additionally, I’d need to find two people willing to commit as trustees. Given these factors, I think my time is better spent driving the initiative forward, especially since there are no major expenses right now.
Here’s my current plan:
* As planned, I’ll properly document expenses and share statements at regular intervals.
* I’ll document the grant as per your advice. (is an email sufficient?) (Q3)
* If I receive more unsolicited grants, I’ll insist on having expenses paid directly to avoid them being attributed to my income tax. Does this approach seem compliant? (Q4)
* On a related note, would it be acceptable to solicit grants with the condition that expenses are paid directly? (Q5)One question about sharing statements: Should I limit sharing them to specific individuals? My concern is that the statements will contain my bank account number. While I may be overthinking this, I want to be cautious about bad actors misusing that information. For example, someone upset with the initiative could deposit funds into my account to create complications. I’m just trying to cover all bases! 😀 (Q6)
Thank you..
