Tibetan Community of NY & NJ Tibetan School
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Financial Controls Process

The following process was proposed by Ms.Venus Wu (CPA), and has been approved by the Tibetan Association of New York & New Jersey (“Association”) Board of Directors and the Housing Committee.

  1. Two individuals from the Association, neither of whom are directly involved with fundraising for the Community Center, will have sole custody to the keys of the P.O. Box.
  2. One of these two individuals will meet with the Association’s accountant, Mr. Ngawang Tsering, 1-2 times monthly. Together they will update the Association’s books, recording the names of donors; amounts contributed, and dates of receipt (the internal accounting book will be kept by the individuals who have custody over the keys).
  3. Mr. Ngawang Tsering will have sole deposit authority of the donations, but will have no authority to withdraw any money.
  4. Any withdrawal will have to be by check and will require two signatures. Qualified signatories shall be one of the three Advisors (Mr. Tashi Wangdi, Mr. Rinchen Dharlo or Dr. Norgye Tsering), and Ven. Pema Dorjee.
  5. Ms. Venus Wu will review the internal and bank book to make sure the two reconcile.
  6. The current external auditor will audit the book once a year.