An Introduction to Financial Sacrifice — Page 79
79 3. The record of receipt and payment should be maintained. 4. If possible, a separate bank account should be opened for the Central Reserve. 5. Seek approval from Markaz before drawing any amount from the Central Reserve. A copy of the approval should be sent to Markaz along with the Monthly Financial Report. 6. The amounts drawn from Central Reserve should only be spent under the head of account for which approval has been granted. 7. If in a certain year, National Jam a ‘at fails to meet its expenditure by income generated locally and approval to use the funds out of Central Reserve is received from Markaz , following instructions should be borne in mind. a. In the financial statements, Central Reserve arising during that particulars year must continued to be calculated, as instructed and should be shown as an expense (in the prescribed form). b. The amount so calculated and set aside should be shown as income in "Central Reserve Statement". c. The amount for which approval is received to spend will be shown as an expense in "Central Reserve Statement" and will be taken to the concerned main head, i. e. Regular Conditional or Development Income and Expenditure Statement" as "Income from Central Reserve". 8. If approval has been obtained from Markaz to spend some amount from the Central Reserve under a budget head, e. g. Regular, Conditional or Development, the amount drawn from Central Reserve shall be shown as Income from Central Reserve under the same head for which it has been approved. 9. Central Reserve shall be operated only by individuals who have been approved by Markaz.