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The Foundation’s vision is to raise the standard of living for millions of people in India by partnering with
other top funders, NGOs, companies, governments, academic institutions and intermediaries. The
Foundation’s initial focus is on improving the lives of women and children in India by creating
communities where people are cared for with compassion and dignity.
Our mission is to create a framework that allows USsociates in India to Transform Lives for the better,
both their own and those where they live and work through active participation and giving to causes for
social and environmental good.
"The shareholders of UST will use most of the wealth created to help people less fortunate than
ourselves. Each one of us should mentor youngsters and help them become achievers. We are involved
in something higher than ourselves. You should be in UST because you want to be a part of a noble
mission. If you believe in this aim and you are inspired and motivated by this belief, no one can stop us."
- Mr. G.A. Menon (late), Chairman
This mission must be owned by every USsociate in order for us to make an impact in our communities.
This is a program to help us fulfill the mission of our company.
This document gives the guidelines to be followed by the foundation. Activities of this foundation will be
at India only.
In addition to bringing about social change, the Foundation will support employee engagement with teams
volunteering their time in the community with the added benefit of contributing.
The Foundation will focus on core areas of education, health and the environment.
2. Definitions
3. Policy
This policy document articulates the guidelines and procedures to be followed by the Foundation.
The list of approved Community Programs are available at the UST Global Foundation site at
http://www.ustglobalwelfare.com/.
Some of the Foundation’s Community Programs may work with non-profit organizations. This will allow
them to better meet their goals and objectives and help the community even more. Donations/grants will
only be given to non-profit organizations through the community program it is associated with.
Donations/grants will only be given to non-profit organizations where there is a UST volunteer team in
place.
"Our goal is to have long and lasting relationships with non-profit organizations and not limit ourselves to
a single activity or project, which is in line with our corporate philosophy of 'fewer clients, more attention.'
Governing Committee
Program Committee
Audit Committee
Committee Chart
Board of Directors
Governing Committee
a) Member secretary
b) Minimum 3 members
The Governing Committee shall meet as often as necessary but at least twice in a year. The meeting of
the Governing Committee shall be convened by the Executive Director.
The Governing Committee will work to ensure the Foundation is aligned to the strategy and executing
programs to seek the greatest impact to the community.
The Governing Committee is responsible for the grant approvals of each approved Community Program.
This responsibility must be carried out with the utmost integrity and impartial judgment. The grants must
be utilized as per UST Welfare foundation mission & vision.
The Governing Committee approval is the first level of approval required for potential Community
Programs that can be added to the approved list of Community Programs. The foundation’s Board of
Directors is the final approving authority on adding new Community Programs.
The Governing Committee shall have the control and management of the business and affairs of the
foundation and shall have all advisory, executive and financial powers to conduct the affairs of the
foundation through its Executive Director. The Governing Committee shall have the powers to suggest
policy matters pertaining to the management of the foundation to the Board of Directors.
The Governing Committee may, by resolution, appoint committees or sub-committees, task force, working
or study groups for specific tasks.
In the event of any difference of opinion among the members of the Governing Committee on any matter,
such matters shall be resolved by voting (majority vote).
In governing committee we do not need external team members. External members can be at Board
level, if required.
In the event of a loss of member (members) of the Governing Committee, either by death or resignation
or removal, the Board of Directors will have the power to admit another person into this role.
Members of Program Committee will be appointed by Member secretary of the Governing Committee.
Duration of the tenure of the members of the council will be uniformly specified as recommended by
Governing Committee.
The Program Committee will create a yearly plan of various activities for supporting the Community
Programs. This will be presented to the Governing Committee for approval.
The Program Committee is responsible to ensure that the Community Programs of the Foundation are
efficiently executed and the planned activities are completed.
The Program Committee will ensure that different employee volunteering opportunities are present in the
Community Program.
The Program Committee will also plan fund raisers for various Community Programs.
The Program Committee will plan and execute programs throughout the year to bring awareness of the
Foundation and encourage voluntary participation in the program.
The financial year of the foundation begins on April 1 and ends on March 31.
The Audit Committee will ensure all compliance and governance procedures are practiced.
The Audit Committee will ensure proper guidelines, accounting and audit practices are laid out.
Every balance sheet and income and expenditure account of the Foundation shall be audited by one or
more auditors to be appointed by Board of Directors.
The Leads of Community Program in a Program Committee can request for a grant using UST Global’s
defined finance processes against the project code associated with the Program. Once this request is
approved by the Member secretary of the Governing Committee the grant will be allocated.
Funds will be granted only for Community Programs with project code created.
Before adding a new Community Program, the Foundation encourages USsociates to review the current
list of Community Programs.
Any Community Program that may need to be added to the Foundation will need to be aligned to UST
Global’s Corporate Social Responsibility strategy. The Foundation will not provide donations / grants / to
approve Programs which include the following:
The detailed proposal of the potential new Community Program should be presented to the Governing
Committee. Once the Governing Committee reviews the potential Community Program and approves, it
will be presented to Board of Directors. Only if the board approves, will this be added as a Community
Program to the list of Programs. The Audit Committee will then set up the project code for accounting
purpose.
The proposal needs to be submitted in the standard template available at the UST Global Foundation site
at http://www.ustglobalwelfare.com/.
The current status of the Foundation does not provide tax benefits to individual employee however, as
and when such benefits can be made available, it will be announced. No foreign funds will be accepted by
the UST Welfare foundation till FCRA clearance for the foundation is obtained.
9. Accounting Practices
Board of directors will request for external auditors as and when required.
The funds of the Foundation will be tracked based on Project ID’s similar to the Project ID’s UST uses for
business purposes. There will be two basic types of projects, Restricted ID and General ID.
Every Program under the Foundation will have a Restricted Project ID under which specific donations and
outflows will be accounted.
The General Project ID will account for the general funds inflow that is not received for any specific
Program.
A finance POC nominated by the Audit Committee will be assigned for creation of Projects and Project
Owners and for procuring the required workflow approvals. Quarterly / Half years reports will be circulated
to the committee for review.
The inflows and outflows will be accounted as per the below illustration: