Can an unlisted public ltd co pass on CSR earmarked Funds to Implementing Agency[ having registered CSR no] by bank transfer or in kind[ we will place order on vendors & pay with delivery at Implementing Agency]'s site??
For project, any other option?
Please guide
Yes, an unlisted public limited company can pass on CSR earmarked funds to an Implementing Agency (IA) having a registered CSR number.
Here are the possible ways:
1. Bank Transfer The company can transfer the CSR funds directly to the IA's bank account. This is a common and accepted practice.
2. In-Kind Contributions The company can also provide in-kind contributions, such as goods or services, to the IA. In this case: - The company places an order with vendors for the required goods or services. - The vendors deliver the goods or services directly to the IA's site. - The company pays the vendors for the goods or services delivered.
3. Other Options For project implementation, other options can be explored: - *Tripartite Agreement*: The company, IA, and vendor can enter into a tripartite agreement, outlining the terms and conditions of the CSR project, including fund transfer and delivery of goods or services. - *Joint Project Implementation*: The company and IA can jointly implement the CSR project, with the company providing financial support and the IA providing implementation expertise. - *Grant Agreement*: The company can enter into a grant agreement with the IA, outlining the terms and conditions of the CSR funding, including reporting and monitoring requirements. Important Considerations
When passing on CSR funds to an IA, ensure: - The IA is registered with the Ministry of Corporate Affairs (MCA) and has a valid CSR registration number. -
The IA has a good track record of implementing CSR projects. -
The company maintains proper documentation, including agreements, invoices, and receipts, to support the CSR expenditure. - The company ensures transparency and accountability in the CSR project implementation.
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