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Finance and Accounts
Sources of Funds
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TANFED has raised its funds from
a) Share Capital paid by members
b) Reserves & Surplus from out of profit
c) Borrowings in the form of short term loans, long term loan from State / Central Government, NCDC and cash credit from financing bank,
i.e., Tamilnadu State Apex Cooperative Bank.
Accounts
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As in the case of Public Limited Companies, TANFED also maintains its accounts under 'Double Entry System of Book Keeping'.
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But instead of preparing Trial Balance, TANFED is preparing Receipts and Charges statement as directed in the Tamil Nadu Cooperative Societies Act from the Receipts and Charges statement, the final accounts are prepared.
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Every year Budgets are prepared and approved by the Board. The Annual accounts are prepared as per the Act.
Computerisation
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The entire accounting system were computerized for which
a separate Computer wing is working with six terminals under LAN system with one Pentium II server.
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The computer environment commenced from 1.4.1998 at the cost of Rs. 10/- lakhs.
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It is working under Foxpro software package.
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In addition to the above systems, six more latest Pentium IV are installed for general purpose.
Plan to switch over the present software to latest software is under progress.
Audit
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The Audit Wing consists of Internal Audit and Statutory Audit.
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The Internal Audit constituted with the own staff of TANFED.
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The Statutory audit of the TANFED is being done by the Audit Officers of Director of Co-operative Audit which is working under the Finance Department of the State Government.
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There are one Assistant Director, 5 Co-operative Audit Officer and
1 Co-operative Auditor working in TANFED on concurrent basis.
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The Audit Certificate received for the year 2013-2014
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