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Benevolent Fund

ABOUT

The Institute of Chartered Accountants of Pakistan Benevolent Fund (The Fund) is an important and independent function of the Institute of Chartered Accountants of Pakistan (ICAP). The Fund was established by the Council of the ICAP in 1972. The affairs of the Fund are managed by an independent committee constituted by the Chairman of the Fund who is nominated by the Council of the ICAP each year. Its activities are governed by the Institute of Chartered Accountants of Pakistan Benevolent Fund Rules.

WHAT WE DO

  • The Fund provides financial assistance and grants to financially distressed members as well as families of deceased members to enable them to have a respectable living, support education of their dependent children, marriage of their daughters and to meet their medical needs. On receipt of the information about death of a member or a living member in distress, a sub-committee of members visits the family to evaluate the need for financial assistance and makes recommendation to the Committee. The Committee, after due consideration takes decision on the merit of each case.
  • Management Committee of the Fund also undertakes arrangement of group life, health care and other general purpose schemes for the benefit of members and their families. Participation in the schemes is optional for members against payment of applicable premium / subscription. Details of group life and health care schemes are circulated before renewal of policies during the month of June preferably along with ICAP’s annual membership fee letter.

SALIENT FEATURES

Formation:
The Council of the Institute of Chartered Accountants of Pakistan (ICAP) established the ICAP Benevolent Fund (the Fund) on December 23, 1972. Its activities are governed by the Institute of Chartered Accountants of Pakistan Benevolent Fund Rules.

Objectives:
To provide:

  • Relief to the deserving persons who are or have been members of the Institute and to spouse,Children and dependents of such members.
  • To arrange group life, health care and other general purpose schemes for the benefit of the members
  • Group Life Insurance & Health Schemes are optional for its members.

Sources of income:

  • Annual subscription contributed by members
  • Donations made by members and others
  • Investment income

Participation by members is desired:

  • A member can participate in the activities of the Fund in the following manner:As proposer of any deserving case warranting consideration by the Fund.
  • As volunteer to participate in the activities of the Fund as a member of the Management Committee; and
  • Interaction with the members of the Management Committee personally or in writing with ideas for further consideration.

Procedure of providing financial assistance:

  • On receipt of the information about death of a member or a living member in distress, a sub-committee of two members visits the family to evaluate the need for financial assistance and makes recommendation to the Committee. The Committee, after due consideration takes decision on the merit of each case
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