Rules and regulation of the constitution of trust fund

1. Name
“Sisu Setha” Scholarship Trust Fund.

2. Aims and Objects:
Grants on good-will and in good-faith will be offered to deprived and destitute persons committed to further education in the development of Social Welfare.

3. Board of Trustees and their responsibilities:
First Board of Trustees is as follows

Patrons:
Ven. Heenbunne Kondanna Thera, Staten Island Buddhist Vihara, NY, USA
Ven. Pinnagala Pangnatissa Thera, Staten Island Buddhist Vihara, NY, USA

Trustees Abroad:
Mr. Suranga Perera, New York, USA
Mr. Amila Goonawardena, New York, USA
Mr. Kamila Gunadasa, New York, USA
Mr. Ranjan Samarakone, New York, USA

Trustees in Sri Lanka:
Mr. W.A. Siri de Costa (CEO)
Mr. T.H. Nandanasiri Silva (Finance)
Mrs.Prema Jayawardena (Secretery)
Mr. Upali Perera (Coordinator)
Mr. I. Wijethunga (Facilitator)

The Board of Trustees is appointed with their wish and consent and they shall serve without any remuneration.

If a member of Board of Trustees wishes to resign, he/she should do so by in writing to Board with due notice of one month.

The vacancy so created will be filled with the approval of other Trustees forming the Board.

Number of members for the Board of Trustees may be change by majority decision
of the Board.

The Secretary appointed by the board or be responsible for maintaining of accounts
and documentation assisted by an Accountant.

4. Meetings
The Board of Trustees should meet at least once in two months or for more often,
whenever necessary.

5. Source of Funds
Funds raised in New York, USA mostly by Sri Lankan youths and from local and foreign friends. Shall be the main source of the Trust Fund.

6. Area covered by the Trust Fund
Sri Lankan students who need financial support to continue their education.

7. The method of granting funds

The Board of Trustees in good-faith should unanimously select correct deserving persons and they will be awarded funds for Genuine and Projects as decided by the Board.

8. The control of funds and maintaining accounts
All resources pumped in to the Fund as money as well as other valuable items of goods (educational material such as computer etc.) shall be inventoried with date of receipts, the valid and other relevant information.

Money received should be deposited in a Bank Account in the name of the Trust Fund and the articles received should be kept in safe custody until their disposed of as decided by the Board.

Receipts and expenses should be duly audited with supporting receipt and payment vouchers. 

At the end calendar year accounts should be prepared and audited and certified by an approved Auditor. Approved accounts should be kept in the office for inspection by Donors of request. Accounts should be in simple form with relevant information prepared according to accepted standards of accounts.

Recurrent Expenditure should exceed 10% of the total expenditure unless on special circumstances as decided by the Board of Trustees.

9. Registered Office

Registered office of the Trust Fund shall be at #200/7, 1^st lane, Grandburg Watta, Maharagama, Sri Lanka for the time being, unless change by a resolution past by the Board of Trustees.

10. Amendments
These rules and regulations can be amended with 2/3 majority of the Board of Trustees with two weeks advanced notice to Trustees.