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THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA. ICAN Members’ Benevolent and Educational Trust Fund. Fund Raising Brochure. Preamble.

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THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA

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  1. THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA ICAN Members’ Benevolent and Educational Trust Fund Fund Raising Brochure

  2. Preamble The ICAN Members’ Benevolent and Educational Trust Fund was established by the Council of the Institute of Chartered Accountants of Nigeria (ICAN) in 2003 to assist persons in need who are or have been ICAN members and/or their families and dependants. It is also aimed at promoting and supporting educational/research in Accountancy, Financial Management, Taxation and related subjects. The Board of Trustee of the Fund was formally inaugurated on July 13, 2003 in the Council Chamber of the Institute, Victoria Island.

  3. Some Chartered Accountants due to no fault of theirs have been very unfortunate with employment so much so that as a result of economic downturn, prematurely lost their jobs. Some others suddenly became ill and were unable to cope with their jobs and so had to quit unexpectedly. Others became victims of natural disasters such as flood, fire etc and suffer untold hardship having lost all they laboured for in many years. Those who were unfortunate to die (from accident, illness, etc) left dependants particularly children who were also forced out of school for lack of financial assistance from the extended family It is for these reasons and more that the Benevolent Fund was set up.

  4. OBJECTIVES OF THE SCHEMEThus the broad objectives of the Fund are:To give financial assistance to members - For various reasons hitherto vibrant and intelligent Chartered Accountants fade out for reasons such as natural disasters or accidents and they become incapacitated. There will be a need to assist them to get back to a sound state of health to continue to add value to society.To support families and dependants of members - Members who are unfortunate to pass on leave behind families and dependants who more often than not find it difficult to make ends meet or even continue with their education, particularly members of the immediate family.To promote and invest in Research and Educational development in order to continuously improve the technical competence of members, so as to protect the public interest.

  5. STRUCTUREThe Fund has a five man Board of Trustees with- Sir (Chief) Simeon O. Oguntimehin (PP) OON as Chairman. Other members are :- Chief (Mrs) O. O. Olakunri (PP), - Sir Ike Nwokolo OFR, - Mrs I. M. Osiyemi (PP) and - Alh. M. A. Dangana. The Management Board members are : - Mrs I. M. Osiyemi (PP) - Chairman, - Doyin Owolabi, - Chidi O. Ajaegbu, - Mrs Yinka Olowu, - Alhaji S. I. Dabana and - Kayode Abe - Secretary

  6. ACTIVITIES OF THE MANAGEMENT BOARD   The major activities of the Management Board are fund raising and Management of investments. Funds so generated are invested and it is the income from the investments that are disbursed to members in need and families that are distraught. Since inception, the Fund has been used to assist members and families of dead members. This include members who had renal (kidney) failure, blindness, stroke, spinal cord injuries, disaster (fire/flood/accident) victims, children’s education etc.

  7. CONDITIONS FOR GRANTING FUND Must be a professionally qualified member of the Institute of Chartered Accountants of Nigeria (ICAN) Must have paid up the annual subscription of the Institute at least up to the immediate past year of before incapacitation. The mishap for which the Fund is meant to grant succor to the member must not be due to his/her careless, negligence, or recklessness e.g. the Fund will not be disbursed towards cases like arson, murder, manslaughter, accident resulting from use of hard drugs etc. It must be proved beyond all reasonable that the member cannot afford (as a result of his/her present circumstances) his immediate needs.

  8. LIMIT OF FUND The minimum limit shall be a sum of Ten Thousand Naira (N10,000.00) while the maximum limit shall be a sum of Two Hundred and Fifty Thousand Naira (N250,000)

  9. MANAGEMENT BOARD MEMBERS Ibironke Mojisola Osiyemi (Mrs) PP - Chairman Doyin Owolabi - Member Chidi, O. Ajaegbu - Member Yinka Olowu (Mrs) - Member Dabana, S. I - Member Kayode Abe - Secretary Funmi Ogunniyi – David (Mrs) - Minutes Sec.

  10. 1.Application shall be received from prospective beneficiaries stating the estimate of his/her needs -     Such application should also be supported by the District Society of the member 2. Application to be considered by the Management Board. All applications considered and treated at any meeting where at least two (2) members of the Board are present is considered valid 3. The Secretary shall be responsible for the processing and issuance of cheque for the amount approved. 4. All cheques shall be crossed “account payee only’ and made payable to the beneficiary through the District Society, unless otherwise decided by the Board 5.All failed/rejected applicants will be informed of the reason for failure/rejection PROCEDURE FOR DISBURSEMENT

  11. We use this medium to passionately appeal to you for donation to meet the rising demands on the Fund. We are not unaware of the times we are in but we believe some members are more privileged and fortunate than others. We request that you extend a hand of love to your colleagues. This is a worthy cause and we pray that God will remember you in your time of need. Finally, we wish to assure you that donations received would be thankfully received and acknowledged. Kindly issue your cheque in favour of “ICAN BENEVOLENT AND EDUCATIONAL TRUST FUND” or pay directly into the account: Guaranty Trust Bank PLC: 229-677234-110

  12. APPEAL FOR DONATION The Management Board has received many applications for financial assistance in recent times, which it could not positively respond to due to lack of fund. This financial limitation has hindered the progress of work, as the Board is desirous of touching many more lives, which we believe have the potentials to add value to society. We are therefore constrained to make direct appeal to organizations and net worth individuals to support the Fund. The donation can be in form of cash, property, bequeathment in wills, endowment etc.

  13. For further information please contact: Ibironke Mojisola Osiyemi (Mrs) - Chairman Olutoyin Adeagbo Adepate - Registrar/ Chief Executive Kayode Abe - Secretary Tel. 01-7735204, 7740627, 4705336 e-mail corporateservices@ican.ng.org

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