FAMC
The FAMC is one of the working groups of the Auroville Foundation, recognised by the Foundation Act, and specifically required to advise the Governing Board on the utilisation of funds & management of assets, taxes & audits and the sale, acquisition & utilisation of immovable assets.
The Funds and Assets Management Committee is responsible for formulating financial and economic policies of Auroville in alignment with its vision and ideals. It assesses adherence to approved financial policies and rules, within the context of Indian law and, in cases of non-adherence, intervenes as required. It also scrutinizes and approves budgets as well as monitors those cases where the budget exceeds the amount originally approved. From time to time, the FAMC publishes reports of its activities and decisions.
The FAMC shall endeavour to:
1. Encourage the development of an economy based on the Mother’s vision and instructions. This includes:
- Establishing and sustaining a self-supporting city of 50,000 people.
- Ensuring that everyone's material needs be met, not according to notions of right and equality, but on the basis of the most elementary necessities; then, once that is established, everyone must be free to organize his or her life, not according to monetary means, but according to inner capacities.
- Monitoring that everyone contributes through work, in-kind, and/or money.
- Eliminating the exchange of money among Aurovilians.
- Ensuring that all profits are given to Auroville.
- Abolishing inheritance in Auroville.
- Becoming the City the Earth needs.
2. Promote a vibrant and sustainable economy
3. Protect and grow Auroville's funds and assets
The FAMC also approves the creation and closure of Trusts and Units and the appointment and resignation of Trustees and Executives; it oversees the performance of Trusts and Units; and evolves guidelines and policies for the management of Trusts, Units and immovable assets such as housing and other public buildings and funds held by Auroville Unity Fund.
Term of office: Upto 3 years, with option of re-nomination for another 3 years.
New Application form for new Units and Activities
The FAMC has a new application form for new units and activities that is available online at https://forms.gle/A9ui99GUf5JW481U8. As of 1st April 2020, we will no longer be accepting the old forms.
- To ensure that financial rules and regulations, both internal and external, are followed.
- To ensure financial transparency, clarity, and accountability.
- To make sure that all funds and assets of Auroville are being managed in a responsible manner and are used to achieve the vision set out in the Charter of Auroville.
Get in Touch
0413-2623649 (Admin)
See Also
