9 hrs ago
ICAI Helps TTD Monetise Land Through REITs, Update Accounts
The Institute of Chartered Accountants of India is helping a large temple trust manage its money and property.
The trust is called Tirumala Tirupati Devasthanams, or TTD.
TTD owns large areas of land donated by devotees.
ICAI is studying whether Real Estate Investment Trusts can help TTD earn money from that land.
ICAI is also helping check and value the gold owned by TTD.
The institute is updating TTD’s accounting manual, which was created about 30 years ago.
The manual will explain how the trust records money coming in, payments and its balance sheet.
TTD also wants training for its staff, and the project may become an example for other temples.
The Institute of Chartered Accountants of India is working with Tirumala Tirupati Devasthanams on several projects.
The work includes exploring Real Estate Investment Trusts to monetise TTD’s donated land assets.
ICAI is helping TTD verify and value gold held by the trust.
An updated accounting manual covering collections, payments, balance sheets and accounting policies is nearing completion.
The TTD project is intended as a model for other major temples, with staff capacity-building also planned.
- Who
- The Institute of Chartered Accountants of India and Tirumala Tirupati Devasthanams are collaborating.
- What
- They are developing an updated accounting manual, exploring REITs for land assets, and working on gold verification and valuation.
- Where
- The report is from Kochi, while TTD administers the Sri Venkateswara temple in Tirupati, Andhra Pradesh.
- When
- The statements were reported following sessions held on Saturday and Sunday; no calendar date is provided.
- Why
- TTD wants to improve its accounting system, manage its assets, and build staff capacity.
Key facts
- Organizations
- Institute of Chartered Accountants of India and Tirumala Tirupati Devasthanams
- Land plan
- ICAI is exploring Real Estate Investment Trusts to monetise TTD’s land assets.
- Gold project
- The work includes methods to verify and value gold held by TTD.
- Accounting manual
- The existing manual was developed about three decades ago and is being updated.
- Manual coverage
- The project covers collections, payments, balance sheets, accounting standards and accounting policies.
- Model project
- The TTD project is intended to serve as a model for other major temples.
- Technology
- TTD’s existing operations run on an Enterprise Resource Planning system, which it wants to take to the next level.
- ICAI membership
- The Institute of Chartered Accountants of India has more than five lakh members.
Quotes
ICAI official
An unnamed official of the Institute of Chartered Accountants of India
“what we hope is that the policy manual which will come for TTD may be followed by the other similar trusts or organisations in India”
deccanchronicle.com
Sources
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