Budget and Finances

Through the efforts of Sardar Bal Singh Bajwa, the Society got Rs. 2,719.10/- as the balance of the account transferred from the Colony Bank of India, Lyallpur, in early 1948. Out of this amount, the society paid bill for the printing of 1947 journal issues, which came to over Rs. 1,100/-. The sum of Rs. 500/- which was given by I.C.A.R. as subsidy for 1948 and which was accounted for in the above amount was treated as subsidy for 1949. Due to huge turmoil no issue was brought out during 1948 and partition of the country.

In general, the society in initial years was able to pay the cost of printing of the “INDIAN JOURNAL OF HORTICULTURE” from the meagre finances. During the year 1950, the society started Rs. l,200 from the annual membership fees and subscriptions, Rs. 500/- as subsidy from the ICAR and generated about Rs. 200 as advertisement charges for managing its affairs.

Hence, out of an income of Rs. 1,900 per year, about Rs. 1,600 went to the printing of four issues of the journal, Rs. 150/- as postage and stationery charges and only Rs. 150 was left for miscellaneous charges and for carrying the unspent amount towards the next year’s balance. Under the rules, ICAR, pays one third of the printing charges of the Journal to a limit of Rs. 2,000. Therefore, it was planned to enhance the income of the society through more membership fees, subscriptions, donations and advertisements, so that it could afford to spend Rs. 6,000 per year for bringing out a first rate Journal, of which ICAR would share the cost of printing amounting to Rs. 2,000 per issue.

All the accounts the Society were updated by 1950, when an auditor was appointed to audit the society accounts upto December 1951. The financial balance sheet, duly audited by the elected auditor, was circulated amongst the members after the close of the year.

The ICAR provided support to the society based on Society’s ranking, which are being done by ICAR using certain parameters including NAAS rating of the journal. The Horticultural Society of India was ranked as ‘A Grade’ scientific society by the ICAR and receives Rs 2.00 lakhs as Indian Council of Agricultural Research grant for publication of journal. Further, the Society raised funds by starting various awards, organizing conferences/ seminars/ symposia/ Indian Horticulture Congresses, membership and subscriptions, sale of back volumes of the journal and other publications. The annual financial position of the society during the last two decades (1997 onwards) is given below that includes fixed deposits with the Society in Syndicate Bank (Table 6).