CHAPTER 6 FINANCIAL MATTERS
I The Budget
79. The budget of EUROGI will cover a period of one calendar year.
80. The General Board must approve the budget of EUROGI.
81. The Executive Committee shall present a draft budget to the General Board. This draft budget will be voted on. Until the approval of the budget, expenditure of monthly 1/12 of the proposed budget is allowed.
82. Every member of the General Board may propose alterations to elements of the draft budget. These proposed alterations must be voted on.
83. The General Board may approve a draft budget, which has been altered during the Board meeting. 83A. Exceptionally the General Board may amend an approved budget for a calendar year during that calendar year at a meeting.
84. An independent accountant will audit the financial records of the Foundation. The financial audit, together with the financial account, will be presented at the General Board meeting.
II Membership Fees
85. Every organisation of EUROGI is obligated to pay an annual membership fee to the Foundation. The secretariat will send the invoice within 6 (six) weeks after the General Board has decided on the fees.
86. Every organisation of EUROGI will pay the membership fee within 10 (ten) weeks after the start of the year.
87. The amount of membership fee will be determined every year by the General Board as an element of the draft budget.
88. At the written request of an organisation, exceptionally the Treasurer may accept a later final date for payment of the membership fee. The Treasurer to the organisation concerned must grant this delay of payment in writing. A member that does not pay its fee within 5 (five) months after the invoice has been sent and earliest the first of January of a calendar year will be suspended from voting at the General Board as well as at the Executive Committee and by e-mail, unless the President and the Treasurer decide otherwise. When the amount due has been received the usual voting rights will resume with immediate effect.
89. A Member shall forfeit its capacity as such by notice of termination by the Foundation given in writing only at the end of a financial year and with a three months’ notice.
90. Organisations, which have not indicated their intention to resign on or before the subscription renewal date, shall be deemed to remain in membership and thus be liable to pay the required subscription.
91. If and when a General Board member has not paid its membership fee by the specified date, the Executive Committee is authorised to terminate the membership of this organisation, according to article 4, paragraph 2 of the Articles of Association.
III Other Financial Business
92. Members of the Executive Committee are allowed to declare certain expenses made in order to perform their executive task each year. The Treasurer may produce a proposal of the allowable expenses, which must be approved by the General Board.
93. The Secretary General may make payments on behalf of the Foundation for expenditure up to an amount of 3000 Euro (excluding VAT) per item. The Treasurer must approve expenditure above 3000 Euro (excluding VAT).
94. All contracts valued at, over 25000 euro (excluding VAT) are to be let by competitive tender in such a way that appropriate organisations in any country represented by EUROGI have a fair and realistic expectation of winning the contract.
95. The Executive Committee will award all contracts valued at over 25000 euro (excluding VAT) after review of the competing bids. All members of the Executive Committee will be required to declare their personal interests in any of the bids being considered and may, at the request of the Chairman of the Executive Committee be asked to abstain from discussions over the award of the contract.
96. All decisions regarding the award of contracts must be recorded by the Executive Committee, who should be prepared to justify the selection of the winning contractor to any member of the General Board that requests information.
96A. Any initiatives that result from projects or otherwise and require the involvement of stakeholders in any country represented by an A-member, are co-ordinated by the A-member if that A-member in that country agrees, unless the Executive Committee decides otherwise.