Finances

9. Finances, Business Year

9.1. The funds of FEPS are obtained from:

9.1.1. the dues of its member societies

9.1.2. the dues of its corporate members

9.1.3. subventions, donations, levies and legacies accepted by the executive board on behalf of FEPS

9.1.4. revenues from capital investments

9.2. Each constituent society of FEPS shall pay annual dues per capita of its own membership. The amount of this per capita contribution shall be determined by the Council. Each associate society shall pay an annual lump sum. Its amount is to be decided by the Council. Payments shall be made in ECU or the equivalent of local currency.

9.3. Dues paid in non-convertible currencies shall be maintained on a bank account located in the region from where the dues originate. Said account shall be under the control of FEPS. These funds shall be available for the support of activities of FEPS in the respective region and to cover travel expenses for members of the Executive Board, Nominating Committee and other committees of FEPS from these regions wishing to attend business meetings of FEPS held outside these regions.

9.4. The expenses of Delegates and Observers for attending Council meetings shall normally be reimbursed by their own member societies.

9.5. Funds collected by FEPS shall be spent exclusively according to the objectives of FEPS. The members do not receive any donation from the funds of FEPS.

9.6. On request, FEPS shall reimburse the expenses factually incurred of members of the Executive Board, Nominating Committee and other committee of FEPS for attendance at their meetings and when discharging official duties. No natural person is to be aided or abetted by a disproportionally high remuneration or by reimbursement for expenses extraneous to FEPS.

9.7. A donation shall not be accepted if this could interfere with the independency of FEPS.

9.8. In the event of resignation or cancellation of membership, the member society or the corporate member concerned is liable to pay any dues owed, including those for current calendar year.

9.9. The business year corresponds to the calendar year.

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