Finance

(i) The WPC maintains a Central Fund into which shall be paid the annual dues of member countries, income from Congresses and other receipts such as royalties or publications sales income and out of which the proper expenditures of the WPC shall be met. The income and assets of the WPC may only be applied towards the promotion of its objectives.

(ii) The Vice-President, Finance is responsible to the Council for the control of the Central Fund, for ensuring that proper systems of accountability and control are maintained and that all expenditures are properly authorised.

(iii) Each year the Vice-President, Finance will report to the Council on the state of WPC’s finances.

(iv) Each year the Director-General and Vice-President, Finance shall prepare a Budget for the following calendar year which shall be presented by the Vice-President, Finance to the Council for approval. No expenditure outside Budget may be authorised without the approval of the President and the Vice-President, Finance.

(v) Financial Statements of the Central Fund shall be drawn up for each calendar year and shall be audited by a firm of Registered Auditors appointed by the Council. The Secretariat shall send to all National Committees a copy of the audited financial statements not later than 1st.May following each year-end. These Financial Statements shall be presented to the next meeting of the Council for formal approval.

(vi) At the last Council meeting of each cycle the Vice-President, Finance shall present a Medium Term Financial Plan covering the period to the next Congress for consideration of the Council.