1% Fund  > Financial Regulations

Financial Regulations

(as approved by 6th General Assembly, 1985)

GENERAL PROVISIONS
  • Article IV, paragraph 5, states that the Financial Regulations of the Association shall be established by the General Assembly.
  • Article IV, paragraph 3, requires that members of the Steering Committee shall be jointly responsible to the General Assembly for the custody of any and all funds.
CONTRIBUTIONS
  • Article VII, paragraph 1(a) states...........may become a member of the Association by pledging to it at least 1% of his/her salary/pension for the duration of their membership, in accordance with the Financial Regulations of the Association.
STEERING COMMITTEE
  • Article VII, paragraph 1(b) states that the Steering Committee shall decide on the economic, financial, legal and ordinary and extraordinary affairs of the Association, including entering into contractual relations on its behalf, in accordance with the Financial Regulations of the Association.
  • Article VII, paragraph 1(b) states that the Steering Committee shall "allocate funds to particular projects in accordance with the Financial Regulations of the Association".
ACCOUNTS
  • Article VII, paragraph 13, states that The Treasurer shall maintain accounts in accordance with the Financial Regulations of the Association.
  • Article IV, paragraph 4, states that the financial year shall be from 1 January to 31 December.
REGULATIONS
  1. CONTRIBUTIONS:

    1.1 For the purpose of Article III, paragraph 1, Appendix A.1 or E.4 of Section 308 of the FAO Finance Manual a/ is to be used as a guide to the amount of net salary for the purpose of determining a member's contribution. For pensioners, net income from UN sources is deemed to be net salary.
    1.2 Payment of contributions may either be in one annual amount, in twelve equal monthly instalments or as otherwise arranged.

  2. STEERING COMMITTEE:

    2.1 The authority to enter into contractual relations lies with the Steering Committee as per Article VII, paragraph 1(a). However, the Steering Committee shall not enter into any contractual relation involving a commitment of an amount of more than $3,000 without the prior approval of the General Assembly; further, the Steering Committee shall not enter into contractual relations for amounts in excess of the balance of available uncommitted funds.
    2.2 The Steering Committee shall authorize the opening of such bank accounts as it deems necessary. The Chairperson and Treasurer shall be the signatories for this purpose.
    2.3 The treasurer shall invest funds which are surplus to immediate requirements in such forms of investments as are approved by the Steering Committee.
    2.4 The Treasurer shall arrange the disbursement of funds as is necessary to carry out the decisions of the General Assembly or the Steering Committee.
    2.5 All banking accounts of the Association will be operated by a panel of signatories which shall consist of the Treasurer and three other members, appointed by the Steering Committee. All such accounts shall be established so as to require any two of the four signatories to authorize disbursements (e.g. cheques, transfer of funds, etc.).

  3. ACCOUNTS:

    3.1 The Association shall keep proper accounts and records wherein income will be recognized when cash is received and expenditure will be recognized when cash is disbursed.
    3.2 Notes to and forming part of the accounts shall include the total value of outstanding commitments, including any commitments to development projects; all such commitments with a unit value which is in excess of 5% of total contributions

    a/ The last edition of this appendix is issued in a year, will have applications for the whole of the following year unless otherwise determined by the Steering Committee.