Association for Engineering Education in Southeast and East Asia and the Pacific
The following provisions have been formulated to regulate financial resources and expenditure of Association for Engineering Education in Southeast and East Asia and the Pacific (AEESEAP).
1. Financial resources
According to the AEESEAP constitution, the financial resources of AEESEAP shall comprise (a) the membership fees, (b) income from special work or services, (c) subsidies, donations and contribution, (d) interest of the funds of the Association, and (e) other sources.
The annual membership fees shall be paid within 3 months of the date of invoice. Each fiscal year begins every January 1st and ends on December 31st.
2. Management of funds
The secretariat should set up an independent account for AEESEAP funds and oversee the funds in compliance with the laws and financial regulations of the country where the secretariat is located.
The secretary-general shall be responsible for management of the funds in consultation with the president, preparing the budget and the financial report for the previous fiscal year. The financial report shall be presented to the executive committee for review.
AEESEAP funds shall be used to support conferences and activities of AEESEAP.
The budget of conferences and activities of AEESEAP shall be prepared by the secretariat or the organizer and be reported to the President and Vice-President(s) for approval.
Upon application, funds may be allocated from the annual budget to subsidize attendance of executive committee members at AEESEAP meetings. This is subject to approval by the President and Vice-President(s).
Execution of disbursement and accounting procedures for AEESEAP funds shall be undertaken by the secretary-general in accordance with the annual budget.