ARTICLE IX - Finances

Section 1 All expenditures of Section funds must be approved by the Section Treasurer. A statement of accounts shall be prepared by the Treasurer on quarterly basis and reported to the Chairperson for his/her endorsement.

Section 2 Except for normal operation of the Section no funds shall be used without prior authorisation of the IEEEP Executive Committee.

Section 3 The accounts of the Section shall be operated by the Section Chairperson and the Section Treasurer jointly. At the start of the new term a resolution shall be passed by the Section Executive Committee authorising signatures of the new Section Chairperson/Section Treasurer, approved by a majority of the Section Executive Committee in a meeting with this item as one of the agenda items, and also enclosing the proposed draft of resolution. In addition to the two officers mentioned above the signatures of the Vice Chairperson, Secretary and Past Chairperson may also be included. The cheques shall be signed by two officers. All Cheques issued shall be brought to the knowledge of the Section Chairperson and the Treasurer as soon as practicable.

Section 4 A monthly report of the Treasurer, endorsed by the Chairperson, shall be presented in the monthly meeting of the Section Executive Committee.

Section 5 The budget shall be prepared annually by the Treasurer and put up to the Section Executive Committee for approval.

Section 6 All payments shall be made against actual expense vouchers. Normally no advances shall be paid except as allowed by the Chairperson under special circumstances the reasons for which must be assigned.

Section 7 No advance shall be paid to the Section Officers/Representatives for travel to attend any Region Meeting, Section Congress or any other meetings, congresses etc.

Section 8 Funds can be transferred from the Section to the Chapters and Student Branches as allowed by the IEEEP Policy and Procedures Manual. The Chapters and Student Branches shall be required to submit original expense vouchers to ensure proper and accurate accounting.

Section 9 Section funds can be used with the prior approval of the Section Executive Committee to host or sponsor social events, functions or activities related to the promotion of the Section/IEEEP's image. However effort shall be made to meet the major expenses for such functions from suitable advertising, from sponsorships and from contributions from the members/attendees and the industry.

A reasonable number of special guests may however be accommodated from the Section funds, if required, provided always that special permission of the Chairperson is obtained. The usual expenses of light refreshments during meetings of the Section (technical or administrative), if not sponsored, may be met from the Section funds

Section 10 The accounts of the section shall be regularly audited by an independent company appointed for this purpose. Their remuneration shall be fixed by the Chairperson in consultation with the Executive Committee and endorsed by the next Annual General Meeting.

Section 11 The Secretary/Treasurer will forward the Annual Report of Financial Activity (L-50) to the IEEEP Tax Compliance Office as soon as possible after 1 January each year.