International Association of Rice Bran Oil

Financial System

1. Source of funding
The main source of funding for Association comes from the following:
(1) Annual membership due
(2) Voluntary donation
(3) Sponsor from Group member
(4) Income from sponsoring academic and other activities
(5) Others

2. Spending of fund
The spending will be mainly for:
(1) The normal working expenses proposed by Secretary-In-General to the board.
(2) The expenses for various activities from the budget which is approved by the board.

3. Financial discipline
All officers should strictly stick to the following rules about funding in the Association:
(1) No blank cheque should be given to anyone.
(2) No cheque should be written as “cash”.
(3) Cheque can be written only by President.
(4) Any expenses more than 1,000 USD should be decided by the board meeting.

4. Financial Management:
Financial management should be handled by a professional accountant; accounting year is from January 1st to December 31st in the year. The account of the Association should be prepared within two months and audited and circulated to board members for their approval. After two weeks of President Accession, the old Secretary-In-General should transfer the financial matter to the new Secretary-In-General. The old Secretary-In-General should help the new counterpart for the auditing, balance account and tax return matters.