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Handbook | A. Administrative Subjects | 01. FIDE Statutes | Chapter 13 - Financial regulations

Chapter 13 - Financial regulations


The financial year of FIDE begins on January 1st and ends on December 31st of each year (GA '97).


The budget of FIDE is handled on the basis of the Swiss monetary system. In exceptional cases the Treasurer is entitled, in agreement with the President, to change to another monetary system. In exceptional cases he is also authorized to transfer the financial administration to another country. All FIDE bank accounts and investment accounts must at all times be held in FIDE's name.


The financial management must be conducted on the basis of an annual budget set up by the Treasurer and approved by the General Assembly.


The Treasurer submits to the General Assembly the balance-sheets and the profit-and-loss accounts (accompanied by the necessary documentation, when required) together with the audit report of a registered accountant. To finish his report, the Treasurer will give to the General Assembly the latest financial figures. (GA '95)


After examination and approval of the documentation listed under Art. 13.4 the General Assembly will discharge the Treasurer of his obligations for the financial year in question.


Every member shall pay FIDE the annual membership fee established by the General Assembly, before March 1st of each year (GA '97).


The amount of the membership fees and other contributions and financial obligations will be established by the General Assembly by the financial regulations in which all other principles of financial policy of FIDE are also to be included.


According to a deed dated May 9, 1927, a Permanent Fund of FIDE has been instituted, which is administered independently from the finances of FIDE. The assets and liabilities of the Permanent Fund are not to be mixed with the finances of FIDE. The administrative work is handled by three administrators, as follows: by an administrator appointed by the Swiss Chess Federation, who is the manager of the Fund, and two administrators to be appointed, one by the Italian Chess Federation, and one by the British Chess Federation.

The interest of the capital of the Permanent Fund accrues to FIDE to cover its general expenses.


The Treasurer shall nominate a permanent accountant to handle FIDE accounts. (GA '95)


All expenses of FIDE should be paid by bank checks. A petty cash check will be given to the Treasurer to cover the petty cash expenses. (GA '95)


Financial transactions shall be signed by two persons, the Treasurer and one of the following officials, the FIDE President or the General Secretary. (GA '95)


The accountant shall open an official accounts books, using receiving and payment vouchers. (GA '95)


The official bank statements should be sent to the Treasurer for information and comments. (GA '95)

Donations to FIDE explicitly made to the Permanent Fund are to be paid into the Fund.

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