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
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
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.