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Constitution Amendment>
Amendment No. 15 |
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SUBMITTED
BY BPW International Executive Board
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| BY-LAWS ARTICLE
V – |
DUTIES OF MEMBERS OF THE
EXECUTIVE BOARD |
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Present
Section 6.
The Finance Director shall:
a) |
determine the arrangements for maintaining
the books and accounts in line with the criteria laid
down by the Executive Board and submit them for approval
by the Executive Board within 30 days of taking office |
b) |
be responsible for the supervision of income
received and the allocation, control and monitoring of
budgets, the authorisation, and where deemed necessary
by the Executive Board, the pre-authorisation of expenses |
c) |
in conjunction with the Executive Board,
ensure that BPW International’s financial expenditure
does not exceed its budgeted income and that any unbudgeted
additional expenses are approved by a majority vote of
the Board of Directors |
d) |
be available for consultation with the President
and Executive Secretary for discussion of matters relating
to financial matters of BPW International |
e) |
keep an account of all monies belonging
or owing to BPW International ensuring that all monies
be deposited in the name of and to the credit of BPW International,
in such depositories as designated and be responsible
for ensuring appropriate personnel prepare monthly financial
statements |
f) |
be responsible for seeing that the books
of BPW International are subject to independent examination
at the close of each fiscal year by a Chartered or Certified
Public Accountant engaged by the Executive Board and be
responsible for seeing that the Annual Independent Examination
Report is sent to all members of the Executive Board when
prepared at the end of the financial year report at and
submit to Congress the financial statements and financial
accounts for the three (3) previous fiscal years and report
thereon. For the years when there is no Congress a report
and a copy of the financial statements and accounts should
be circulated to members of the Board of Directors. |
g) |
be responsible for and submit, no later
than twelve (12) months after the event, to the Executive
Board, the Finance Committee and the Board of Directors,
detailed accounts of the previous International Congress,
separate and as part of the financial statement and account
of the Federation for the fiscal year in which the Congress
was held. These accounts should be accompanied by an evaluation
of the budget against actual expenditure and the financial
control exercised by the Congress organiser |
h) |
ensure that the President and Finance Director
who are in office in the year in which Congress has taken
place are answerable for these accounts to Congress |
i) |
propose rates of dues, and minimum fees
for Individual Associate members, members at Large and
Friends of BPW International for decision by the appropriate
body |
j) |
be responsible for the preparation annually
of a planned budget covering requirements for BPW International
and items specifically authorised for presentation to
the Executive Board or the Board of Directors or Congress,
and for making recommendations for the establishment of
a sound and balanced financial policy |
k) |
in conjunction with the Executive Board,
ensure that the monies from the net proceeds of the sale
of the Battersea building be placed in a separate account
called THE BATTERSEA FUND (THE FUND) and shall not be
used |
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i) |
to meet overruns of the Annual Budget or
the Congress Budget or |
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ii) |
for any other purpose without being approved by a majority
vote of the Board of Directors |
l) |
repay from any surplus made from International
Congresses, starting with BPWI XXV Congress, monies borrowed
from the Fund and elsewhere to pay the debts created by
the BPWI Congresses XXIII and XXIV |
m) |
perform such other duties as may be designated
by the Board of Directors or the President. |
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Proposed
Section 6.
The Finance Director shall:
a) |
determine the arrangements for maintaining
the books and accounts in line with the criteria laid
down by the Executive Board and submit them for approval
by the Executive Board within 30 days of taking office |
b) |
be responsible for the supervision of income
received and the allocation, control and monitoring of
budgets, the authorisation, and where deemed necessary
by the Executive Board, the pre-authorisation of expenses |
c) |
in conjunction with the Executive Board,
ensure that BPW International’s financial expenditure
does not exceed its budgeted income and that any unbudgeted
additional expenses are approved by a majority vote of
the Board of Directors |
d) |
be available for consultation with the President
and Executive Secretary for discussion of matters relating
to financial matters of BPW International |
e) |
keep an account of all monies belonging
or owing to BPW International ensuring that all monies
be deposited in the name of and to the credit of BPW International,
in such depositories as designated and be responsible
for ensuring appropriate personnel prepare monthly financial
statements |
f) |
be responsible for seeing that the books
of BPW International are subject to independent examination
at the close of each fiscal year by a Chartered or Certified
Public Accountant engaged by the Executive Board and be
responsible for seeing that the Annual Independent Examination
Report is sent to all members of the Executive Board when
prepared at the end of the financial year report at and
submit to Congress the financial statements and financial
accounts for the three (3) previous fiscal years and report
thereon. For the years when there is no Congress a report
and a copy of the financial statements and accounts should
be circulated to members of the Board of Directors. |
g) |
be responsible for and submit, no later
than twelve (12) months after the event, to the Executive
Board, the Finance Committee and the Board of Directors,
detailed accounts of the previous International Congress,
separate and as part of the financial statement and account
of the Federation for the fiscal year in which the Congress
was held. These accounts should be accompanied by an evaluation
of the budget against actual expenditure and the financial
control exercised by the Congress organiser |
h) |
ensure that the President and Finance Director
who are in office in the year in which Congress has taken
place are answerable for these accounts to Congress |
i) |
propose rates of dues, and minimum fees
for Individual Associate members, members at Large and
Friends of BPW International for decision by the appropriate
body |
j) |
be responsible for the preparation annually
of a planned budget covering requirements for BPW International
and items specifically authorised for presentation to
the Executive Board or the Board of Directors or Congress,
and for making recommendations for the establishment of
a sound and balanced financial policy |
k) |
in conjunction with the Executive Board,
ensure that the monies from the net proceeds of the sale
of the Battersea building be placed in a separate account
called THE BATTERSEA FUND (THE FUND) and shall not be
used |
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i) |
to meet overruns of the Annual Budget or
the Congress Budget or |
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ii) |
for any other purpose without being approved by a majority
vote of the Board of Directors |
l) |
repay from any surplus made from International
Congresses, starting with BPWI XXV Congress, monies borrowed
from the Fund and elsewhere to pay the debts created by
the BPWI Congresses XXIII and XXIV |
m) |
ensure that the accumulated fund
is maintained at a level as set by Congress to ensure
the financial sustainability of BPW International |
| n) |
perform such other duties as may be designated
by the Board of Directors or the President. |
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Proposed amendment will
take effect immediately at XXVI BPW International Congress.
RATIONALE
This amendment is based on President’s
report Organization Review and Reform Recommendations.
The accumulated fund represents the cumulative
surplus or deficit account of an organization’s finances.
It is important that the accumulated fund be kept at a certain
level to ensure that an organization has reserves to mitigate
financial risks. For example, an organization should remain
financially sustainable even in an unexpected event of world
crisis.
The accumulated fund of BPW International
is composed of the Battersea fund and the general fund. A
constitutional amendment at the Luzern Congress in 2005 placed
the remainder of the money from the sale of the Battersea
office into the Battersea fund. Any surplus made from International
Congresses, starting with the XXV Congress would be paid back
to the Battersea fund until it is restored to its original
balance. Interest on the Battersea fund can be used at the
discretion of the Executive Board. The Battersea fund is a
protected fund which cannot be used to meet overruns of annual
budget or the congress budget or for any other purpose without
being approved by a majority vote of the Board of Directors.
The surplus and deficit of each year were accumulated into
General fund.
During 2004-2008, BPW International operated
with a surplus and gained extra income on top of the International
dues. The Battersea fund was restored in 2007 with the profit
from Luzern Congress and the unused interest contributing
to the increase in the accumulated fund. Legacy funds from
Patience Thoms and Charlotte Van Dine also contributed to
the accumulated fund. Although it has never been made official,
one of the reasons why the Battersea fund became a protected
fund was because many members hope that this fund will one
day be used to again purchase an office for BPW International.
Thus, the general fund is the actual reserve to cover any
emergency.
After it turned into a positive figure again
in year 2006, it is feasible to think about investing some
of the surplus to improve benefits and services for members.
However, this spending must be carefully weighed. One cannot
spend as if there can never be a crisis tomorrow nor can one
reserve too much and miss the opportunity to invest on benefits
to increase members.
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