Article 7. MEMBERSHIP DUES, BUDGETS AND FINANCIAL STATEMENTS
7.1 BUDGET
The Board shall adopt each year a budget for the Association.
7.2 MEMBERSHIP SUBSCRIPTIONS
7.2.1 The expenses of the Association shall be met by subscriptions determined annually by the Board for Members, Associate Members, and Special Members.
7.2.2 The membership year as well as the accounting year of the Association shall be from 1 st January to 31 st December of each year.
7.2.3 Subscriptions shall be payable annually in advance of 1 st January each year. Payment of subscriptions and the handling of defaulting members shall be in accordance with clause 7.3.
7.3 PROCEDURE FOR THE PAYMENT OF SUBSCRIPTIONS
7.3.1 The secretariat shall invoice members by 30 th September of every year for subscriptions of the coming year.
7.3.2 The deadline for the payment of any arrears shall be 31 st March every year.
7.3.3 The deadline for the payment of current year subscriptions shall be 30 th June every year.
7.3.4 After 30 th June every year the SARA President shall require a defaulting member to state in writing why payment is not being made.
7.3.5 If payment is not received six months after the President has written to the Member and there is no satisfactory reason as to why payment is not being made, the Board shall suspend the member and all benefits from SARA withdrawn but without prejudice to SARA’s right to demand subscriptions accrued during the period the institution remained a member and benefited from SARA activities.
7.4 FINANCIAL STATEMENTS AND AUDIT
7.4.1 The Secretariat shall submit Interim Financial Statements, which shall include Income and Expenditure, and Balance Sheet to the Finance and Audit Committee, which in turn shall table the reports to the Executive Committee, before submission to the Board for consideration.
7.4.2 A complete audit of the accounts of the Association shall be conducted each year by an independent accounting firm appointed by the Board. The Board may also appoint members’ auditors, as it deems necessary.
7.4.3 The Secretariat shall submit Audited Financial Statements to the Board annually, which shall include, Income and Expenditure, Balance Sheet and any other reports as directed by the Board.
7.5 SPECIAL ARRANGEMENTS
The Board may also establish special arrangements for determining dues for any new Members.
7.6 RESIGNING MEMBER
A Member giving notice of resignation of membership shall remain obligated to pay its proportionate share of dues set by the Board to meet the expenses of the Association under any annual budget (or budget amendment) approved by the Association prior to the date that written notice of resignation is received by the Board.
