Part VII - Finance

Section 1 - Subscription

(10)      The VUWSA Membership Fee (if any) shall be set by motion at the Annual General Meeting in each year,

(a)        the new membership fee to take effect in the following year.

(11)      Life members shall be exempt from payment of the subscription.

(12)      If a membership fee is imposed by the Association, the Executive may, from time to time, set a reduced annual membership fee for specified classes of students, where the Executive deems that class of students to be one which receives a reduced benefit from membership, provided that the Executive shall not wholly exempt any class of students from payment of the annual membership fee. Exemptions from payment of the annual subscription shall only occur under the provisions of membership in clause (2) of this Section.

 

Section 2 - Control of Funds

(1)        All monies received by the Association, the Sports Council, the Cultural Council and Salient shall form part of the funds of the Association and shall be banked at the next available opportunity at a bank to be nominated by the Executive.

(2)        All expenditure of the Association, Sports Council, Cultural Council and Salient shall be recorded either as a motion in the appropriate minute book, or as a financial report on a budget which has been previously approved by the Executive.

(3)        Signatories to cheques drawn on Association funds shall be any two current Executive members, one from each of List A and List B:

 

List A:

President

Academic Vice President Welfare Vice President Engagement Vice President Treasurer-Secretary

 

List B:

Education Officer

Wellbeing and Sustainability Officer Clubs and Activities Officer

Equity Officer Campaigns Officer

 

(4)        Association funds shall include any expenditure in respect of Clubs Council and the Student Media Committee.

(5)        The Association shall retain an Accountant to:

(a)        supervise the duties of writing up the Association's books of General Account;

(b)        draw up for presentation to the Initial General Meeting of the Association:

(i)    a statement of income and expenditure;

(ii)   a statement of financial position;

(c)        audit and special accounts of the Association;

(d)        render general advice and guidance especially in relation to matters of finance;

(e)        be available as necessary to advise whenever assistance would be useful; and

(f)         shall in addition carry out duties which they may be given from time to time.

(6)        The Association shall at each Initial General Meeting appoint an auditor to hold office until the next Initial General Meeting.

(7)        The Executive shall determine the financial policy of the Association and shall determine the budget.

(8)        The Executive shall have the power to acquire and dispose of properties, to expend and invest monies in securities authorised by law for the investment of trust funds in New Zealand, and in any debentures or shares or stock units issued by any company carrying on business in New Zealand (provided that any investment in such bills shall not exceed two thirds of the funds then held), to open bank accounts, to enter into contracts, and to borrow or raise money on loan or otherwise, and to give such security for the repayment thereof over the property, funds and effects of the Association as it shall think fit, to lend and advance money or give credit to any person, unincorporated body or corporation on such security or without security and upon such terms and conditions as Executive deem fit, and give guarantees for the payment of money or the performance of contracts or obligations and otherwise assist any person or corporation.

(9)        That Executive or the Association shall not make any purchase or investment in the shares of a limited liability company, either public or private, without first receiving written advice from the Association's Accountants and Solicitors which specifically address the financial viability of such a purchase or investment and advises on the impact of such a purchase or investment on the Association's financial situation.

(a)        Such written advice is to be made available to Association members at least 10 days prior to the meeting called to consider such purchase or investment.

(10)      In considering any application involving underwriting, guaranteeing or advancing loans, the Executive shall consider the financial resources of the applicants in respect of guaranteed repayments and the advice of the Association's Accountant and Solicitors.

(11)      All contracts in writing and documents dealing with property and/or securities shall be signed on behalf of the Association by the President and Treasurer-Secretary of the Association.

(12)      Applications for annual grants shall be made by the end of the first trimester.

(a)        The Executive shall consider all such applications and make such grants as it sees fit, provided that no such grant shall be made to any group unless that group provides such of the following as are relevant:

(i)   an audited Balance Sheet and Income and Expenditure Account from the previous year.

(ii)  a copy of the previous year's Annual Report.

(iii)a detailed estimate of expenditure for the current year, together with a statement of estimated revenues.

(iv) any agenda of intended activities for the current year.

(v)  any other information required by the Executive.

(13)      The Executive may, at its discretion, make further grants to a group, imposing such conditions and requiring such information as it sees fit.

(14)      All clubs, before undertaking any important engagement or incurring any substantial liability, shall obtain the approval of the Executive.

(15)      The financial year of the Association shall end on 31 December.

(16)      All clubs must, by 30 April each year, present to the Executive audited accounts for the previous year which are of no more than four months' standing.