Chapter IV. Financing of the association

Article 18 –Assets and Budget of the Association

The assets of the Association shall consist of the following: for the remainder of the year from the results generated in the statement of income and expenses for the year (surplus or deficit) arising from:

  1. Ordinary fees which include the annual membership fees paid by its Members, the amount of which is set by the General Assembly. The President of the Association shall inform Members of the ordinary fees and shall issue payment invoices within thirty (30) days after a General Assembly. Members shall have sixty (60) days after receipt of such invoice, to pay the fee;
  2. Extraordinary fees which include possible temporary charges set by the General Assembly to be paid by the Members. The President of the Association shall inform Members of the extraordinary fees and shall issue payment invoices within thirty (30) days after a General Assembly.  Members shall have sixty (60) days after receipt of such invoice, to pay the fee;
  3. Income earned by the Association for services provided to its Members and to third parties;
  4. Other income received by the Association from sponsorships, events, and donations or through any other concept from third parties, may they be natural persons or legal entities, national or foreigners, or those of an international nature; and
  5. The profits that might be derived from assets or institutional resources.

The budget of the Association will be prepared by the Executive Committee and submitted to the General Assembly for its approval.

The income for the year may not be distributed directly or indirectly between members or parties related to these.