VI. FINANCES & MEMBERSHIP FEES
The Association assumes sole responsibility for all its acts and commitments undertaken by it or by its members on its behalf.
Resources and assets
The Association’s income is composed of membership fees, gifts, grants and other income deriving from its activities.
Within the limits fixed by its objectives, EIP acquires, owns, administers and disposes of its assets as it sees fit.
The administration of assets is assumed by the Board of Directors.
Annual membership fees are determined by the Council of Representatives. The Board of Directors may delegate the collection of fees to certain EIP Sections.
The annual financial statement:
a) must be reported by the President or the President of the Board of Directors to the Council of Representatives, and
b) is subject to verification and report by accountants designated by the Council of Representatives.