Article 15: Funds Administration
15.1 Finances
i
The union shall obtain its funds from tithes and offering from the members, donations and assistance from non-members and fundraisers.
ii
The union shall tithe to FOCUS Kenya from its offering.
iii
All CU committees, ministries and evangelistic teams shall give proper account for their financial transactions to the CU treasurer.
iv
The funds of the CU may only be used for the purpose(s) that the Executive Committee or interim leadership considered proper in accordance with the aims of the CU.
v
All monies and funds shall be received by/paid to/disbursed by the treasurer.
vi
All payments shall be made out of the bank account with the resolution of the Executive Committee authorizing such payments.
vii
All cheques on such bank accounts shall be signed by any two of the signatories: The treasurer, the chairperson, the vice-chairperson or the secretary of the Christian Union. Here treasurer is mandatory signatory.
viii
The financial year of the CU shall be one spiritual year.
15.2 Inspection of Accounts and List of Members
The books of accounts and all the documents relating thereto and a list of members of the CU shall be available for inspection at the registered office of the CU by the officers and members of CU on giving a notice not less than 7 days in writing to the Executive Committee through the CU's secretary.
15.3 Auditing
i. An auditor shall be appointed by the Executive Committee.
ii. All the CU accounting records and documents shall be open for inspection by the auditor before the AGM. The treasurer shall produce updated books of account and balance sheet at least 7 days before the date of the AGM.
iii. A copy of the auditor's report on the books of account shall be furnished to all members at the time of the AGM.
iv. An auditor may be paid an honorarium for his or her duties as may be resolved by the Executive Committee appointing him or her.
v. Refer to Finance and assets policy, chapter 7.
15.4 External Auditor
i
Must subscribe to the Christian faith.
ii
Must be registered member of the Institute of Certified Public Accountants of Kenya (ICPAAK).
iii
Shall uphold the International Standards of Auditing (ISAS) and due independence at all levels.
iv
Shall be entitled to a fee of Ksh. 10,000 subject to change by the executive.
v
Shall carry out their work with due professionalism and be honest enough in their opinion.
vi
Shall hold office for a term of not more than three years but this is subject to renewal. However, where need arises, the executive board can change the auditor.