Governance

Financial Regulations

 

18.1 General Regulations

18.1.1 The Guild must adhere to the accounting practices and principles of the Financial Management Act.

18.1.2 The Guild Council must maintain a core investment account to be known as the Guild Investment account.

18.1.3 The Guild Council must add amounts to the Guild Investment account from time to time as it sees fit.

18.1.4 The Guild Council must maintain a core Investment Income account to be known as the Guild Investment Income account.

18.1.5 The inflation adjusted return from the Guild Investment account must be transferred to the Guild Investment Income account annually.

18.1.6 The Guild must draw such sums as are required from time to time from the Investment of Investment Income Account to meet its debts as and when they fall due.

18.1.7 The Guild must maintain a Capital Works Fund.

18.1.8 The Guild Council must allocate an amount each year to the fund.

18.1.9 The Guild Council must approve a list of works that must be funded from the Capital Works fund each year.

18.1.10 Interest earned on the fund must be transferred to the Guild Operating Bank Account.

18.1.11 The Guild Strategic Resources Committee must report to the Guild Council all budgets, estimated receipts and disbursements transmitted for the approval of the Guild Council in accordance with the provisions in these Regulations.

18.1.12 All monies invested by the Guild other than loans to students, registered clubs and staff, or loans to incorporated student organisations on the recommendation of the Guild Strategic Resources Committee, must be placed in investments authorised under the State of Western Australia Trustee Act or otherwise approved by the Senate of the University.

18.1.13 The financial year of the Guild ends on 31 December in each year.

18.1.14 At the conclusion of each financial year, or as required by the Guild Strategic Resources Committee, an audit of the financial affairs of the Guild will be conducted by the persons appointed for that purpose by the Guild Council.

18.1.15 When conducting an audit, the persons appointed for that purpose by the Guild Council may require all financial and other documents deemed necessary for the audit to be produced and delivered to them.

18.1.16 When required by the Guild Strategic Resources Committee, any affiliated University society must, at the commencement of each financial year, transmit to that committee for approval by the Guild Council, a budget which must include a detailed estimate of all receipts and disbursements of the society for the current financial year.

18.1.17 Any affiliated University society must adhere to their approved budget and as often as may be found necessary, revise their budget.

18.1.18 No grant or subsidy will be made to any University society other than a registered University society.

18.1.19 The Societies Council and Public Affairs Council will only make grants or give subsidies to their affiliated University societies.

18.1.20 Subject to any resolution passed by the Guild Strategic Resources Committee, all accounts owing by the Guild and affiliated University societies must be paid within one month.

18.1.21 The Guild Strategic Resources Committee has the power to take any action necessary for the purpose of enforcing compliance with Regulation 18.1.20.

18.1.22 All Guild business must be transacted through the Guild Operating Bank Account and all moneys received for the credit of the Guild and its committee must be banked in this account.

18.1.23 The signatories for the Central banking account are the—

(a) Treasurer of the Guild;

(b) President of the Guild;

(c) Management Accountant; and

(d) Managing Director.

18.1.24 Each cheque drawn by the Guild must be signed by one of the students and one of the staff members referred to in Regulation 18.1.23.

18.1.25 In an emergency two staff members or two students, referred to in Regulation 18.1.23 may sign a cheque with the prior permission of the Guild Executive.

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