The Financial System of the Union of Arab Constitutional Courts and Councils
The Union’s resources consist of the following:
- Contributions of member states
- Grants and bequests as well as other forms of aid coming from Arab countries, organizations, or regional and international bodies
- Revenue generated from the Union’s activities
The secretary general shall prepare the draft budget for the two following years. The draft budget shall be considered by the Executive Office and submitted to the General Assembly to be adopted thereby.
The secretary general shall develop the yearly draft budget allocation and submit it to the Executive Office for consideration.
The fiscal year of the Union shall commence on the first day of January and end on the last day of December of every year.
The president of the Union is the person having the expenditure authorization. He is entitled to delegate such task to the vice president or the secretary general of the Union.
In virtue of a decision by the president of the Union, the finances thereof shall be deposited in a banking account opened for such purpose with an approved financial institution located at the Union’s headquarters.
Financial tasks shall be assigned to an accountant appointed by the president of the Union at the suggestion of the secretary general thereof.
No amounts exceeding the Union’s budget may be expended.
Appropriations shall not be transferred within a budget line, unless decided by the president or the secretary general of the Union.
The balance sheet shall be closed at the end of the month following the end of the fiscal year.
The final account, together with the audit report, shall be presented to the Executive Office for approval.
This system shall be effective as of the date the statute and amendments thereof are adopted by the General Assembly.