ACCOUNTING:
For accounting purposes, the fiscal year of NE2U shall begin on January 01, of every year (except in the case of the initial year of NE2U’s incorporation, where the fiscal year begins on the official “date of approval”) and end on 31st of December of the same year.
The Executive Committee shall adopt accounting policies by adopting a resolution thereon regarding the following:
- Allocation and implementation of budget;
- Preparation of tax reports;
- Preparation of reports on settlement of accounts;
- Collection and management of revenue;
- Management and payment of expenditures;
- Management of contractual obligations and debt liability; and
- Other accounting and financial record keeping matters.
The Executive Committee shall establish an annual business plan and proposed budget within two (2) months from the start of each fiscal year, and shall submit a report thereon to the competent governmental authorities as may be required under the relevant laws and regulations of Cameroon.
The Executive Committee shall prepare a year-end business result report and balance sheet of income and expenditure within two (2) months after the end of each fiscal year. Obtain and attach thereto an auditor’s opinion letter, and submit the same to the annual general meeting for ratification and to the competent governmental authorities as may be required under the relevant laws and regulations of Cameroon.
ASSETS:
As a non-profit incorporated association, NE2U does not pursue profit in its activities and services. Any revenue arising out of the activities of NE2U, any grants or subsidies NE2U receives, and any fund or property held by NE2U shall only be used as expenses in managing the operation of NE2U and to help carry out the stated purpose.
The revenue sources of NE2U may include:
- Subscription of members;
- Commission income;
- Income from revenue-generating activities;
- Income from advertisements on NE2U website, newsletters, and other medium;
- Interest or rental income from NE2U’s funds and assets;
- Grants or subsidies; and
- Others.
NE2U may provide market entry services to rural entities free of charge or at discounted rates depending on the type.
The Executive Committee shall have the authority to dispose of any property of NE2U by adopting a resolution thereon. In lieu thereof, the Executive Committee may delegate such authority to the Chairman by adopting a resolution thereon.
The subsidies or allowances granted to NE2U for specific use may only be used for the use intended by the grantor.
Members shall not be entitled to any property interest in the assets of NE2U.
If, any residual property without any specific use remains after the dissolution of NE2U, and the satisfaction of all NE2U debts and obligations. Such property may be transferred in accordance with the applicable resolution adopted at either the annual general meeting or the extraordinary general meeting under Article 29, to any organization performing similar functions as the NE2U or to any other corporate entity or organization promoting economic or commercial relations between the international and Cameroon.
LIABILITY:
No member shall be personally liable for any debt owed by NE2U or loss or damage caused by NE2U to a third party, and NE2U shall indemnify and hold harmless any member from such liability.