WACS finances its workings and its
activities from the WACS National Member Societies
and the WACS Extraordinary Members contributions,
fees from the WACS approved international culinary
competitions and exhibitions and also from managed
investments and donations.
The WACS National Member Societies
pay an annual contribution which is fixed by the
WACS Board.
The WACS Extraordinary Members also
pay an annual contribution which is fixed by the
WACS Board.
This contribution must be paid annually
no later than the 31st of March of each year to
the bank account stated by the WACS Treasurer preferably
by a standing order.
5.2. Asset management
The assets of WACS are invested and
managed by the WACS Treasurer according to the instructions
of the WACS Board and the support of the Swiss Cooks
Society.
Increased fees, managed investments
and other sources of revenue raising is left to
the discretion of the WACS Board and then reported
to the Congress.
5.3. WACS Expenditure
The following are payable from the
financial resources of WACS:
a) WACS general administrative costs
of the WACS Board
b) The travel and subsistence costs
of the WACS Board and the WACS Culinary Committee
to attend official WACS meetings
c) A contribution to the administration
costs of the WACS congress may be made after consultation
and approval by the WACS Board
d) WACS Train the Trainer Program
5.4. Authority to Sign
WACS is duly represented and committed
by the joint signatures of either the WACS President
and or WACS Vice-President, with that of the WACS
Secretary General or WACS Treasurer
Use may be made of the assets of WACS
as follows:
a) Up to the amount of SFr. 5000.—(Swiss
Francs) by the single signature of the WACS Treasurer.
b) For amounts of more than SFr.
5000.— (Swiss Francs) by the joint signatures
of either the WACS President and or WACS Vice-President
with that of the WACS Secretary General or WACS
Treasurer
5.5.WACS Auditors
The congress elects from the ranks
of the official National Member Societies three
auditors who are not a member of the country of
the WACS Board.
Those three individuals who are appointed
to act as auditors on the day will be required to
audit the books and receipts for the last two financial
years and then to submit an audit report to the
Congress for approval.
The WACS annual financial accounts
are also verified by the Business and Audit Committee
of the Hotel&Gastro Union and by Price WaterhouseCoopers,
a professional and licensed audit company of Lucerne.
