5.1.1. WACS finances its workings
and its activities from the WACS National Member
Societies, the WACS Extraordinary Members and the
WACS Corporate Members contributions, fees from
the WACS approved international culinary competitions
and exhibitions and also from managed investments
and donations.
5.1.2. The WACS National Member Societies
pay an annual fee, which is fixed by the WACS Board.
5.1.3. The WACS Extraordinary Members
and the Corporate Members also pay an annual fee,
which is fixed by the WACS Board.
5.1.4. These fees must be paid annually
no later than the last day of February of each year
to the bank account stated by the WACS Treasurer
preferably by a standing order.
5.2. Asset Management
5.2.1. 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.
5.2.2. Increased fees, managed investments
and other sources of revenue to raising is left
to the discretion of the WACS Board and then reported
to the Congress.
5.3. WACS Expenditure
5.3.1. The following are payable from
the financial resources of WACS:
a) WACS general administrative costs.
b) The travel and subsistence costs
of the WACS Board and the
WACS appointed Committees to attend official WACS
meetings.
c) A loan to the administration
costs of the WACS
Congress may be made after consultation and approval
by the
WACS Board.
d) WACS approved Programs.
5.4. Authority to Sign
5.4.1. 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
5.4.2. Use may be made of the assets
of WACS as follows:
a) For amounts up to 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
5.5.1. 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.
5.5.2. The 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.
5.5.3 The WACS annual financial
accounts are also verified by the Business and Audit
Committee of the Hotel & Gastro Union and by
“Price Waterhouse Coopers”, a professional
and licensed audit company of Lucerne.
