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Currency: 

The official currency of ICMCI shall be in US dollars. 

Funds: 

ICMCI funds will be maintained in national banks nominated by the Executive Director and approved by the Executive Committee. All accounts shall be fully insured against bank failure. Where funds exceed the insurance limit, multiple accounts shall be opened.

The Executive Committee may transfer limited funds to banks in other countries to facilitate programs or conference planning being conducted in these countries, but the balance of such funds shall be returned to the principal account soon after the conclusion of such programs. 

Investments: 

Surplus funds may be invested upon the nomination of the Treasurer or Executive Director and the approval of the Executive Committee. Such investments must be reviewed at least quarterly. 

Fiscal Year: 

The fiscal year of ICMCI is from July 1 through June 30. The accounts shall be maintained on an accrual basis. 

Budget 

ICMCI will operate in accordance with a budget drafted by the Executive Office, approved by the Treasurer and ratified by the Executive Committee. The budget shall be approved no later than June 30. There will be no changes to the budget after August 31. 

Programs and other items to be included in the budget must be submitted to the Executive Office no later than April 30. 

Revenue: 

All net revenues will be transmitted to the Executive Office upon receipt or after related expenses have been paid, at the discretion of the Treasurer. Revenue includes annual dues, registration fees, web subscription fees, purchases of services or materials, and earnings from savings or investments. 

Prices and fees for revenue items will be recommended by the appropriate committee and approved by the Executive Committee. The Executive Secretary will send invoices for dues and purchases. Registration and subscription fees will normally be invoiced at the point of registration or subscription. Dues will be invoiced no later than May 30 of the previous fiscal year. 

Expenses: 

Expenses must be included in the budget. The Executive Committee must approve any ex-budget items by formal motion. Once the Executive Committee has ratified the budget, the individual with responsibility for a particular line item may approve the release of disbursements against that line item. Individuals who do not have responsibility for a line item must obtain prior approval from the owner of that line item prior to incurring the expense.  

All travel expenses are the responsibility of the ICMCI Chair. Travel expenses by the Chair must be approved by the Treasurer. 

Newsletters should be self-financing. Advertising and sponsorships should be considered. Conferences and Hub Meetings should be self-financing. Congresses should deliver a net profit. 

Disbursements: 

The Assistant Treasurer will disburse payments upon the authorization of the owner of the budget item. Disbursements over $500 must also have the approval of the Treasurer.  Disbursements over $5000 must also have the approval of the Executive Committee. No disbursement of any amount will be made if not in the approved budget or covered by an ex-budget motion of the Executive Committee. No payments will be made in excess of 110% of a budgeted line item amount without Treasurer approval. 

Reports: 

The Executive Secretary shall submit to the Treasurer a Year-to-Date P&L Statement and Balance Sheet by the 15^th of each month. The P&L shall show actual vs. budget. Where significant changes to the budget are contemplated, the P&L shall also show a forecast for the remainder of the year.