Article 10 – Finances

  1. The Executive Committee shall determine the dues and levies to be paid by Members as it considers appropriate.
  2. The Executive Committee shall receive a finance report from the finance committee quarterly regarding how records are maintain and in conformity of standard practice.
  3. The accounts of KCFC shall be audited by qualified and reputable auditors, and shall be submitted together with the auditor’s report to The Board for consideration and approval.
  4. The financial year of KCFC shall be twelve calendar months beginning from the first day of March each year.
  5. The Executive Committee shall have the power to set up special funds for specific projects, and determine the conditions for withdrawal from the said funds. The Board shall be duly notified if this need arises
  6. KCFC shall open and operate banking accounts with such banks as the Executive Committee may determine with approval from the Board.
  7. The signatories to a bank account of KCFC shall be the Chairperson/President, the General Secretary, and the Treasurer, any two of whom shall be sufficient mandate for any transaction.
  8. Membership dues shall be contributed (subject to approval by EC) and accounted for by the Finance Committee for the running of the Association to be used as and when needed.