Financial

The Financial WG was created in March 2011, to monitor the ECA finances and advise the EB in its financial review and budget setting process. For more information on the aims and tasks of the WG, please read its Terms of reference.

Main issues

• Budget

The establishing of the budget is a key tool for the development of ECA activities. The FWG examines the proposal for ECA budget every year and gives the Board its advice on the basis of the documentation provided by the ECA office.

• Financial Oversight

The FWG members review the quarterly financial updates prepared by the Financial Team before it is sent to the Executive Board, monitoring the accuracy of the financial documentation and seeking clarification or additional information where needed.

• Membership

Due to its impact on the budget, the FWG is consulted by the Executive Board on issues related to membership and fees.

Members & Meetings

The WG meets twice a year: once in April and once in October. The first meeting of the year is generally short and many members follow it though video conference. IT is conceived to look into the results of the previous year in order to allow the Board to propose that the Conference approves the accounts and that the Board is discharged. The Second meeting is longer, and physical attendance is recommended. During this meeting, the FWG monitors the financial situation, examines the proposed budget for the following year and gives its advice and recommendations to the Board.

The FWG receives by mail quarterly information about the financial situation of the association. At this occasion, the members of the WG may ask clarifications or trigger the attention of the board to certain issues.