Page 13 - FERC_2024 Handbook

FERC Handbook

F. The Board and AC members shall as deemed necessary, stipulate regulations regarding
finance, accounting, and properties of FERC, including power and duties regarding the
payment and receipt of money.
G. The financial year of FERC shall commence on 01 January and end on 31 December of
every calendar year. Each year the Board and AC shall retain a licensed accountant and
an auditor to file the FERC taxes and perform an audit of the year’s finances,
Remuneration for these services shall be approved by a majority vote of the Board and
AC members. The AC Treasurer shall prepare a Summary Report on the financial status
of FERC for the previous financial year and present the account summary to the retained
accountant and the licensed auditor for their use. The financial status of the accounts
must be seen and approved by the Board and the AC before submission to the
accountant and auditor.
III. Expense Claims:

A. Expense claims will be reimbursed by the AC Treasurer provided that the approved
expense includes a dated original invoice and/or receipt from the service provider.

B. All approved expenses will be reimbursed via the FERC General Savings Account and
will be reimbursed via a bank-to-bank transfer or cash deposit to the claimant’s account
under one or more of the following categories depending on the size of reimbursement;
C. Unrestricted Funds;

1. Collection Box monies
2. Bank Interest and/or
3. Undesignated Donations
D. The claim for expense will be paid for in full. However, if the claimant would like to donate
some or all of the expense they can deposit that amount into the FERC bank account to
be categorized as a ‘Donated Expense’. A copy of the bank deposit slip will be provided
immediately after the deposit is made to the AC Treasurer so as to update the financial
data being recorded.
IV. Scholarship Sponsorship and Donations:
A. The AC Treasurer shall prepare and send a thank you latter and receipt for general
donations, Legacy donations, or scholarship sponsor donations made to FERC. Typically
an email to the donor including a PDF copy of the receipt shall be sufficient. A copy of the
donation receipt will be kept on file based on the calendar year.

B. Regarding default on Sponsorship payment, the following shall be applied as necessary;
On occasion, a sponsor may, for personal reasons, etc., default on their commitment to
sponsor a student. In this circumstance, the monies needed to complete the program will
need to be derived from the above-noted Unrestricted Funds.

C. When foreign donations are made there is typically a smaller or larger amount posted to
our account. These donations will be recorded as posted and the net shortage, if any, will
be derived from the Unrestricted Funds.
D. All Sponsor donations shall be deposited to the FERC Bangkok Bank Account
531-092403-9.

Updated: 4 Mar 2024 12