The Board Members, and thus the Foundation, operates independently from the donors and / or beneficiaries of the Foundation. [...] The expenses of the Foundation will be in reasonable proportions to the grants made in accordance with the purpose of the Foundation. [...] The Foundation will not hold more funds than necessary for the continuity of the activities of the Foundation. [...] The administration will show specifically the refunds of expenses to the Board Members, the expenses relating to the (raising of) funds and the management of the affairs of the Foundation and the equity of the Foundation. [...] Financial statements are drawn up annually and are subject to the approval of the auditor and the annual general meeting of the Board.
Authors
- Pages
- 4
- Published in
- Namibia
