Every local institute is required as part of its constitution to keep account of all its financial transactions and submit a statement of accounts at each Annual General Meeting.
It is the role of the treasurer to report on the financial standing of the local institute at each council meeting, preferably via the latest local institute Accounts Tool, or in the form of a statement of income and expenditure, a balance sheet and cash flow statements.
The CII’s financial year runs from 1 January to 31 December and this is reflected by every local institute, with all local institutes submitting their annual financial returns to the CII by 31st May of each year as part of their annual returns.
It is recommended that a budget is prepared at the start of each calendar year in conjunction with the incoming president and treasurer. The budget should be apportioned according to the institute’s membership requirements.
Once the budget has been prepared and agreed upon it should be fully discussed at each council meeting with adjustments made to reflect any changes on a meeting on meeting basis.
Please note should a local institute cease to be an unincorporated association and become a limited liability company then there are requirements relating to the production of accounts that would need to be observed and these would need to be taken into account in conjunction with the auditors. In case of difficulties the Finance department at the CII might be able to assist – contact your Regional Membership Manager in the first instance.