Subject: Financil Regulation

From: Songlin Ren <[email-masked]>
Date: Fri, 27 May 1994 16:27:12 GMT

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Dear Chair and all of the members of The Council of 5th IFCSS:

	Since last DC Working Meeting, the finanial task-force have established,
	in order to reform the financial regulation. Mr. Zhou Hongguang and Mr.
	Bai Yan are very busy for their academic work at their university and
	had no time to work for it. Mr. Ding Yungui, the co-chair of Council,
	ask me to take care all of the work. I reviewed the regulation of IFCSS
	which had been passed in 3th term council. I found out most of them
	is still suit to current IFCSS financial satuation. I drafted following   
	amendments and send to council for further discussion.

Songlin Ren (signed)
Council member of 5th IFCSS
	   
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Amendment on IFCSS Financial Regulation:

Add to Artical 10. The Treasurer must fill all tax returns due and required
by lay on time. The headquarter is authorized to examine and take action for 
the tax penalties due to the Treasurer's responsibilities for late filling.

Add to Artical 10. For each physical yearr, council and headquarter has
the authorities to invite Certified Public Accountant to recompile the
balance or audit the accounting system, if either council or HQ concider it
neccesary. The result of CPA should report in council meeting. 

Add to Artical 15. 2) The reimbursement from any IFCSS officer, including HQ
staff, council member, SVC member, working committee, special task-force,
IFCSS congress delegate and anyone who work for IFCSS, must not be over the
budget. The Treasurer must reject the reimbursement if it is overspent.  Any
reimbursement is over its initial budget must be proved by the president but
the president is not authortied to prove it for 20% overspent reimbursement.
Any higher then 20% overspent reimbursement has to proved by council meeting.

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THE FINANCIAL REGULATIONS OF IFCSS PROVED BY 3TH COUNCIL:

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Amendment on C3042(Resolution on IFCSS Financial Regulations)
(C3042-A4)   Luan Shusheng/Wu Tao

     Add to Article 15. 2) "reimbursment requirment must be made within 30
days of the date of the expenditure, include the original receipt and amount
and the date of the expense and the explaination of the purpose of the
expense. "

Amendment adopted with unanimous consent.

========================================
Resolution on IFCSS Financial Regulations (C3042)
Committee on Financial Affairs

     Whereas IFCSS lacks regulations on its financial operation, it is
resolved that

     The following Regulations for IFCSS's Financial Operation is adopted.

                  Regulations for IFCSS's Financial Operation

     Article 1. The president must nominate to the council a treasurer and
an assistant treasurer within seven days after he is elected as the
president.

     Article 2. The nominees for treasurer and assistant treasurer will be
acting treasurer and acting assistant treasurer. The acting treasurer and
assistant treasurer will assume all the  powers and the responsibilities of
treasurer and assistant treasurer before the nomination is either approved
or rejected by the council.

     Article 3. If the nomination is rejected by the council, the president
must make another nomination to the council within seven days after the
rejection. Same person must not be nominated twice.

     Article 4. No monetary transaction should be made unless there is a
treasurer approved by the council or an acting treasurer nominated by the
president.

     Article 5. The president must submit to the council a budget proposal
for his entire term within fourteen days after he is elected.

     Article 6. The president may follow the budget proposal before it is
approved or rejected by the council.

     Article 7. No monetary transaction should be made unless there is a
budget approved by the council or a budget proposal pending in the council.

     Article 8. The treasurer must submit to the council or an authorized
council committee in writing within three days after the last day of each
quarter a financial report. The report must include, but not limited to,
the following items:
     1. Quarterly revenues, itemized and totaled;
     2. Quarterly expenses, itemized and totaled;
     3. Management of Donation, Awards, and grants;
     4. Bank statements of all bank accounts;
     5. List of all outstanding debts up to the last day of the quarter.

     Article 9. The treasurer is required to sign all checks of all bank
accounts along with another officer designated by the president. In case
of absence of the treasurer, the assistant treasurer should sign all checks
of all bank accounts along with another officer designated by the president.

     Article 10. The treasurer must follow a designated accounting system
and all other standard accounting practice and to keep all original
financial records in good care.

     Article 11. The treasurer must open all accounting books and other
financial records to the council or any authorized agent of the council
all financial records upon a written request from the council or authorized
council committees.

     Article 12. Any spending not included in the budget must be approved
by the president in writing. Such spending must not exceed a total sum of
three thousand dollars ($3000) for each term. The president must provide a
copy of his written approval to the council or an authorized council
committee within fourteen days after a such spending is incurred. If the
deficit is more than three thousand dollars, the spending has to be approved
by the Council.

     Article 13. Any transaction between any IFCSS, Inc. bank account and
any IFCSS Foundation, Inc. bank account must be approved by the president
in writing. The president must notify the council or an authorized council
committee in writing for a such transaction within seven days after it is
made.

     Article 14. No financial relationship should be established and no
transaction should be made between IFCSS, including any of its working
branch, and any political organization without a prior approval of the
council.

     Article 15. Travel Advance and Reimbursement:

         1) A written request of cash advance has to be approved by the
Treasurer or the President. The request should include: description of the
activities, date(s), destination(s), projected itemized expenditure,
source(s) of funding, and any other relevant information. The approved amount
of cash advance should be no more than 80% of total projected expense;

        2) Any request of reimbursement has to be submitted to the Treasurer
in written form. The request should include: description of the activities,
date(s), destination(s), itemized spending with original receipts attached,
any other relevant information, and the signature of applicant, the request
should be approved by the Treasurer.

        3) Reimbursement for airline ticket may not exceed the price of
economy class ticket of the shortest distance between the destinations;
Reimbursement for private car travel may not exceed the rate at $0.2/mile;
In general, the lodging reimbursement is not recommended unless it is
approved by the President or the Treasurer, the rate for  lodging
reimbursement should not exceed the rate at $60.0 per day.

      Article 16. Violation of these regulations may result in starting the
process of inpeachment if it is recommended by the Council.

      Article 17. Amendment to these regulations may be adopted at any
Council meeting.

Motion adopted (as amended) with 13 yea, 1 nay, 2 abstain

Voting Record:

Zhu, Zhengrong      Yea
Yang, Guang         Abstain
Wang, Jian          Yea
Sun, Shaojian       Yea
He, Baoping         Nay
Chen, Ziqiang       Abstain
Lu, Ping            Yea
Li, Gang            Yea
Dong, Qiqi          Yea
Gao, Qinglin        Yea
Luan, Shusheng      Yea
He, Ming            Yea
Ge, Xun             Yea
Ding, Jian          Yea
Wu, Tao             Yea
Wu, Yue             Yea

=======================
Amendment on C3043(Resolution on Appointment of Treasurer)
(C3043-A1)   Yang Guang/Wu Tao

     Delete item (C) from first paragraph.

Amendment adopted with 9 yea, 3 nay, 4 abstain.

Voting Record:

Zhu, Zhengrong      Yea
Yang, Guang         Yea
Wang, Jian          Yea
Sun, Shaojian       Nay
He, Baoping         Yea
Chen, Ziqiang       Yea
Lu, Ping            Abstain
Li, Gang            Abstain
Dong, Qiqi          Nay
Gao, Qinglin        Abstain
Luan, Shusheng      Nay
He, Ming            Abstain
Ge, Xun             Yea
Ding, Jian          Yea
Wu, Tao             Yea
Wu, Yue             Yea

===============================================
Resolution on Appointment of Treasurer (C3043)
Committee on Financial Affairs

     Whereas the headquarter has nominated Mr. Geng Xiao as the Treasurer,
it is resolved that
     Mr. Geng Xiao is hereby appointed as the Treaasurer of IFCSS. It is
further resolved that

     The Treasurer shall: (a) have charge and custody of and be responsible
for all funds of IFCSS; (b) receive and give receipts for moneys due and
payble to the corporation from any source whatsoever, and deposit all such
moneys in the name of IFCSS in such banks as shall be selected and approved
by the council; and (c) in general perform all of the duties incident to the
office of treasurer and such other duties as from time to time may be
assigned to him by the council.

     Whereas IFCSS must not operate without a treasurer at any moment, it is
resolved that

     The Chair of the council should notify Mr. Geng Xiao of his appointment
as the Treasurer within 24 hours after this council meeting, and require
Mr. Geng Xiao's confirmation of his accepting the appointment within 48 hours
after the notification. It is further resolved that

     If such confirmation is not received from Mr. Geng Xiao within 48 hours
after the council's notification, this appointment will be avoid
automatically, and the Chair of the Committee on Financial Affairs will be
the acting Treasurer of IFCSS thereafter until a new nomination has been made
by the IFCSS President.

Motion adopted with unanimous consent.

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Resolution on IFCSS Employees' Withholding (C3044)
Committee on Financial Affairs

     Whereas IFCSS may be liable to withholdings of its employees' income
and social security taxes, and there is no such practice in headquarter,
and the council has not been satisfied with an explanation of not taking
withholdings, it is resolved that

     (1) the Treasurer seeks professional consultation from a certified
public account or a tax attorney on this issue; (2) the Treasurer makes a
decision on whether IFCSS is liable to withholdings based on the
investigation specified in (1), and provide the council with a written
certification of his decision; (3)if the Treasurer finds that IFCSS is
liable for withholdings such practice must be carried out and all previous
mistakes must corrected immediately.

     It is further resolved that

     The council authorizes the Committee on Financial Affairs to receive
and approve the said certification from the Treasurer.

Motion adopted with 12 yea, 4 abstain.

Voting Record:

Zhu, Zhengrong      Abstain
Yang, Guang         Yea
Wang, Jian          Yea
Sun, Shaojian       Yea
He, Baoping         Abstain
Chen, Ziqiang       Yea
Lu, Ping            Yea
Li, Gang            Yea
Dong, Qiqi          Yea
Gao, Qinglin        Abstain
Luan, Shusheng      Yea
He, Ming            Yea
Ge, Xun             Yea
Ding, Jian          Abstain
Wu, Tao             Yea
Wu, Yue             Yea

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Resolution on IFCSS's Tax Filing (C3045)
Committee on Financial Affairs

     Whereas IFCSS has failed filing returns since 1989, it is resolved that

     (1)The Treasurer must immediately file all returns due and required by
law and pay all penalties due for late filing; (2)the Treasurer must report
in writing to the council weekly on the progress of filing returns until all
returns due are filed and (3)the headquarter is authorized to take full
legal action against any IFCSS officer or previous IFCSS officer who is
responsible to but not cooperate with filing returns.

Motion adopted with unanimous consent

======================================================
Resolution on Spending of Fourth Congress (C3047)
Committee on Financial Affairs

     Whereas the Fourth Congress budget has not been realized yet, and the
council has charged its chair to call a task force on the Fourth Congress,
and the Congress must be conducted with maximum efficiency to reduce the
spending of the Congress, it is resolved that

     (1)The Chair must present to the council an itemized Congress budget
within twenty (20) days after this resolution is passed; (2)The Chair must
provide to the council in writing whenever he assigns a person to the task
force the task the said person will physically carry out and expense that
will be incured for the said task; and (3)No person should be assigned to
the task force without a definable physical task.

Motion re-commit to the Committee of Financial Affairs

======================================================
Resolution on IFCSS and May Fourth Foundation (C3049)
Committee on Financial Affairs

     Whereas the financial relationship between IFCSS and May Fourth
Foundation has caused concerns, and any transaction between IFCSS and the
May Fourth Foundation may cause IFCSS to lose its exempt status, and some of
IFCSS's moneys has gone through the May Fourth Foundation without being
checked, and the President has agreed to provide a journal of the account
he asked the May Fourth Foundation to keep for IFCSS, it is resolved that

     (1)The President immediately consult with qualified attorneys on the
issue of the financial relationship between IFCSS and May Fourth Foundation;
(2)the President must make a decision on whether IFCSS should be financially
related with the May Fourth Foundation based on the investigation specified
in (1), and provide the council with a written certification of his decision;
(3)the said journal should be provided to the council immediately; and
(4)financial relationship between IFCSS including all its working committees,
especially the Student's Affairs Committee, and the May Fourth Foundation
must be suspend until the council has received and approved in writing the
said certificate from the President.

     It is further resolved that

     The council authorizes the Committee on Financial Affairs to receive and
approve the said certificate submited by the President.

Motion NOT adopted with 7 yea, 9 abstain.

Voting Record:

Zhu, Zhengrong      Abstain
Yang, Guang         Abstain
Wang, Jian          Abstain
Sun, Shaojian       Yea
He, Baoping         Abstain
Chen, Ziqiang       Abstain
Lu, Ping            Yea
Li, Gang            Yea
Dong, Qiqi          Yea
Gao, Qinglin        Abstain
Luan, Shusheng      Yea
He, Ming            Yea
Ge, Xun             Yea
Ding, Jian          Abstain
Wu, Tao             Abstain
Wu, Yue             Abstain

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