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12. Finance

  1. An accounting officer shall be appointed at the AGM. His or her duty is to audit and check on the finances of the organisation;
  2. The Treasurer’s job is to control the day to day finances of the organisation. The Treasurer shall arrange for all funds to be put into a bank account in the name of the organisation. The Treasurer must also keep proper records of all the finances.
  3. All funds received by the KZNNA shall be deposited in the KZNNA banking account without delay by any of the elected Officers of the Management Committee or the Management Committee shall approve any such co-opted assistants as deemed necessary. Such deposit shall not be delayed for more that 5 (five) consecutive days from the day that funds was received. Any documents relating to above mentioned payment must be handed over to the Treasurer of the KZNNA.
  4. Whenever funds are taken out of the bank account, the Chairperson and at least two other members of the organisation must sign the withdrawal or cheque.
  5. The financial year of the organisation ends on 31 December each year.
  6. The organisation’s accounting records and reports must be ready and handed to the Director of Non-profit Organisations within 6 (six) months after the financial year end.
  7. If the organisation has funds that can be invested, the funds may only be invested with registered financial institutions. These institutions are listed in Section 1 of the Financial Institutions (Investment of Funds) Act, 1984. Alternatively the organisation can get securities that are listed on a licensed stock exchange as set out in the Stock Exchange Control Act, 1985. The organisation can go to different banks to seek advice on the best way to look after its funds.
  8. The income of the KZNNA must be utilized solely towards the promotion of the functions of the Constitution as set forth in this document and no portion thereof shall be paid or transferred directly or indirectly, by way of dividend, gift, division, bonus or otherwise howsoever by way of profit to the Members of the KZNNA provided that nothing herein shall prevent the payment, in good faith, of reasonable and proper remuneration/reimbursement to any elected officer of the KZNNA or any member of the KZNNA in return for services actually rendered to the KZNNA or for any material, labour, plant and power supplied for the KZNNA’s purpose, nor prevent the payment of interest on money borrowed or payment of a reasonable and proper rent for premises sold or let by any member to the KZNNA but so that no member of the Committee of the KZNNA shall be appointed to any salaried office of the KZNNA paid by fees and that no remuneration or other financial benefit shall be given by the KZNNA to any member except repayment of out of pocket expenses approved by the Management Committee and interest on money borrowed, or of the repayment of a reasonable and proper rent for premises sold or let to the KZNNA.