FAI Members' Space

- The Secretary General prepares the budget for the Executive Board (EB)

- Submission of budget v1 (to get started and identify areas of improvement with the new accounting tools)

- Addressing questions; refinement and adjustment based on the input (Commissions with Secretariat)

- Executive Board meeting

- Feedback to Commissions (improved guidelines, outcome of 1st round)

- Submission of updated budget v2 (refined budget)

- Executive Board meeting

- Feedback to Commissions (outcome of 2nd round)

- Refinement and adjustment, if necessary

- Submission and confirmation of budget v3 (final for the Conference)

- The EB presents to the General Conference the proposed budget for the coming year and submits it to the approval of the Conference

- The Secretariat (lead by the Secretary General), implements the policies, business activities and projects outlined in the approved budget

- The EB monitors and controls the work of the Secretary General and provides budgetary limits

- An independent audit examines whether the budgeting process is operating effectively. The results of the audit are communicated to FAI stakeholders

- The EB presents the accounts for the past year and submits it to the approval of the General Conference

- The Executive Director, Finance, is responsible for financial matters, including budgeting and reporting on financial matters to the General Conference

- Budget positions are updated regularly to show a accurate year-end estimate, which allows corrective measures to adjust to unforeseen developments during the year