Charter » Article VIII : Finance and Budget

 

1.       Capital costs and recurrent costs of the University shall be met from voluntary contributions to the University, of from other income such as
1.       by fees for enrollment;
2.       by the WFB's Regional Centres, networking institutions, and other related agencies;
3.       by non-governmental sources including foundations;
4.       by financial support from abroad;
5.       by Governments of the countries where the regional centres and networking organizations are located respectively; and
6.       by other sources to be assigned;
2.       The Rector may also accept assistance for the University's projects, particularly fellowship, from the WFB and its Regional Centres as well as other intergovernmental organizations.
3.       Contributions which may directly and indirectly involve an immediate of ultimate financial liability for the University, or which involve a new activity not yet included in its programme, may be accepted only with the approval of the Council.
4.       University funds shall be kept in a separate account entitled "WBU FUND" to be established by the Rector of the University in accordance with the Financial Regulations of the University which must be approved by at least one third of the total members of the University Council.
5.       University funds shall be held and administered solely for the University. The Rector of the University shall perform all necessary financial and accounting functions for the University, including the custody of its funds, and shall prepare and certify the annual accounts showing the status of WBU FUND special account.
6.       Current Financial Regulations and current Financial Rules of the WBU must be strictly applied and enforced to the financial operations of the University, with the rector is the plenipotentiary subject to such special rules.
7.       The Rector shall prepare the budget estimates for the University in manner consistent with the Regulations, Rules, policies and procedures of the University. The estimates shall be submitted to the Council for approval.
8.       Funds administered by and for the University shall, as provided in the Financial Regulations of the WBU, be subject to audit by the WBU's Auditor.
9.       The general administrative, personnel and financial services of the WFB may be utilized by the University on conditions determined in consultation between the President and the Rector. It is understood that no extra cost to the regular budget of the WFB will be incurred.