Article 15 Contributions and principles of finance

Members and Observers shall pay annual contributions as described in Annex 2.

Annual Member and Observer contributions are cash contributions. Principles of contributions are set out in the Annex 2 and will be further defined in the internal rules.

Contributions other than the annual contribution to ICOS ERIC may be provided by Members and Observers individually or in cooperation with other Members, Observers or third parties.

ICOS ERIC may also receive donations, gifts and other contributions after approval by the General Assembly.

ICOS ERIC resources shall be used for objectives as laid down in these Statutes.

The financial year of ICOS ERIC shall begin on 1 January and end on 31 December of each year.

The accounts of ICOS ERIC shall be accompanied by a report on budgetary and financial management of the financial year.

ICOS ERIC shall be subject to the legal requirements of the applicable law regarding preparation, filing, auditing and publication of accounts.