13.1 – Expenses and Resources of the Society
13.1.1 – Society’s operating expenses
Expenses consist of all costs necessary for the operation of the society and its activities, as well as the financing of its social action, and, where applicable, capital losses on the disposal of fixed assets.
13.1.2 – Resources of the society
The society’s resources are derived in particular from:
- Deductions made from the amount of remuneration resulting from the exercise of all rights managed by the society in the context of its stated purpose, to cover its operating expenses, either at the time of their receipt or at the time of their distribution.
The rates of these deductions, known as “management fees”, are provisionally set by the Board of Directors at the beginning of each financial year depending on the nature of the rights in accordance with the general policy on deductions adopted by the General Assembly. The Board of Directors amends them as often as necessary. They shall be adjusted definitively at the end of each financial year by the Board of Directors to ensure the balance of the society’s ordinary management account.
- A specific deduction made from the sums distributed to cover the costs of social action, under the conditions defined in the general policy on deductions laid down by the General Assembly. This deduction is set provisionally, then definitively by the Board of Directors.
- Financial income and in particular income from the investment of rights in accordance with the general policy on deductions for management fees and the general policy on the investment of fees approved by the General Assembly.
- Capital gains from the sale of fixed assets.
- Donations and gifts.
- Incidental income, in particular damages which the society may receive.
13.2 – Financial year
The financial year begins on 1st January and ends on 31 December of each year.