4.4. CHIEF FINANCIAL OFFICER
The acting CFO until the first General Assembly:
DAN D GHIOCEL
- Romanian and American citizen -
Special NOTES:
  • The Treasurer is the Chief Financial Officer (Statement of Information for State of California Form SI-100).
  • Neither the Treasurer nor the Secretary General may serve concurrently as the President (Corporation Code sections 5213 or 9213)

    4.4.1. CFO’s election
    (1) To be elected as CFO a candidate shall be at least a Silver Member carrying a USA citizenship.
    (2) The CFO is elected for a four-year’s term through the secret vote of the General Assembly.
    (3) There are no term limits for his or her re-election.

    4.4.2. CFO’s main functions
    (1) The CFO is a member of the Board of Directors.
    (2) The CFO caries the financial duties of the organization.
    (3) The CFO directs the organization’s financial goals, objectives, and budgets.
    (4) The CFO reports to the Chief Executive Officer.

    4.4.3. CFO’s attributions and duties
    (1) The CFO is responsible for financial planning and record-keeping.
    (2) The CFO supervises cash management activities.
    (3) The CFO oversees the investment of funds and manages associated risks.
    (4) The CFO is responsible for the fund raising strategy and campaigns.
    (5) The CFO approves the current necessary expenses for the current activity in the limits approved by the Board of Directors.
    (6) The CFO signes the documents regarding the general financial expenses decided by the Board of Directors.
    (7) The CFO is authorized to sign financial documents.
    (8) The CFO receives the quarter’s financial reports from the financial officers and from Audit and presents the Report to the Board of Directors.
    (9) The CFO presents the annual financial report and the proposed Budget for the next year to the General Assembly.

    4.4.4. CFO’s instruments - The Financial Group
    4.4.4.1. Controllers direct the preparation of financial reports that summarize and forecast the organization’s financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are in charge of preparing special reports required by regulatory authorities. Often, controllers oversee the accounting, audit, and budget departments.
    4.4.4.2. Internal auditors verify the accuracy of their organization’s internal records and check for mismanagement, waste, or fraud. Internal auditing is an increasingly important area of accounting and auditing. Internal auditors examine and evaluate their firms’ financial and information systems, management procedures, and internal controls to ensure that records are accurate and controls are adequate to protect against fraud and waste. They also review company operations, evaluating their efficiency, effectiveness, and compliance with corporate policies and procedures, laws, and government regulations.
    4.4.4.3. Bookkeeping clerks handle all financial transactions and recordkeeping. They record all transactions, post debits and credits, produce financial statements, and prepare reports and summaries for supervisors and managers. Bookkeepers also prepare bank deposits by compiling data from cashiers, verifying and balancing receipts, and sending cash, checks, or other forms of payment to the bank. They also may handle payroll, make purchases, prepare invoices, and keep track of overdue accounts.

    4.4.5. CFO’s Suspension
  • The CFO may be suspended by the vote of the three-fourths of the total number of the members of the Board of Directors.
  • The decision of suspension taken by the Board of Directors should be signed by all members of the Board of Director on the document named “ACT of SUSPENSION”.
  • The “Act of Suspension” shall be presented to the Independent Committee for Ethics for a judgment, which is stipulated and signed by all members of the Committee on the document named “ADVISE”.
  • The conclusion stipulated in the “Advise” is not a mandatory, but the “Act of Suspension” is not legal without the “Advise” attached.
  • Both documents shall be published in 24 hours to be consulted by members and the Board of Directors will call the General Assembly in session within 30 days to ratify the suspension and to call for the new elections.
  • In the event the CFO is suspended or the execution of his mandate becomes impossible, his or her responsibilities will be temporarily assumed by the Secretary General.