FIS shall maintain its books and records and prepare its annual financial statements in accordance with:
The German statutory accounting and reporting standards established by the Accounting Standards Committee of Germany (Deutsches Rechnungslegungs Standard Committee, DRSC)
The principles, procedures and responsibilities set forth in the FIS Articles of Association, Bylaws, and the FIS Handbook of Accounting. FIS shall operate to maintain its status as a recognized non-profit institution by the tax authorities of the State of Hesse.
The Board of Trustees shall engage an independent and qualified financial audit firm to annually review the school’s financial position and financial transactions. The audited financial statements shall be accompanied by a report from the auditors. This auditors’ report shall be available to the members of the Association. Additionally, the audit firm shall address a management letter to the chair of the Finance Committee for submission and review by the Finance Committee.
The Board of Trustees shall receive financial reports on a regular basis through the Finance Committee. At least once a year, the Board of Trustees shall present at a General Membership Meeting:
An overview of the audited financial statements for the previous school year
The proposed budget for the following school year.
The Administration, with oversight from the Finance Committee, is responsible for implementing and following procedures that protect the school against financial loss and ensure that financial operations are conducted according to stated policies and handbooks. Proposals for operational changes vs. stated policies shall be presented to the Finance Committee for discussion and subsequently to the Policy Committee for presentation to the Board of Trustees for approval. Deviations from Board policy must be reported to the Finance Committee in a timely manner.