Section A. Annual Subscriptions (Dues).

(1) Establishing level of dues. The annual subscription (dues) shall be established by the Board by at least a two-thirds majority of its Entire Voting Membership.

(2) Annual Statements. Annual statements of amounts owed by each Constituent Organisation and IPA Direct Member shall be sent by the Treasurer (or designee) each January, in the absence of extraordinary delay. Dues are due and payable in full by each Constituent Organisation or by IPA Direct Members by 31st July in each calendar year, unless the Board provides otherwise.

(3) Dues obligations of Constituent Organisations. Each Constituent Organisation shall (a) collect and pay to the IPA the annual subscriptions (dues) for all IPA Members listed in its membership list (roster) and for pertinent Dual Members [per Rule 5, Section D] and (b) submit to the Treasurer (or designee) an up-to-date report of the number of IPA Members on which the total amount transmitted has been calculated and a complete list (roster) of its IPA Members.

(4) IPA Direct Members. IPA Direct Members shall be directly responsible to the IPA for their dues.

(5) Remedies for failure to pay dues. Pursuant to rules and procedures adopted by the Board, failure of a Constituent Organisation or an IPA Direct Member to pay dues to the IPA in a timely fashion may result in termination or suspension of IPA Membership and/or participation.

(6) Requests for dues reduction or waiver. All requests to reduce, waive or suspend dues shall be directed to the Treasurer (or designee) pursuant to procedures adopted by the Board.

(7) Currency. Dues may be paid in U.S. Dollars and any European or other currency approved by the Board, with conversion rates as shall be determined by the Treasurer.

(8) Late Dues. The Board may impose, and shall record in the Procedural Code, penalties for the late payment of dues.

Section B. Finance and Audit of Accounts.

(1) Organisational assets. The IPA’s assets and income shall belong to it, as a corporate entity, and shall not inure to any IPA Member or other person.

(2) Audits. The accounts of the IPA and related entities shall be duly audited every year, and the auditor’s report and accounts shall be sent to each member of the Board, be available for inspection by IPA Members, and be presented in summary fashion by the Treasurer to each Business Meeting.