Financial Regulations of the Special Account

Article 1 – Creation of a Special Account

1.1    In accordance with Article 6, paragraphs 5 and 6, of the Financial Regulations of UNESCO, there is hereby created a Special Account for the UNESCO Avicenna Prize for Ethics in Science, hereafter referred to as the Special Account.

1.2    The following regulations shall govern the operation of the Special Account.

Article 2 – Financial period

The financial period shall correspond to that of UNESCO.

Article 3 – Purpose

The purpose of the UNESCO Avicenna Prize for Ethics in Science is to reward the activities of individuals and groups in the field of ethics in science. The amounts deposited in the Special Account shall be used to finance the monetary value and the operational and other costs of related to administering the UNESCO Avicenna Prize for Ethics in Science.

Article 4 - Income

The income of the Special Account shall consist of:
(a)    voluntary contributions from States, international agencies and organizations, as well as other entities;
(b)    such subventions, endowments, gifts and bequests as are allocated to it for purposes consistent with the object of the Special Account;
(c)    miscellaneous income, including any interest earned on the investments referred to in Article 7 below.

Article 5 – Expenditure

The Special Account shall be debited with the expenditure relating to its purpose as described in Article 3 above and the Statutes of the Prize, including administrative expenses specifically relating to it and programme support costs applicable to it.

Article 6 – Accounts

6.1     The Chief Financial Officer shall maintain such accounting records as are necessary.

6.2    Any unused balance at the end of a financial period shall be carried forward to the following financial period.

6.3    The accounts of the Special Account shall be presented for audit to the External Auditor of UNESCO, together with the other accounts of the Organization.

6.4    Contributions in kind shall be recorded outside the Special Account.

Article 7 – Investments

7.1    The Director-General may make short-term investments of sums standing to the credit of the Special Account.

7.2    Interest earned on these investments shall be credited to the Special Account.

Article 8 – Closure of the Special Account

The Director-General shall consult the Executive Board at such time as he/she deems that the operation of the Special Account is no longer necessary. Such consultation shall be undertaken after having taken into account views of the donor(s) of the Prize.

Article 9 – General provision

9.1    Any amendment to these Financial Regulations shall be approved by the Director-General after consultations with the donor(s) of the Prize. The Executive Board shall be informed accordingly of any such amendments.

9.2    Unless otherwise provided in these Regulations, the Special Account shall be administered in accordance with the Financial Regulations of UNESCO.

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