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MED-NET Bylaws

ARTICLE V: FINANCES

Section 1. Fund-raising

1. MED-NET's main sources of income are the membership fees and EU grants.
2. MED-NET may accept additional funds from individuals, firms, or associations, from national governments or from the European Commission, or their agencies, provided such funds are for the furtherance of the purposes of MED-NET. 
3. The Central MED-NET Board shall receive and account for all funds or property to MED-NET, and shall have charge of all matters relating to the expenditure of funds budgeted to MED-NET, the making of contracts, and the approval of bills for payment to cover expenses. 
4. The fiscal year of MED-NET shall be from January 1 through December 31. 
5. MED-NET may disburse funds or dispose of property received from gifts or from other sources in accord with the terms of the funds or, as near as may be, in carrying out the general objectives and purposes, and may generally expend the funds in furtherance of the purposes of MED-NET as set forth in these bylaws. 
6. The receipt and expenditure of funds shall be reflected in the annual budgets of MED-NET and shall need the approval of the Task Force. 

Section 2. Reimbursements

MED-NET shall spend its available funds primarily for maintenance of the network, especially with respect to additional expenditures made by the MED-NET bodies. The following costs are eligible:

1. Costs for meetings, e.g. travel en subsistence for the members of MED-NET bodies and reference groups
2. Organisation costs for conferences and workshops, e.g. printing costs, conference facilities, travel and housing for invited speakers
3. Costs for publication and dissemination of results and reports
4. Maintenance of the MED-NET site
5. Staff costs and administrative costs for management of the network
6. Cost for sub-contractors, e.g. external consultants, companies, etc. 

For execution of professional projects not having direct relevance for MED-NET objectives and continuity as a network (such as the development of courses, or the development of a new curriculum), there only will be very limited funding possibilities. The facilities of MED-NET for such projects merely include:

1. The recognition as an activity under the auspices of MED-NET
2. The access to the member institutions and organisations

Within budgetary limits: seed capital, mainly for the reimbursement of costs for preparatory meetings