Finance & Oversight

PART FIVE: FINANCIAL AFFAIRS, RESOURCES, AND FINANCIAL OVERSIGHT

 CHAPTER ONE: GENERAL FINANCIAL PRINCIPLES

 

 Article (41): Financial Independence

The Biennale shall enjoy financial and administrative independence in managing its resources in accordance with the approved bylaws and regulations, in a manner that serves its objectives and safeguards its intellectual and artistic integrity and independence.

 

Article (42): Principles of Financial Management

The Biennale's financial resources shall be managed according to the following principles:

- Transparency.

- Accountability.

- Economic efficiency.

- Sound and responsible expenditure.

- Financial sustainability.

- Independence of artistic and cultural decision-making from sources of funding.

 

Article (43): Fiscal Year

The fiscal year of the Biennale shall be determined by a resolution of the Board of Trustees. It may be aligned with the Biennale's operational cycle if required by institutional operational needs.

 

CHAPTER TWO: RESOURCES OF THE BIENNALE

Article (44): Financial Resources

The financial resources of the Biennale shall consist of:

- Lawful grants, donations, and gifts.

- Sponsorships and institutional support.

- Revenue generated from activities, events, and publications.

- Submission or entry fees approved by the Board of Trustees.

- Revenue derived from cultural and knowledge-based partnerships.

- Any other resources approved by the Board of Trustees that are consistent with the objectives of the Biennale.

 

Article (45): Acceptance of Funding

The acceptance of any funding, sponsorship, or grant shall be subject to the following conditions:

- It must not conflict with the Biennale's mission or founding philosophy.

- It shall not grant the funding entity any authority or influence over artistic or jury decisions.

- It must not entail any obligation that compromises the independence of the Biennale.

 

CHAPTER THREE: BUDGETING AND EXPENDITURE

 

Article (46): Annual Budget

The Executive Director, in coordination with the Financial and Administrative Department, shall prepare the draft annual budget and submit it to the Board of Trustees for approval before the commencement of the fiscal year.

 

 Article (47): Expenditure

The Biennale's resources shall be allocated to achieving its approved objectives, activities, and programmes, in accordance with the approved budget and financial policies.

 

Article (48): Financial Authorities

The Internal Financial Regulations shall define the limits of expenditure, contracting, and financial delegation, ensuring a clear separation between the powers of authorization, execution, and financial oversight.

 

 

CHAPTER FOUR: FINANCIAL OVERSIGHT AND AUDITING

 

Article (49): Financial Records

The Biennale shall prepare and maintain regular financial and accounting records in accordance with applicable professional standards.

 

Article (50): Internal Audit

The Board of Trustees may establish an Internal Audit Committee or Unit responsible for reviewing the soundness of financial and administrative procedures and submitting periodic reports thereon.

 

Article (51): Independent Auditor

The Board of Trustees may appoint an independent auditor or external audit firm to audit the accounts and financial statements and prepare an annual report thereon.

 

Article (52): Annual Financial Report

The annual financial report and final accounts shall be submitted to the Board of Trustees for approval in accordance with the applicable procedures.

 

CHAPTER FIVE: SAFEGUARDING FINANCIAL INTEGRITY

 

Article (53): Prohibition of Financial Influence

No funder, sponsor, or partner may use its financial or in-kind contribution to exert influence over:

- Jury and adjudication decisions.

- Decisions of technical and critical committees.

- The selection of participating works.

- The granting or withholding of awards.

 

Article (54): Financial Disclosure

The Biennale shall disclose major sponsorships, partnerships, and sources of funding in accordance with the policies adopted by the Board of Trustees, without prejudice to applicable legal or contractual obligations.

 

Article (55): Prevention of Financial Conflicts of Interest

The Biennale shall fully document all sources of funding, sponsorship, financial support, and in-kind support in its official records. The identities of supporting entities shall be disclosed to the Board of Trustees and the relevant regulatory authorities whenever required by law.

 

Certain supporting entities may, at their request, remain undisclosed to the public, provided that such non-disclosure does not result in any direct or indirect influence on the independence of the Biennale or on its artistic or administrative decisions.