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PESA - Petroleum Exploration Society of Australia

Promoting Professional and Technical Excellence in Energy Geoscience - Networking, On-going Professional Education, Monthly Technical Meetings

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Financial Protocols

  • PESA Branches and PESA Federal budgets (for calendar years) must be tabled for review and approval on an annual basis at 4Q PESA Board meeting in each year;
  • Annual PESA Branch budgets cannot exceed the financial capacity of a Branch’s accounts;
  • The annual PESA Federal budget cannot exceed the financial capacity of PESA’s Federal accounts and requires approval by PESA’s Board (e.g. the Presidents of each Branch and the Federal Executive officers);
  • Account statements (forecast versus actuals) for both PESA Branch and PESA Federal budgets are required on a quarterly basis.
  • All PESA Branch and PESA Federal budget items or variations to budgets amounting to ³$25,000 require approval by PESA’s Board (e.g. the Presidents of each Branch and the Federal Executive officers).
  • All budgets and increases to approved budgets with a value of ³ $25,000 need PESA Board approval (e.g. the Presidents of each Branch and the Federal Executive officers).
  • Contracts with a value ³ $25000 must be subject to tender process
  • Contracts with a value ³ $25000 can have maximum two year terms
  • Contracts covered under approved budgets with a value ³ $50,000 require approval by PESA’s Board (e.g. the Presidents of each Branch and the Federal Executive officers).
  • Contracts not covered under an approved budget with a value ³ $25,000 require approval by PESA’s Board (e.g. the Presidents of each Branch and the Federal Executive officers).
  • Extension, renewal or amendment of contracts with a value ³ $25,000 require approval by PESA’s Board (e.g. the Presidents of each Branch and the Federal Executive officers).
  • Remittance(s) within approved budgets ³ $25,000 require PESA Board approval, with the national President + national Vice President + national Treasurer being able to agree to make payments ³ $25,000 in emergencies, provided that budget has already been approved by the board. This represents a protocol for an audit of agreed services versus approved costs for material remittance.
  • Purchase orders will constitute the check and balance procedure for approved budget items where a fee for service is charged (e.g. no contract between PESA and the service provider exists).
  • PESA Branch approvals can be sought and given by email with results of Branch positions confirmed in the minutes of the next board meeting
PESA - Petroleum Exploration Society of Australia

The Petroleum Exploration Society of Australia is a non-profit association of individuals involved in the exploration of oil and gas.

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