7. Finance and Property. Accounting and Reporting

7.1 Monetary funds of the Association are created at the expense of:

• non-recurrent (entrance) and recurrent (membership and target) fees of the members of the Association;
• unearned incomes;

The above-mentioned incomes of the Association are exempted from taxation.

7.2 In cases when the Association obtains income from the sources other than those stipulated in Clause 7.1 and which are not prohibited by Law of Ukraine, the Association must pay the value added tax.

7.3 The Association effects accounting and keeps static reporting. The procedure of maintaining accountancy and static reporting is to be ascertained by corresponding legislation.

7.4 Members of the Association are not liable for obligations of the Association whereas the Association is not liable for obligations of its members.