World Heritage Fund Financial Regulations
Do you want to know the financial regulations of the World Heritage Fund? The United Nations set up the World Heritage Fund under Article 15 (the Convention).It’s a trust fund that aims to finance the protection of the World’s Cultural and National heritage.
United Nations Educational, Cultural and Scientific Organization (UNESCO) rules.
Its financial regulations conform to the United Nations Educational, Cultural and Scientific Organization (UNESCO) rules. Below is a guide to the operations of this fund.
The Fund receives contributions from various sources and makes payments to enable countries and organizations protect the world’s cultural and heritage sites.
• Financial Duration
Its budget runs in two consecutive calendar years. That allows it to coincide with UNESCO’s regular budget.
• Sources of the Trust Fund
The Fund receives money from the member States that are Parties to the convention. UNESCO also contributes as well as other United Nations UN bodies. For example, the United Nations.
Other sources are contributions from private and public institutions, individuals, interest from the Fund resources and collections from events that are organized to raise money for the Fund. These contributions are assessed by the general assembly of the State parties to the convention.
The fund resources are for purposes that are set by the fund’s committee. They include the finance of studies about challenges in protecting the world’s heritage, paying for the provision of skilled labor for approved projects and the training of staff and specialists in the protection and conservation of the World’s heritage.
Other purposes of these funds are for the supply of equipment to states that do not possess them, granting loans at low or interest-free rates and in some cases non payable subsidies. The expenditure should be within the Fund’s limited amounts. Any amount not utilized is carried forwarded to the next financial year.
• Reserve Fund
The reserve fund receives its contributions from transfers of money from the world heritage fund. It meets requests for the finance of emergency situations such as floods and fire. UNESCO’s Director-General DG determines these amounts.
The DG is in charge of the accounting records. He or She then presents these finance records in US dollars annually for accounting purposes to UNESCO’s external Auditor. The DG then submits them to the general assembly of State parties to the convention.
• Funds Custody
UNESCO’s DG is in charge of determining where this money should be banked.
Investments of these funds are in short-term arrangements according to the fund’s amounts. The organization banks any interest in its accounts.
You should keep in mind this trust fund abides by UNESCO’s financial regulations. Any exception to this should follow the above guidelines.