Approved by the Board on: 06 May 2009
The Board recognizes that, as a result of the termination of the Administrative Services Agreement with the World Health Organization, all operating expenses are now required to be paid through the Global Fund's Credit Suisse bank account. The Board decides to rescind its previous decision on the policy for the Credit Suisse bank account (GF/SB1/DP6). The Credit Suisse bank account shall be maintained and used by the Global Fund in accordance with the Global Fund's Financial Rules and Regulations for the following:
1. to hold the foundation's capital, of CHF 50,000, as required by Swiss law;
2. to pay for all Secretariat operating expenses in accordance with the Board-approved annual budget; and
3. to receive private-sector contributions that the Trustee is not able to receive directly and other miscellaneous receipts.
The Board requests the Finance and Audit Committee to continue its oversight of the Credit Suisse bank account.