Financial Policy

Financial Policy Of Burdur Commodity Exchange Market


The Commodity Exchange Market of Burdur was established in 1989 within the framework depicted in Law number 5174 to determine the prices of materials purchased and sold on the exchange market, register and announce them.
The financial policy of Burdur Commodity Exchange Market is comprised of sources comprised of registration fees collected from members with the authorization given by Law number 5174, annual dues, procedure registration fee, fees collected for delivered services, document amounts, publication revenues, grants-supports, subsidies and other incomes and the expenditures made in line with the establishment objectives indicated above.

 

FINANCIAL MANAGEMENT

 

The management, monitoring and control of the finances of the Burdur Commodity Exchange Market is ensured with the application of generally accepted accounting principles, uniform system of accounts and timely and correct financial information. Our exchange operates with a budget approved by the assembly.
The Executive Board presents a monthly accumulated balance sheet and budget monitoring report to the Commodity Exchange Assembly on a regular basis. The Account Review Commission submits a report to the Commodity Exchange Assembly in the preparation phase of the Budget, Balance sheet, Profit and Loss Account Statement.
The legal representative of our Commodity Exchange is the Executive Board Chairman. The Chairman of the Board or one of the Deputy Chairmen together with the Official Seal of the Commodity Exchange or accompanied with the signature of the General Secretary or Treasurer is sufficient to bind the Burdur Commodity Exchange for all works and procedures.
The Financial Management of Burdur Commodity Exchange Market can be classified under 3 headings

A) ACCOUNTING MANAGEMENT

Principles and methods for the recording of procedures incurring a change in the assets and liabilities as a result of activities generated by Burdur Commodity Exchange Market, their classification, summarizing, analyzing and interpretation.
OBJECTIVE – SCOPE:
Burdur Commodity Exchange Market prepares an annual current budget which is approved by the Assembly Board within the scope of Law number 5174 and the Regulation regarding Budgets and Accounting and executes its activities throughout the year according to the budget. The budget of the commodity exchange shall conform to the type prepared by the executive board in compliance with the type specified by the Union and in compliance with determined accounting procedures and is approved by the assembly board. The budget is prepared according to the calendar year.
APPLICATION:

The budget is used for expenditures with the joint signatures of the General Secretary or Treasurer and the Executive board Chairman or one of the Deputies.
An amount to be determined by the Assembly Board on the recommendation of the Executive Board can be done by the General Secretary provided that it is subsequently presented for the approval of the executive board.
Burdur Commodity Exchange Market which acts according to the Regulation regarding Budgets and Accounting within the framework of the same law shall organize its accounting records in compliance with generally accepted accounting principles and uniform system of accounts plan.
In line with generally accepted accounting principles, a system has been established in terms of transparency and to acquire correct information at the correct time and regular financial reports are presented to the board, commission and relevant authorities to facilitate the control and management of financial resources and expenditures. Burdur Commodity Exchange Market plans its expenditures according to its annual income (resources). Expenditures are regulated within the framework of this plan and resource-expenditures balance is ensured.
REPORTING – ASSESSMENT
According to article 30 of Law number 5174 and the Regulation regarding Budgets and Accounting: Final accounts are comprised of trial balance, balance sheet, budget expenditures and budget revenues final account statements and other required statements. Final accounts for chambers and commodity exchanges start from the end of the relevant fiscal year and are presented to the assembly by the executive board within two months at the latest.
The final accounts submitted to the assembly are transferred to the inspection commission for inspection. The commission shall study the presented final account within a time span to be determined by the assembly president and prepare their view in a report to be presented to the assembly.
The assembly shall take the report prepared by the commission into consideration and starting from the end of the fiscal year either approve or reject the final account within three months at the latest.
Approval of the final accounts means that the executive board has been released.

B) FINANCIAL MANAGEMENT

Burdur Commodity Exchange Market utilizes its assets with deposit accounts, affiliations, repo.
Although the executive board is an executive organ it is capable of reporting its views to the assembly regarding the financial management of the Accounts Review Commission. The treasurer present information to the executive board regarding the utilization of resources, enhancing revenues etc.

C) AUDITING

Our commodity exchange endeavors to use the current resources in the most efficient way and provide better quality service. As a product of financial management and control these endeavors are management tools which ensure adequate information and assurance to the management.
When deemed necessary the Burdur Commodity Exchange Executive Board may commission an audit for its financial structure to be executed by an independent auditing organization. The appropriateness of financial statements and management accounts are presented in monthly reports.
The establishment of a robust control awareness in management and ensure the establishment of an efficient financial control environment and organizational structure is among the fundamental duties of management.
It is very important for our organizations that it is checked whether mechanisms operate as expected and whether the acquired results are sufficient or not.
Furthermore an Accounts Review Commission has been established in accordance with article 61 of the Regulation regarding Budgets and Accounting. Other accounting works and procedures regarding collection and expenditures can be checked at any time by the treasurer and during meeting terms by the Accounts Review Commission.
According to article 40 of Law number 5174 the executive board members elect a treasurer from among themselves. According to article 60 of the Regulation the Treasurer is free to inspect the expenditures and revenues at any time.
The treasurer shall inform any errors or gaps in terms of legislation observed in the procedures while the Accounts Review Commission shall present them in a report to the Assembly.
Financial Management and Control Scope of Burdur Commodity Exchange
• Inclusion of good financial management and control principles into systems, policies and procedures supporting decision making processes and management,
• Promulgation of corporate strategies, priorities, objectives, targets ad planned performances.
• Establishment and inception of systems for the acquisition of resources according to allowed objectives, their collection and protecting them from losses.
• Providing necessary reliable information to the management regarding deviations in terms of financial decisions taken and targeted performances. Analysis of changes to be made to enable improvement measures in the financial plan and determination of such changes.
• Have the objective of enabling the use of resources of transferred authority and ensuring accountability regarding the achievement of results.