Since December 2011 the seat of ICSOBA moved from India to Canada, where it is legally registered with Corporations Canada, Ontario under number 802906-7, and with Registraire des Entreprises, Québec under number 116798181. Administration and general contact are done from ICSOBA's executive office in Quebec, Canada.
ICSOBA fiscal year with Revenue Quebec and Revenue Canada is from 1 January to 31 December. Continuing our dedication to transparency ICSOBA finances are audited. Since 2013 a public accountants' office in Saint Jerome, Quebec is requested to carry out the annual task. In the 2019 financial audit completed this spring we read: “Based on the review, nothing indicates that the 2019 Financial Statements are not in accordance with Canadian accounting standards for non-profit organization”. Following the audit, tax declarations are produced and filed with the provincial (Revenue Quebec) and federal (Revenue Canada) financial institutions.
ICSOBA primary revenue leaders are the events and sponsors, as well as small contributions from corporate members. The available funds belong to the association and are meant for the development and promotion of ICSOBA and future events. As a non-profit organization, ICSOBA focuses on using all resources to advance the association’s mission. ICSOBA policy is not to accumulate income beyond the previously defined ICSOBA Cash Reserve (ICR) and ICSOBA Subsidies Fund (ISF). Some money reserve is necessary for rainy days and to continue uninterrupted operations and monetary advances.
As the annual Financial Statements indicate ICSOBA monetary reserve has increased in most of the years, as opposed to losses in 2013, 2014 and 2019. Details of the preceding year Financial Statements are always discussed with members at the Annual Meeting of members taking place during the events. The latest took place in Krasnoyarsk, Russia on September 17, 2019. The annual Financial Statements are available at the registered office of the Association and any member may, on request, obtain a copy.