Fundación Reina Sofía

Article 31.-

The financial period will be yearly and will coincide with the natural year.

Article 32.-

Each year the Board of Patrons will draw up a budget which will include the Foundation’s predictable income and expenses.

During the current financial year, the Board will be able to make any changes in the budget deemed convenient to suit it to the needs or attentions to be covered.

At the end of each financial year, the Board of Patrons will draw up a statement of account showing the budgetary results.

Article 33.-

The Board of Patrons will approve every budget expenditure.

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