AIESEC INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS AS AT MAY 31, 2020

3. Significant accounting policies (cont'd.)

Global International Legislative Meetings Reserve Fund

The Global International Legislative Meetings Reserve Fund represents 20% of any surplus of revenues over expenditures made in respect of the International Legislative Meetings (ILM), which may be used only in cases of extreme necessity caused by unexpected ILM expenses.

Global Internal Control Board Fund

The Global Internal Control Board (ICB) Fund fund has been set up to support the work of the Internal Control Board in dealing with quality cases on internships as well as ethics and governance audits in the network. The fund is used directly to cover costs of volunteers of the ICB.

Global Finance Board Fund

The Global Finance Board (GFB) Fund supports costs of the GFB chair and participation at ILMs for physical GFB team meetings and other activity costs, such as human resource, planning, education costs, auditing of entities, consulting related expenses. Fund contributions can also come from the Global Plenary Reserve Fund.

Global Plenary Reserve Fund

The Global Plenary Reserve Fund is set up to cover risk assessed that may harm the organization as a whole. All member entities, local committees, or a group of entities are eligible to apply for this fund.

Global Customer Experience Fund

The Global Customer Experience Fund is set up with the objectives to support Customer Experience Management activities.

Global Expansion Board Fund

The Global Expansion Board (GEB) Fund is set up with the objectives to support cost of GEB chair and participation at ILMs for physical GEB team meeting and other supporting activity cost, such as education, consulting related expenses).

Learning and Development Fund

The Learning & Development Fund is set up with the objectives to support education and development of the global plenary.