No L 164/16 Official Journal of the European Communities 24.6.76 COUNCIL REGULATION (EEC) No 1417/76 of 1 June 1976 on the financial provisions applying to the European Foundation for the Improvement of Living and Working Conditions THE COUNCIL OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, and in particular Article 209 thereof, , Having regard to Council Regulation (EEC) No 1365/75 of 26 May 1975 on the creation of a European Foundation for the Improvement of Living and Working Conditions (1), Having regard to the proposal from the Commission, Having regard to the opinion of the European Parliament (2), Whereas the above Regulation lays down the basic rules governing the management of the- European Foundation for the Improvement of Living and Working Conditions, hereinafter called ‘the Foun- dation’, the fixing of the annual subsidy to be charged against the budget of the Communities, the presentation and adoption of the statement of revenue and expenditure and the checks to which the Foundation is subject; Whereas it is necessary to set up the procedures to be adopted for establishing and implementing the statement of revenue and expenditure of . the Foundation and for presenting and auditing accounts; whereas the rules governing authorizing officers and accounting officers should also be determined and a system set up for monitoring the exercise of their responsibilities; Whereas the Foundation falls within the framework of the Communities and will function in accordance with Community law; whereas therefore it is advisable that the financial provisions governing the Foundation should be as far as possible identical to the provisions of the Financial Regulation of 25 April 1973 applicable to the general budget of the European Communities (3), subject to certain derogations dictated by the requirements peculiar to the functioning of the Foundation, HAS ADOPTED THIS REGULATION: TITLE 1 GENERAL PRINCIPLES Article 1 1. Each vyear a statement of revenue and expenditure shall forecast and authorize the estimated revenue and expenditure of the Foundation. 2. Expenditure may be authorized for a period going beyond the financial year only in accordance with the detailed rules provided for in the statement of revenue and expenditure. Administrative expenditure arising from contracts which have been concluded in accordance with local usage for periods going beyond the financial year is not subject to the provisions of the preceding subparagraph. Such expenditure shall be charged to the statement of revenue and expenditure for the financial year in which it is incurred. (1) OJ No L 139, 30. 5. 1975, p. 1. (%) OJ No C 100, 3. 5. 1976, p. 13. Article 2 The appropriations entered in the statement of revenue and expenditure shall be used in accordance with the principles of economy and sound financial management. Article 3 1. All revenue and expenditure shall be entered in full in the statement of revenue and expenditure and in the accounts. All revenue shall cover all expenditure. 2. Notwithstanding the provisions of the second subparagraph of paragraph 1, any revenue intended (®) OJ No L 116, 1. 5. 1973, p. 1.