Article XI – Fiscal Accountability

Section 1. A maximum of $30,000 in funds and fiscal records shall be transferred to the new administration by the first quarterly meeting following the annual meeting. The remaining balance shall be transferred to the mutual funds account by the outgoing administration prior to the first quarterly meeting. There shall be no transactions regarding the mutual funds without prior approval of the Executive Committee.

Section 2. The President shall be responsible for preparing a budget for the term of office. This is to be completed before the first quarterly meeting following the annual meeting.

Section 3. The Executive Committee at its first quarterly meeting shall approve the proposed budget.

Section 4. The President, without approval by the Executive Committee, may exceed the approved budget line item by fifteen percent (15%).

Section 5. Without prior approval the President cannot expend or commit to expenditure amounts more than five hundred ($500) when it is not for planning or carrying out plans for the annual meeting.

Section 6. No part of the net earnings of the Association shall benefit or be distributed to its members, board members or officers, but the Association shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of the purposes and objectives set forth in Article II hereof. It is intended that the Association shall have and continue to have tax exempt status in accord with the rules and regulations of the Internal Revenue Service, all powers and activities herein shall be limited accordingly.

Section 7. The Treasurer shall submit a financial report to the Executive Committee at each quarterly meeting.