Article VIII

Finances

 

Section 1:         The Board of Directors may fix, before the end of any fiscal year, the annual dues to be paid by each category of members for the immediately succeeding fiscal year.

 

Section 2:         Dues shall be due and payable to the IACC on the first day of each fiscal year. Every member who has not paid the entire amount of the required annual dues for the then current fiscal year on or before the last day of that fiscal year shall be in default for the unpaid amount and shall not have rights and privileges of a member.

 

Section 3:         Prior to the beginning of every fiscal year, the Board of Directors (by the concurring vote of its quorum) shall adopt an annual budget, showing in detail the anticipated income and expenditures of this Organization for the immediately succeeding year, make annual appropriations and authorize expenditures when due.

 

Section 4:         Procedure to set the annual budget shall be as follow:

1. A Finance Task Force, led by the Treasurer, shall be appointed to draft next fiscal year’s anticipated income/expenditure budget.

2. The Budget in draft form as prepared by the Finance Task Force shall be submitted to the Board for its approval prior to beginning of the new fiscal year.

 

Section 5:         All cash reserves in this organization’s possession shall be placed in a FDIC insured account.

 

Section 6:         The board shall have the option to invest any portion of its cash reserve in an interest bearing account. Such account shall be FDIC insured.

 

Section 7:         At no time, this organization is allowed to place its cash reserves in uninsured and risky account that bears possibility of loss or reduction in total sum.

 

Section 8:         All negotiable instruments executed by IACC must be signed by the President and one of the following two directors:

 

Vice President / Secretary

Treasurer.

 

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