FINANCE

Section I

The dues of this Federation shall be established in the by-laws.

Section II

Additional finances may be obtained by various fund-raising activities.

Section III:BUDGET PROCEDURES

• As chairperson of the Budget Committee, the Treasurer shall present a budget to the Executive Committee for approval by the end of July of each year. Such a budget shall be for the twelve (12) month period from July 1 through June 30.
• The Treasurer shall report to the Executive Committee monthly as to the Federation’s expenditures against budgetary projections, both in total and by budgetary categories.
• In the event individual budgetary categories and/or the budgetary total are shown by expenditure reports to be in substantial error, the Executive Committee shall direct the Treasurer to reconvene the Budget Committee for the purpose of preparing budget revisions. Such revisions shall be submitted to the Executive Committee by the Treasurer for approval. Any such revisions should be completed within thirty (30) days of the date of the Executive Committee’s direction.

Section IV: AUDIT PROCEDURES

• The Audit Committee shall conduct an annual audit of the Federation’s fiscal activities and records.
• The Audit Committee’s report shall be submitted to the Executive Committee by the end of May, each year.
• After review and acceptance of the Audit report, the Executive Committee shall make the report available to the membership.