| ORGANIZED FEBRUARY 1964 WITH 8 MEMBERS INCORPORATED WITH THE STATE OF UTAH IN APRIL 1965 |
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| ⤝ ARTICLE II - FISCAL YEAR ⤞ | |
| SECTION 1: FINANCE | |
| The fiscal period of the Club will run from January 1 of each year to December 31 of the same year. The point system for Member of the Year Competition (Article XII) will run for the same time period. | |
| SECTION 2: BUDGET | |
| The Treasurer will create a yearly budget of Club expenditures and projected revenues for the upcoming fiscal year. This budget will be presented to the Club membership at the March Membership Meeting. A simple majority vote of the Members present at the March Membership Meeting is required for budget approval. Any expenditures outside the budget must be approved per Article II, Section 4. (See also Article IV, Section 6). | |
| SECTION 3: DISTRIBUTIONS | |
| The Articles of Incorporation provide restrictions on the distribution of Club assets. The Treasurer (or designated individual(s) listed on account signature cards) will receive all monies of the Club and deposit it into the Club bank account and will make all payments of Club debts upon approval of the majority of Club Officers. All contracts, checks, drafts, notes and other orders for payment of money will be signed by the Club Treasurer. Receipts or other supporting documents are required for all expenditures. | |
| SECTION 4: OBLIGATIONS | |
| No obligation, debt, or other liability will be incurred by the Treasurer without the specific approval of the majority of Club Officers and must be in accordance with the approved budget. If an unbudgeted proposed expenditure is identified that is less than or equal to five hundred dollars ($500.00), it can be approved by a two-third (2/3) majority vote of Club Officers. Any unbudgeted expenditure under five hundred dollars ($500.00) approved by the Club Officers must be presented for approval or ratification to the membership at the next scheduled Regular Meeting. Any proposed expenditure exceeding five hundred dollars ($500.00) must be approved by a two-thirds (2/3) majority vote of the members present at a monthly membership meeting preceding the expenditure. (See also Article IV, Section 6). | |
| SECTION 5: TREASURER REPORTS | |
| The Treasurer will give a report of the financial status of the Club monthly at the Officers Meeting and quarterly at the monthly membership meeting. This monthly and quarterly report must contain the summary amounts and descriptions of all revenues and expenditures since the previous report, balance of funds in all Club financial accounts, and any expected anomalies to the approved budget in the future. | |
| SECTION 6: AUDITS | |
| If required, the President may create an Audit Committee consisting of two or more members, with at least one member being a Club Officers, to examine the financial accounts and verify whether the Treasurer's Report based upon them is correct. | |
