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Article VIII. Finances

Section 1. Responsibilities

The Chapter treasurer is responsible for ensuring accurate financial records and reporting throughout the fiscal year (July 1 to June 30 of the following calendar year). The treasurer also prepares and submits an annual financial report to the Society treasurer. The board of directors establishes funds for operating purposes and for reserves.

The Chapter's books are audited by a certified public accountant when the president or board deems it necessary. As determined by the board, either the treasurer or president supervises the audit.

Section 2. Deposits

The treasurer may deposit Chapter funds in banks that are members of the Federal Deposit Insurance Corporation (FDIC) or credit unions that are members of the National Credit Union Share Insurance Fund (NCUSIF).

Section 3. Disbursements

The board of directors must authorize payment for Chapter expenses. Funds can be withdrawn only over the signature of the treasurer or president.

Section 4. Dues

The Chapter receives an annual dues refund from the Society as determined by the Society. The Chapter may not charge additional dues, but with the specific approval of the Society's board, it may levy local assessments provided these are not called dues and have no bearing on membership.