Section I         Fiscal Year

The fiscal year of this Association shall be January 1 through December 31.

Section II        Contracts

The board may authorize any officer, member, or agent of the organization to enter in to any contract or execute and deliver any instrument in the interest of and on behalf of the organization, and such authority may be general or confined to specific instances.

Section III      Checks, Drafts, and Payments

All checks, drafts, or payments issued in the name of the organization shall be signed by the President or Treasurer. All expenditures must have specific prior authority granted by the board and duly in the minutes or their proceedings. In no event, shall the board, individually or collectively, incur any expense in excess of the uncommitted and liquid general operating funds available in the name of the organization.

Section IV       Annual Budget

To facilitate and orderly and practical fiscal policy, the President shall submit to the board and annual budget for the normal, routine and ongoing administrative expenses of the organization at the first board meeting of the fiscal year. If approved by the board, all expenses falling within the approved budgetary guideline will be granted de facto authority.