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Article VI - Fiscal responsibility

Section 1 – Section 1 – Appropriations: By the last meeting of the year each committee will meet to identify priorities and discuss funding requests for the following academic year. At the summer meeting committee chairs and members of the Board of Directors will be expected to reach a consensus before allocating funds according to priorities established for the coming fiscal year. When developing the operating budget, 20% of each year’s funds will be held in reserve for general operating expenses. At the close of the fiscal year, no less than half of the reserve (10%) must be maintained and carried over to the next fiscal year.

Section 2 undefined Committee budget:  The committee chair will submit a proposed committee budget to the Board of Directors for review before the first general meeting of the fiscal year.  The Committee chairs will share the budgets with the general membership.  By June 15 the committees will submit final expenditure reports to the Treasurer.

Section 3:  Budgeted expenditures:  Items designated by the committees on the committee budget will be dispersed by the treasurer through invoice or reimbursement.

Section 4:  Items not on the standing committees’ submitted budget need to be approved by the members of those committees.

Section 5undefinedProcess:  Procedures for reimbursement will be defined by the Board of Directors.

Section 6:  External Sponsorship:  If a committee seeks to generate new revenue from outside sources, approval is required by the Board of Directors and notification will be given within ten business days.

Section 7:  Budget sub-committee:  A budget sub-committee will be comprised of the Treasurer, Chair, and two other members of the Board of Directors.  They will perform an informal audit at the end of each fiscal year.

Section 8:  Signatories:  Any request for payment exceeding $500 requires two signatures by the Treasurer and Chair or Designee.

Section 9: The fiscal year shall be July 1 to June 30.
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