Article G- Finance (continued)

Section 5. Disbursements.
Checks, drafts and orders for two hundred fifty dollars ($250) or less may be signed by the Treasurer or other designated officer in the absence of the Treasurer, without the counter-signature of any other officer. Checks, drafts and orders for the payment of money shall be counter-signed by such Officers as the Board of Directors shall from time to time designate for that purpose, when the amount exceeds two hundred fifty dollars ($250).

Section 6. Bonds.
At the expense of the Association, the President, Vice President, Secretary and Treasurer shall deliver to the Chairperson of the Association a bond to be kept in force and in such form and amount and with a surety satisfactory to the Board, conditioned for faithful performance of their fiduciary duties, and for restoration to the Association, in case of their death, resignation, retirement or removal from office, of all books, papers, vouchers, money and property of whatever kind in their possession or control belonging to the Association.

Section 7. Financial Reports.
The Treasurer shall submit quarterly statements and an annual statement of receipts and expenditures to the Board of Directors.

Section 8. Audit.
The financial records of the Association shall be audited by a certified public accountant as soon as possible after the close of each calendar year and a report thereon made to the Board of Directors.