Section 1. The fiscal year of the Chapter shall be from 1 January through 31 December.
Section 2. Annual membership dues shall be set by the Board and communicated to PMI in accordance with policies and procedures established by the PMI Board of Directors.
Section 3. The Board shall establish policies and procedures to govern the management of its finances and shall submit required tax filings to appropriate government authorities.
Section 4. All dues billings, dues collections and dues disbursements shall be performed by PMI.
Section 5. The financial operations of the Chapter shall be conducted under budgetary control. The budget shall be an annual budget recommended by the Vice President – Finance and approved by the Board of Directors. The budgetary control shall be administered as needed by the Vice President – Finance. The annual budget for the succeeding year shall be submitted in draft form to the Board at the October business meeting of the Board. The proposed annual budget shall be reviewed and approved no later than the Board’s February meeting for the new year.
Section 6. FINANCIAL CONTROL The Vice President – Finance shall submit monthly statements of account to the Board of Directors.
Section 7. EXPENDITURES AND ALLOCATIONS Expenditures shall be handled by the Vice President – Finance except as authorized by the Board. In all cases, expenditures shall be made in accordance with the approved budget. Each VP will be assigned a budget at the beginning of the year with which to carry out their assigned duties without further approval of the Board. A receipt for any expenditure will be submitted to the VP-Finance within 30 working days. Warranty information associated with any purchased item will be submitted to the VP-Administration within 30 working days of receipt of purchased item. No single expenditure may exceed the amount budgeted for the expenditure by more than 10 percent, unless specifically approved by the Board of Directors.
Section 8. FINANCIAL AUDITS An auditing committee of three members shall be appointed by the President at the Chapter’s March Board Meeting, whose duty it shall be to audit the Vice President - Finance accounts at the close of the Chapter’s fiscal year and to report at the annual general meeting, and from time to time recommend an external audit on behalf of the society. An audit shall also be conducted at any time the position of VP-Finance is vacated during the term of office.
An external audit shall be called when a) Three or more members of the board call for an external audit OR b) The Auditing committee recommends an external audit.