BYLAW V - Finances
Section I
The IFC fiscal year begins February 1.
Section II
The Cabinet proposes to the Council the annual budget. The budget will include the level of dues and other income plus expenditures for officer expenses; workshops; committee activity; travel; conferences; publications; social activities; etc. The Council must approve a budget by the beginning of the fiscal year. The budget must be balanced.
Section III
All proposed expenditures need the prior approval of the Treasurer. Expenditures, in excess of $100.00, need the prior approval of the Cabinet. Expenditures in excess of 500.00 are subject to Council review prior to the expenditure.
Section IV
No funds shall be paid for any committee or individual until a detailed statement of the disbursement is given to the Treasurer. No budget disbursements will be made unless it is in the approved budget or has special approval of the Cabinet as stated in Section III of Bylaw V. If it is, in any part, a purchase from, or hiring of, a business or performing group, an official bill shall accompany the statement which shall be signed by the person incurring the expense. Contracts for services shall be approved by the Treasurer, the Cabinet, or the Council depending on the amount of the expenditure incurred by the IFC as per Section II of Bylaw V.
Section V
All disbursements shall be made by checks signed by the Treasurer or IFC President.
Section VI - Dues and Assessments
- A. All dues, assessments, and fines shall be payable, unless otherwise specified in Constitution or Bylaws, within two weeks after formal notice Failure to comply shall be sufficient reason for the Cabinet to suspend that chapter’s good standing. Further delinquency may be cause for referral to the Judicial Board.
- B. Monetary assessments other than those covered by the budget shall be divided among the members equally. Assessments may be made for unbudgeted, unforeseen costs incurred by the IFC or by activities not covered by the but subject to Council review.
Section VII
The Rensselaer Union may fund certain IFC programs that benefit the entire Union membership. These include, but are not limited to, alcohol awareness and publications. because the Union fiscal year differs from the IFC fiscal year, the funding for these programs shall not be included in the IFC budget. Instead, the IFC programs will be in the Union budget and all Union budget requirements shall be fulfilled.