Wednesday, May 23, 2007

Fiscal Policy

Purpose

The purpose of the Fiscal Policy is to provide a minimum level of protection against the financial hazards associated with the operation of the corporation. This is not intended to be a substitute for liability insurance.

Checking Account

The checking account will be administered by the Executive Committee in accordance with Article 6 of the Bylaws.

Reserve Account

A reserve account will be maintained to provide a reserve to be used in event of catastrophic loss to tools and equipment. Allocation of funds from the reserve may only be appropriated by resolution of the Board of Directors. Checks drawn on the reserve account shall be signed by the Treasurer and countersigned by the President of the corporation.

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