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Article XI | LEGAL & FINANCIAL

Legal Counsel: The Association may retain Legal Counsel for consultation in connection with activities and problems of the Association. Terms and conditions of the retainer shall be specified by the Board.

Accounting Year: The accounting year of the Association shall be the period beginning on January 1 and ending on December 31 each year.

Financial Statements: The Association can produce financial statements and distribute them to the Board no less frequently than annually.

Financial Statement Review or Audit: Annually, within 270 days of the end of each accounting period, the Association shall produce financial statements which have been either audited or reviewed by certified public account an. Such certified public accountant shall be engaged by the Executive Director and such certified public accountant shall present such final review to the Executive Director and Board via electronic transmission.

Budget: With recommendations from the Executive Director the Board shall vote on and adopt in advance of the next accounting period an annual operating budget covering all activities of the Association.

Restriction-Reimbursements:

(A) Restriction-No appropriations or expenditures of Association funds shall be made except by approval of the membership or the Board. No Officer, Board Member, committee member, or employee of the Association shall contract any obligation or incur any debt on behalf of the Association, or in any way render it liable, unless authorized by a vote of the Board, or of the membership or as the Bylaws prescribe.(B) Reimbursements-Members of the Board and certain committees or individuals may be reimbursed for expenses when approved in advance and in official business for the Association. Terms and conditions and approvals of such reimbursements are to be specified by the Board using a policy approved by a majority of Board Members.

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