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an amount sufficient to cover the Association's annual income. For his

or her services, the Treasurer will receive an annual salary to be

determined by the Board of Directors and approved by two-thirds (2/3)

of the members in good standing present at a bi-annual meeting.

ARTICLE VI -FINANCIAL MANAGEMENT

Sec. 1. No expenditure shall be made in a current year in excess

of the current revenue and operating cash on hand except on approval

of two-thirds (2/3) of the Active members in good: standing at a

regular or special meeting. Any minor special accounts will be

identified and maintained according to account intent.

Sec. 2. For the purpose of Audit and Internal Revenue Service

reporting the fiscal year will be May 1st through April 30th.

Sec. 3. The Audit Committee will conduct a preliminary audit

prior to the October meeting to ensure adequacy of records as well 'as

consistency with past practice. The Audit Committee will be provided

all necessary explanations and have access to the records as they may

require.
Sec. 4. The Board of Directors and Audit Committee chairperson

will review audit results, identify any area of financial procedural

improvement for improved efficiency and accountability and recommend

changes accordingly.

ARTICLE VII -OFFICIAL COMMITTEES

Sec. 1. As established in these By-Laws, the Audit, Budget, and

Nominating Committees are appointed by the President.

A. The Audit Committee shall be appointed at the spring meeting and

consist of three (3) members. The chairperson shall be a member of the

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