[ Article I
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III ] [ Article IV ] [ Article
V ] [ Article VI ] [ Article
VII ] [ Article VIII ] [ Article IX ] [ Articles X-XVI ]
FINANCE & EXPENDITURES
1. The Treasurer shall establish and maintain the following records of fund.
- A journal will be kept on transactions, disbursement/receipts, and bank statements of
money in the fund. Invoices or copies of receipts as applicable shall support all
disbursement of money.
- Files will be established and maintained by the Treasurer, who shall have custody of
them and be responsible for their safekeeping.
- An audit must be accomplished according to AFI 34-123. The outgoing Treasurer will apply
30 days out from the next scheduled IDMT Symposium with their base finance to conduct a
disinterested audit of our funds. Copies of the audit will be maintained on file and
briefed along with the financial report at the Symposium.
- 2. Funds will be generated through donations and special fund raising activities.
- 3. Membership dues will be $20.00 annually, and must not exceed 3 months in
arrears. Funds will be used to defray the expense of service projects, special activities,
and normal operations of the IDMT Association.
- 4. Members of this organization can become pecuniary liable for the obligations or
debts of the organization if it’s assets fail to meet such obligation or debts.
- 5. Deficit spending is prohibited!
- 6. Creation of a petty cash fund is prohibited, all disbursements from the fund
will be by check.
- 7. All withdrawals must be drawn (signed) by the President, Vice-President, or
Treasurer (acts as primary drawer). In the event of the absence or unavailability of the
Treasurer, the President or Vice-President shall issue a check IAW the Association
Constitution and Bylaws.
- 8. Entry into contracts (oral or written) which involve monies of the fund must
have prior authorization/approval of two-thirds of Executive Group. The President and
Treasurer must sign all contracts involving monies of the fund and may not delegate this
authority.
- 9. The Association Fund shall maintain a minimum balance of $400.00 to ensure
liquid assets for operation of established activities. Should the balance of the fund fall
below the required balance, action will be taken at the next quarterly meeting of the
Executive Group to incorporate actions to re-establish the minimum balance.
- 10. The newly elected officers shall prepare a list of recurring expenditures for
their term with individual spending limits on each item. This list shall be presented at
the next scheduled meeting and require a two-thirds vote of members for approval. This
will enable the Treasurer to disburse funds up to the spending limit without a vote to
support activities shown on the list.
- 11. The fund account for the Association shall be maintained in a federally
insured institution and all interest accrued shall be added to the fund balance.
- 12. Money for the fund may be received by cash or check, all checks should be
payable to the "IDMT Association". All monies received shall be deposited
promptly within the fund.
- 13. The Treasurer will make a "State of the Fund" report at each
quarterly meeting of the Advisory Group which will be included in the meeting minutes and
posted on the Home Page.
- Transaction completed since last quarter report.
- Current assets of the fund.
- Current liabilities of the fund.
- Anticipated receipts and/or expenditures.
- 14. The Treasurer is responsible for any funds report required by AFI 34-123.
- 15. The newly elected officers shall prepare a budget, taking into account all
known and planned activities that generate income and require disbursements.
- The budget will project Association revenue and expenses for 12 months.
- The budget must demonstrate that the Association balance will not, by design, fall below
the $400.00 as established by the Constitution and Bylaws.
- Discrepancies in the budget will occur as a result of actual expenditures and revenues
not matching planned expenditures and revenues. The Treasurer shall report these
discrepancies in the quarterly Treasurer’s Report; the President will, if necessary,
revise the budget by the next quarterly meeting.
