Clause 28 - Funds and Accounts
- The funds of the association must be kept in the name of the association in a financial institution decided by the management committee.
- Proper books and accounts shall be kept and maintained in written or printed form in the English language showing correctly the financial affairs of the association and the particulars usually shown in books of a like nature.
- All moneys shall be deposited as soon as practicable after receipt thereof.
- All amounts of one hundred dollars ($100) or over shall be paid by cheque signed by any two (2) of the president, secretary, treasurer or other member authorised from time to time by the management committee.
- Cheques shall be crossed "not negotiable" except those in payment of wages, allowances or petty cash recoupments which may be open.
- The management committee shall determine the amount of petty cash which shall be kept on the imprest system.
- All expenditure shall be approved or ratified at a management committee meeting.
- As soon as practicable after the end of each financial year the treasurer shall cause to be prepared a statement
containing the particulars of:
- The income and expenditure for the financial year just ended; and
- The assets and liabilities and of all mortgages, charges and securities affecting the property of the association at the close of that year.
- If the association is incorporated within three (3) months of the end of the association's financial year, subsection (8) does not apply for the financial year the association is incorporated.
- The auditor must examine the statement prepared under subsection (8) and present a report on it to the secretary before the next annual general meeting following the financial year for which the audit was made.
- The income and property of the association must by used solely in promoting the association's objects and exercising the association's powers.