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ARTICLE VI - CLUB FUNDSSection 1. Custodians Section 1. Custodians (a) The club Treasurer shall be the primary custodian of the club funds. The Treasurer shall maintain accounts in federally insured financial institutions in such a manner that the funds of the Club shall be available either to him/herself or one other Club Officer, to be appointed by the BOD as secondary custodian. (b) In the event of the death, sudden illness, or other unforeseen reason that would prevent the Treasurer from maintaining the financial integrity of the Club, the secondary custodian named above shall, by BOD direction assume the Treasurer’s duties until such time as the Treasurer can reassume his/her duties or a new treasurer is appointed or elected. (c) The BOD will appoint from the BOD three (3) people to be cosigners on the checking and savings account. BOD members that are related by family ties or marriage may not be cosigners. (d) The Treasurer will require written receipts for payment of bills. Any check written for over $200.00 (two hundred dollars) must have BOD approval and require two co-signatories with the exception of the following: The range lease, insurance, printing and National Rifle Association (NRA) membership fees. The Treasurer can sign checks up to $200.00 and must maintain all receipts to document expenditures. Section 2. Depositories (a) The Treasurer shall maintain, at a minimum, two financial accounts. All accounts maintained by the club must be in a federally insured financial institution. The two required accounts are as follows: (1) A checking account in a federally insured financial institution as approved by the BOD. This account is for the purpose of transacting the normal financial business of the Club such as the paying of bills and invoices, and other obligation; and for the deposit of funds collected from dues, sales, match entry fees and other miscellaneous sources. (2) A savings account in a federally insured financial institution as approved by the BOD. This account may be in passbook form or certificate of deposit, or a combination of both as shall be determined by the BOD and shall consist of funds over and above the requirements of the checking account. Certificates of deposit will require two (2) signatures. (b) The Board of Directors must review all account statements from the financial institutions at regular intervals of time and, at a minimum, at least once in each quarter of the calendar year, to determine the minimum needs of the checking account and obtaining the highest obtainable interest from the savings account with jeopardizing the financial integrity of the Club. Section 3. Financial Journal The Treasurer shall maintain a journal in such form that upon call he/she can brief the BOD on finances in the various areas with the Club where funds are generated and expended. The format of the journal shall not be fixed but may vary in accordance with the wishes of the BOD. The BOD should approve the format of the journal on an annual basis as part of regular monthly business. Committee Chairpersons will maintain records or journals in sufficient detail to support such briefings. Section 4. Financial Reports The Treasurer shall present a standardized monthly financial report to the Club membership at the monthly BOD meeting. The format and contents of the report must be approved by the BOD on an annual basis as part of normal monthly business. Section 5. Annual Audits (b) Financial Audit. A complete audit of all financial records shall be done annually by an audit committee appointed by the BOD. This committee may not include the Treasurer but must include at least two officers of the club. The audit committee shall be appointed at the January meeting and a formal audit report must be presented to the BOD at the February meeting. External audit support may be used if the BOD so desires. (c) Property Inventory/Audit. An inventory of all club property may be required annually by the BOD. At a minimum, an inventory of activity property must be done when there is a change of activity chairpersons. |
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