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ARTICLE V
Handling of Funds

5.1 The Corporation’s accounting year shall run from August 1 to July 31 of the following year.

5.2 The Corporation shall establish the necessary funds or accounts properly to provide for the operation of the Corporation. Overall management of these funds shall be the responsibility of the Treasurer of the Corporation, who shall be authorized to open such accounts and adopt such procedures as may be advisable to properly secure the accounts and funds of the Corporation.

5.3 The Treasurer shall establish a checking account in a bank to be known as the General Account. This account shall be the working capital account for the current operations of CMAC and shall normally receive all income, tuitions, contributions, dues and other funds received by the Corporation. Checks shall be issued from this account for all expenditures necessary for the operation of CMAC.

5.4 All checks drawn on the General Account shall be signed as authorized by law, by the Treasurer, any Assistant Treasurer or the Program Director when a check is required, provided that payroll checks may be prepared by a service provider with the Treasurer’s printed signature.

5.5 The Board of Directors may direct that the accounting records of the Corporation be audited at any time or from time to time, or otherwise be subject to examination by independent accountants or other advisors.

5.6 The Corporation shall distribute its income for each tax year at such time and in such manner as not to become subject to tax on undistributed income imposed by Section 4942 of the Internal Revenue Code. Further, the Corporation shall not engage in any act of self-dealing as defined in Section 4941(d) of the Internal Revenue Code, nor retain any excess business holdings as defined in Section 4943(c) of the Internal Revenue Code, nor make any investments in such manner as to incur tax liability under Section 4944 of the Internal Revenue Code, nor make any taxable expenditures as defined in Section 4945(d) of the Internal Revenue Code

5.7 No part of the assets, income or profit of the Corporation shall be distributed to or inure to the benefit of private persons except that the Corporation shall be empowered to pay reasonable compensation for services rendered and to make payment and distributions in furtherance of the purposes of the Corporation.

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