A. CONSTITUTION / Finance/Asset Management


7.1.

 

The income of the Association shall be derived from sources outlined in Section 1.3.

     

7.2.

 

The Association’s funds shall be maintained as follows:

     

7.2.1.

 

General or Unrestricted Funds: These funds may be utilized to fund Association’s day to day activities or any purpose necessary for fulfilling the goals and objectives of the Association. Up to 70 percent of the collected annual membership dues may be used for conducting cultural functions.

     

7.2.2

 

Restricted Funds: These funds may be used only for the purpose for which they are collected. A subcommittee appointed by the Executive Committee may oversee these funds. The Executive Committee shall duly consider the recommendations of such subcommittee at the time of dispersing the funds.

     

7.2.3.

 

Endowment Funds: These funds may be created to provide a long term financial strength to the Association. Each endowment fund shall be maintained in a separate investment account. Only the interest income of the fund may be accessed for the purposed specified by the endowment donors. The interest income of the endowment funds without restrictions may be accessed for the general support of the Association’s activities. Only under extenuating circumstances, following the recommendation of the Executive Committee, the Board of Trustees by a majority vote may authorize the use of a portion or the whole endowment fund for supporting the Association.

     

7.3

 

The Executive Committee shall present a written Annual Financial report to the members during the annual General Body Meeting.

     

7.4

 

The Executive Committee shall demonstrate utmost responsibility in managing and maintaining the Association’s funds and assets. The Bylaws of the Association shall further specify procedures for expending Association’s funds.