Association Rules Part 7 – Financial Matters

  1. Source of funds
    The funds of the Association may be derived from entrance fees, annual subscriptions, donations, fund-raising activities, grants, interest and any other sources approved by the committee.
  2. Control of funds
    1. The Association must open an account in the name of the Association with a financial institution from which all expenditure of the Association is made and into which all funds received by the Association are deposited.
    2. Subject to any restrictions imposed at a general meeting, the committee may approve expenditure on behalf of the Association.
    3. The committee may authorise the treasurer to expend funds on behalf of the Association up to a specified limit without requiring approval from the committee for each item on which the funds are expended.
    4. All cheques, drafts, bills of exchange, promissory notes and other negotiable instruments of the Association must be signed by 2 committee members
  3. Financial statements and financial reports
    1. For each financial year, the committee must ensure that the requirements imposed on the Association under Part 5 of the Act relating to the financial statements or financial report of the Association are met.