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Section 1:  The fiscal year shall run from January 1 to December 31.

Section 2:  This association is a non-profit organization; incorporated as such in the State of Vermont.  The VHGA shall use its funds only for objects and purposes specified in these bylaws.

Section 3:  Bonding.  Persons entrusted with the handling of association funds may be required, at the discretion of the Board of Directors and at VHGA expense, to secure a suitable fidelity bond.

Section 4:  Annual Budget.  The Board of Directors is required to create a budget each fiscal year, which shall be presented to the membership for approval at the annual spring meeting.  Discretionary expenditures, not accounted for in the budget and outside of mandatory expenses, shall require an authorization through a membership meeting if they exceed $200 for any individual line item or $600 annually.

Section 5:  Expenditures.  The Vice President may also make payments on the VHGA’s behalf in the treasurer’s absence.

Section 6: Open books.  The finances of the VHGA shall be open to any member, at any mutually (member and VHGA Treasurer) agreed upon time, without hesitation or question.  Officers shall review the books prior to the spring meeting.

Section 7:  Status Reports.  The Treasurer shall be required to provide quarterly reports to the President and the Board showing the balances of assets, liabilities, and revenues, along with an itemized list of all expenses incurred during the quarter.

Section 8: Any unspent funds for budget items shall not be reallocated to another line item, nor spent on any items not budgeted  or approved by membership.


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