Section 1—Fiscal Year
The fiscal year of the Society shall be the calendar year.
Section 2—Fiscal Authority
The Board may receive by devise, bequest, donation, or otherwise, either real or personal property or both, and hold the same absolutely or in trust, and invest, reinvest, and manage the same, and apply said property and the income arising therefrom to the purposes of the Society except where restricted by these Bylaws.
Section 3—Funds
The Board may establish and maintain designated funds as set forth in Board policy.
Section 4—Annual Budget
The Board shall adopt a budget each fiscal year.
Section 5—Non-Compensation
No Officer, Officer-elect, or Director-at-large shall receive compensation for services rendered while acting in their capacity as a member of the Board. Travel expenses personally incurred by a Board member attending to the business of the Society shall be paid by the Society in accordance with rules and procedures adopted by the Board.
Section 6—Annual Financial Report and Audit
The Board shall appoint an independent Certified Public Accountant to audit the financial records of the Society and submit an annual audit report. An annual financial report shall be published by the Board.
Section 7—Deficit Financing
No financial obligation in excess of funds available in the treasury shall be assumed by the Board or by any Officer on behalf of the Society except when approved by two-thirds of all voting members of the Board.
Section 8—Legal Counsel
The Board may designate general legal counsel to advise in the affairs of the Society.
Section 9—Indemnification
Every Board member, employee of the Society, and such others as specified by the Board shall be indemnified by the Society against all expenses and liabilities, including counsel fees, reasonably incurred or imposed upon them in connection with any proceeding to which they may be a party or in which they may become involved, by reason of being or having been a Board member or employee of the Society, or any settlement thereof, whether the person is a Board member or employee at the time such expenses are incurred, except in such cases wherein the Board member or employee is adjudged guilty of willful misfeasance or malfeasance in the performance of duties. The foregoing right of indemnification shall be in addition to, and not exclusive of, all other rights to which the indemnified may be entitled.