LCOC By-Laws - Article VII
Last Updated on Thursday, 04 June 2015 14:05
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Section 1: Funds
All money paid to the chamber shall be placed in a general operating fund. Funds
unused from the current year’s budget will be placed in a reserve account.
Section 2: Disbursements
Upon approval of the budget, the president is authorized to make disbursements on
accounts and expenses provided for in the budget without additional approval of the
governing body. Disbursements shall be by check.
Section 3: Fiscal Year
The fiscal year of the chamber shall close on December 31st.
Section 4: Budget
As soon as possible after the election of the new governing body, the officers/executive
committee shall adopt the budget for the coming year and submit it to the governing
body for approval.
Section 5: Annual Audit
The accounts of the chamber of commerce shall be audited annually as of the close of
business on December 31
available to members of the organization within the offices of the chamber.
st by a public accountant. The audit shall at all times beSection 6: Bonding
The president and such other officers and staff, as the governing body may designate,
shall be bonded by a sufficient fidelity bond in the amount set by the governing board
and paid for by the chamber.
Section 1: Procedure
The chamber shall use its funds only to accomplish the objectives and purposes
specified in these bylaws, and no part of said funds shall inure or be distributed to the
members of the chamber. On dissolution of the chamber, any funds remaining shall be
distributed to one or more regularly organized and qualified charitable, educational,
scientific, or philanthropic organizations to be selected by the governing body as defined
in IRS Section 501(c)(3).