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LCOC By-Laws - Article VII

Article Index

Article VII

Finances

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.

Article VIII

Dissolution

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).