PART 7 - FINANCIAL MANAGEMENT

47. Financial year

The financial year of the Association is from July 01 to June 30.

48. Funds and accounts

(1) The Association must open an account with a financial institution from which all expenditure of the Association is made and into which all of the Association's revenue is deposited.

(2) Subject to any restrictions imposed by the Association at a general meeting, the Committee may approve expenditure on behalf of the Association within the limits of the budget.

(3) All cheques, drafts, bills of exchange, promissory notes and other negotiable instruments must be signed by 2 committee members.

(4.1)  Credit card purchases limit is to be set by the Management Committee from time to time.

(4.2)  The credit card provider will not allow purchases in any one month to exceed the set limit

(4.3)   Monthly statements are to be reconciled by the Treasurer and presented to the management committee at each scheduled meeting

(5) All funds of the Association must be deposited into the financial account of the Association no later than 5 working days after receipt or as soon as practicable after that day.

(6) With the approval of the Committee, the operational team may maintain a cash float provided that all money paid from or paid into the float is accurately recorded at the time of the transaction.

49. Accounts and audits

The responsibility of the Committee under clause 28(2) for ensuring compliance with the Act includes meeting the requirements of Part 5 of the Act and regulations made for that Part relating to -

(a) the keeping of accounting records;
(b) the preparation and presentation of the Association's annual statement of accounts; and
(c) the auditing of the Association's accounts.