Article VIII: Fiscal Policies

Section 1: The dues of each class of membership in the Association shall be established by the Executive Board in consultation with the Vice President for Finance and the Finance Committee, and assessed on an annual basis.

Section 2: The fiscal year shall be from January 1 through December 31.

Section 3: Upon dissolution of NYSACAC, all assets will be contributed to NACAC, provided that at the time of dissolution NACAC is deemed a tax exempt organization by the Internal Revenue Service described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”).

Section 4: NYSACAC cannot withdraw more than 5% from its long-term investment account without Board approval. Any withdrawal in excess of 5% must be substantiated in writing.

Section 5: The Executive Board, Vice President for Finance, Vice President for Finance-Elect and Finance Committee will handle NYSACAC’s finances in the best interest of the Association and in accordance with the fiscal policies of NYSACAC, the N-PCL and the Code.