FINANCES

AAHU Finances

1.  Overview:

-   The fiscal year of AAHU begins on January 1 of each year.

-   AAHU operates on a cash method of accounting January through November; on December 31  the accrual method is used.

-   A Financial Statement will be provided on a monthly basis to the Board.

-   A review and/or audit of all Financial Records shall be conducted at least once a year.  A CPA  prepares the tax forms for the association.

-   All funds will be administered through the Association officers. 

-   All disbursements will be authorized by the Association President or Association Treasurer. 

-   The Board of Directors shall designate one or more persons in addition to the Secretary/Treasurer to sign or countersign checks or other documents for the disbursement of Association Funds.

-   Board and Committee members do not have the authority to open accounts of behalf of the Association or such beneficiaries as may be determined.  There are NO exceptions.

-   Financial records are open to all members of AAHU.

2.  Budgeting:

The Finance Committee is responsible for preparing the budget.  This committee is chaired by the Treasurer.  The Secretary/Treasurer shall appoint a Financial Committee of not less than two members.

All Directors and Committee Chairs are required to submit a written budget advising their plans for the fiscal year.  Communication with the past director/chairperson will help you prepare your yearly plan.

The Finance Committee will meet and deliberate on each budget line item, making  adjustments where necessary.

The budget shall be approved prior to the beginning of the fiscal year.

If additional monies are needed, Board approval must be obtained.

3.  Dues