Article 7 - Finances

7.    Article 7 - Finances

All monies paid to, and funds of, the IAI-AC shall be deposited in an IAI-AC bank account by the Treasurer. All accounts shall be established in the name of the IAI-AC with such banks as the Board of Directors may direct.

7.1    Source of Funds

The funds of the IAI-AC are to be derived from entrance fees and annual subscriptions of members, donations and, subject to any resolution passed by the IAI-AC in general meeting, such other sources as the Board determines.

All money received by the IAI-AC must be deposited as soon as practicable and without deduction to the credit of the IAI-AC's bank account.

The IAI-AC must, as soon as practicable after receiving any money, issue an appropriate receipt.

7.2    Management of Funds

Subject to any resolution passed by the IAI-AC in general meeting, the funds of the IAI-AC are to be used in pursuance of the objects of the IAI-AC in such manner as the Board determines.

All cheques, drafts, bills of exchange, promissory notes and other negotiable instruments must be signed by any two Directors or members of the IAI-AC or by any one Director or any one member and the Secretary, being persons authorised to do so by the Board except that the Directors may authorise any one of those persons to sign alone where the value of the instrument does not exceed $1,000.

7.3    Disbursements

Upon approval of the budget, the Chairperson is authorised to make disbursements on accounts for expenses provided for in the budget without additional approval of the Board of Directors.

7.4    Fiscal Year

The fiscal year of the IAI-AC shall be July 1 to June 30.

7.5    Budget

With the cooperation of the Chairperson and the Treasurer, prior to 30 June each year, the Treasurer shall prepare and submit to the Board of Directors a budget for the coming fiscal year. At the annual Board of Directors meetings, the budget shall be authorised, as amended, by the Board of Directors.

7.6    Records and Accounting

The IAI-AC shall keep such financial, tax and accounting records as are required for financial, tax and accounting purposes and such additional records as may be required by Australian law and good business practice. The records, books and other documents of the IAI-AC must be open to inspection, free of charge, by a member of the IAI-AC at any reasonable time after reasonable notice is given.

7.7    Insurance

The IAI-AC must effect and maintain insurance as required by the Act. In addition, the IAI-AC may effect and maintain other insurance.