Alumni & Friends The Alumni Association

Preamble:

This document has been prepared in conjunction with the Constitution of the Alumni Association and as such it is governed by its articles.

Article V: Finances

Section 1

All annual dues shall be set by LAU.

Section 2

All dues by members of a Chapter shall be paid directly to the Chapter or to the Alumni Relations Office. 20% of all dues shall be credited to the AAB account.

Section 3

All donations received by the Chapter shall be made directly to LAU and shall be credited as may be designated by the donor.

Section 4

Any donation or sponsorship must be reported immediately to the Alumni Relations Office for proper acknowledgment.

Section 5

All costs of the necessary activities of a Chapter shall be incurred by the Chapter and paid out of monies collected. Proper accounting and recording shall be kept in the office of the Chapter.

Section 6

All financial transactions of the chapter must bear two signatures, that of the Treasurer and the President (or the Vice President in his/her absence). The President, Vice-President and the Treasurer shall open a joint personal account on behalf of the Chapter to carry out all banking operations. Proper and detailed accounting should be kept in the office of the Chapter.

Section 7

At the end of the Fiscal Year (September 30 of any year), 75% of accumulated accounts that were not used, shall be transferred into LAU's account and shall be credited to ---------------------------- Fund and acknowledged as such. The remaining 25% shall be kept with the Chapter and transferred to the following academic year.

Section 8

LAU may review at its own discretion the books of a Chapter to insure the proper recording of monetary transactions.

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