Alumni & Friends The Alumni Association

The Constitution of the Alumni Association

Article VII: Finances of the Chapters

Section 1

The Fiscal Year of the Alumni Association Board and the Chapters shall coincide with the University's Fiscal Year.

Section 2

All accounts managed by the Alumni Association Board and the Chapters must be settled at the end of any Fiscal Year, i.e. on September 30.

Section 3

All contributions received by the Alumni Association Board and Chapters shall be made directly to LAU and shall be credited as may be designated by the donor. The net income generated by activities carried out by the Chapters shall be transferred to LAU and credited as may be designated.

Section 4

The Alumni Relations Office, with the assistance of the Association and Chapters, shall plan and pay for activities such as, Homecoming, Annual Reunions, and Alumni Gatherings. The expenses of the Alumni Relations Office and of University publications (printing and mailing) related to Alumni shall be paid for by LAU. Other expenses, and the costs of activities that may be organized by the Chapters, shall be incurred by the involved party.

Section 5

At the end of the Fiscal Year (September 30 of any year), 75% of the Chapters’ account that was not used, shall be transferred to LAU's account, and shall be credited as may be designated and acknowledged. The remaining 25% shall be kept with the Chapter and transferred to the following academic year.

Section 6

Officers and members of the Alumni Association Board and Chapters are volunteers. Hence, no member of the Alumni Association Board or the Executive Committee of the Chapters shall receive financial support or monetary benefit, incidental or otherwise, from any sanctioned activity of the University, the Association or its Chapters.

Section 7

The Alumni Association Board and Chapters shall not hold any financial portfolio or real estate investments.

Section 8

Financial transactions of the Chapters shall be authorized and approved jointly by the President of the concerned body (Vice-President in his/her absence), and by the Treasurer. The President, the Vice-President and the Treasurer of the Chapter shall open a joint personal account to manage banking operations. At the beginning of every Fiscal Fear the Executive Committee Members of the Chapters shall inform the Director of Alumni Relations of the authorized persons to carry out such transactions.

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