ARTICLE X - FINANCES

Section 10.01 Funds
All money paid to the Association shall be placed in a general operating fund. Funds unused from the current year's budget will be placed in a reserve account.

Section 10.02 Disbursements
Upon approval of the budget, the Treasurer is authorized to make disbursements on accounts and expenses provided for in the budget without additional approval of the Board of Directors. Disbursements shall be by check signed by any two (2) of the following: the Executive Director, the officers of the Corporation, or other Board members from time to time designated by the Board, who have signature cards on file with the bank administering the Association account.

Section 10.03 Fiscal Year
The fiscal year of the Association shall close on June 30th.

Section 10.04 Budget
As soon as possible after election of the new Board of Directors and officers, the Executive Committee shall compile a budget of estimated expenses for the coming year and submit it to the Board of Directors for approval. Budget adjustments and revision: The Board shall be authorized to adjust and/or revise the annual budget to conform with any limitations or expenses allowed or created by changes in the gross income according to changing conditions throughout the year.

Section 10.05 Financial Review
The financial accounts of the Association shall be reviewed by a certified public accountant. The annual review shall be at all times available to members of the organization within the offices of the Association

Section 10.06 Procedure

The Association shall use its funds only to accomplish the objects and purposes specified in these Bylaws, and not part of said funds shall insure, or be distributed, to the members of the Association. On dissolution of the Association, any funds remaining shall be distributed to the National Association of Health Underwriters.