Article 19 - Finances

Section 19.1 – Fiscal Year

The fiscal year shall be July 1 through June 30.

Section 19.2 – Audit

There shall be an annual audit or audit review of the funds of the local at the conclusion of each fiscal year.

Section 19.3 - Budgets

Each Committee will be allocated a budget at the beginning of the school year. Each committee’s budget should be put together by the Treasurer with input from the committee and the Executive Board will approve them at the beginning of each fiscal year.

Section 19.4 - Purchasing

Each officer will be given purchasing power for their designated committee. Any purchase made should be for official GEU activities. Any officer found to be using committee funds for non-GEU purposes may be subject to internal review. Upon being elected, each officer will be given a checkbook/credit card for their committee use, which draws only up to the committee’s budget. If another member of the committee makes a purchase without the committee card or checkbook, they may be reimbursed by the committee chair if proper documentation is provided. All purchases must be documented by a receipt or invoice and the officer of each committee is in charge of organizing and maintaining all financial records. Request for reimbursement and appropriate documentation of purchase must be provided to the Treasurer within a week of the purchase. The Treasurer will verify balancing of budgets and accuracy of records and include these records in audits in keeping with Section 19.2.