Budget and FinancePhil Bonzell
In accordance with ARTICLE VII, Section 13, of the PTOS Constitution, the Budget and Finance Committee shall consist of five members, two of whom shall be the Treasurer of the SOCIETY and the Business Manager of the JOURNAL. The Treasurer shall be the Chairperson of this Committee. This Committee shall receive budget requests of all committees, conduct hearings, and prepare a proposed budget by line item to be presented to the BOARD no later than the regular November meeting. All budget requests shall be presented with the proposed budget. This Committee shall submit recommendations as to dues, subscription rates and advertising rates at said November meeting of the BOARD. This Committee shall monitor the expenditure of appropriated funds by the various units of the SOCIETY and report to the President and the BOARD on its findings. This Committee may recommend a policy to the BOARD. This Committee shall advise the President and the BOARD on budget matters, as necessary.
In accordance with ARTICLE IX, Sections 1 through 8, of the PTOS Constitution, an integrated an accounting system shall be established and maintained to cover all activities of the SOCIETY. The fiscal year will begin on January 1 of each year.
Also, (a) a single appropriated Annual Budget covering all of the activities of the SOCIETY shall be established for each fiscal year. The Annual Budget shall include separate line items covering major categories of SOCIETY and JOURNAL operations; (b) the Budget and Finance Committee shall prepare a proposed Annual Budget for the succeeding fiscal year and shall present the proposed Annual Budget no later than the November meeting of the BOARD; and (c) the Annual Budget shall be adopted by the BOARD before the end of December each year. Further, accounts shall be established by the Treasurer for the SOCIETY. Such accounts shall have the principal insured by a federal governmental agency. All of the SOCIETY'S income and moneys shall be deposited in said accounts.
The Treasurer may transfer funds between said accounts and can establish new accounts. Withdrawals from the accounts shall only be made as authorized by the Annual Budget or by special appropriation approved by the BOARD. The Treasurer will oversee and maintain said accounts. All checks drawn on any account must be co-signed by two of the following: The Treasurer, the President, and the Vice President. A checking account in the name of the JOURNAL shall be established and maintained by the Business Manager.
No withdrawals from this checking account shall be made except as authorized by the GOVERNORS in accordance with the Annual Budget or special appropriation approved by the BOARD. All checks drawn on this checking account shall be co-signed by the Business Manager and one other Governor. Reasonable amounts of money not needed for immediate operating expenses may be withdrawn from the SOCIETY'S accounts for investment by the BOARD on the recommendation of the Budget and Finance Committee to assure that maximum prudent income may be realized on said money. An undifferentiated JOURNAL Reserve in the amount of 30% of the immediate past year's budgeted amount for the operation of the JOURNAL shall be established yearly and maintained by the Treasurer as a safeguard for creditors of the Journal and any time the BOARD appropriates from the reserves of the Society an amount to encroach upon the JOURNAL reserve, such appropriation to the extent of the encroachment, shall require 3/4 vote of the BOARD and one month's notice in writing to all members of the BOARD and all GOVERNORS. The GOVERNORS and all committees shall report to the BOARD as to all of their expenditures by line item occurring since their preceding report when requested by the President or the BOARD. All financial records and accounts of the SOCIETY shall be examined annually by a Certified Public Accountant designated by the BOARD. The BOARD may request an audit.