Regulation 1.01 - Revenue and Expenditure of Funds
October 1, 2006

The treasurer of the Association shall receive and deposit all funds in the bank account of the Association. There shall be no petty cash. All payments shall be made by cheque.

Three members of the Board shall be designated as signing officers. Each cheque shall be signed by two of the signing officers. Although it is desirable to not have a Board member signing a cheque made out to him or her, nevertheless it can be done if the other signing officer is unavailable.

All expenditures shall be approved by the Board prior to payment. If necessary between Board meetings, approval may be obtained by electronic mail. The minutes shall be provided to the auditor as part of the audit procedure.

Typically, after the Board approves some action involving the expenditure of funds, a director expends his or her funds to do the action, and then bills are submitted to a Board for approval and reimbursement.