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ARTICLE 9. FINANCE
BANKING
9.1 The funds of the Club shall be deposited at the discretion of the Executive Committee in the appropriate legal accredited financial institution for the best benefit of the Club, in the name of the Club.
9.2 All cheques shall be signed by the Treasurer and any one (1) of the Technical Director or Club Director.
9.3 The Executive Committee, with two-thirds (2/3) majority of those present, must authorize the borrowing of money upon credit of the Club and may limit or increase the amount to be borrowed.
9.4 The Club has the power to accept donations, gifts, legacies and bequests.
FISCAL YEAR
9.5 The fiscal year of the Club shall end on the 31st day of May in each year.
FINANCIAL REPORT
9.6 The financial statement of the Club shall be available at the Club’s AGM.
9.7 Financial records of the Club shall be audited in June of each year, if so directed by a majority vote of the membership at the AGM.
9.8 A year-to-date financial statement will be available at each Executive Committee meeting throughout the year.
EXPENDITURES
9.9 All of the Club’s expenditures must first be approved by the Executive Committee, either through resolution and/or adoption of the annual budget.
FUNDRAISING AND SPONSORSHIP
9.10 The Club Director, on behalf of the Executive Committee, must oversee, and approve, all matters regarding Club fundraising and sponsorship.
9.11 Any funds, equipment or other items obtained from sponsors and/or fundraising will automatically become the property of the Club.
9.12 Any funds, equipment or other items obtained from sponsors and/or fundraising for a Club sanctioned team will automatically become the property of the Club at the end of that team’s season.
9.13 No team, coach, manager, parent or any Club member shall undertake individual fundraising project(s) outside the auspices of the Club’s Executive Committee.
FINANCIAL PROTECTION OF MEMBERS
9.14 The Executive Committee members, and their heirs, shall at all times be completely indemnified out of the funds of the Club, and all costs, charges and expenses which such Executive Committee member sustains or incurs as a result of any proceeding which is brought him or her for any act or omission by him or her relating to the execution of the duties of his or her office, and all costs, charges and expenses which such Executive Committee member sustains or incurs in relation to the affairs of the Club, except such costs, charges and expenses occasioned by his or her own wilful neglect or default.