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Constitution - Page 10 |
ARTICLE 9:Corporate Seal
Section 9.1 Corporate Seal.
The Association corporate seal shall contain the words:
"MUNRO HAMPTON ALUMNI ASSOCIATION (Canada)".
ARTICLE 10:Financial Policies and Procedures
Section 10.1 General policy statement
The financial records for the Association will be maintained in accordance with generally
accepted accounting standards.
Section 10.2 Dues and other receipts.
An official receipts bearing the name of the Association
will be issued by the Treasurer for all amounts received. All receipts are to be deposited to
the Bank account within 7 days of receipt. All amounts received for subscriptions will be allocated
to the Subscription fund. Any excess amounts received are to be allocated to the Donations fund.
Section 10.3 Payments.
Payment fall into the following categories:
. General operating expenses
. Special event expenditure
. Grants
All payments other than general operating expenses require a completed RFF (Request For Funds) form.
The purpose of this form is to ensure that the proposal for expenditure is properly researched and
presented to the Board of Directors for approval.
Section 10.4 Signing responsibilities.
Signatories to cheques, bill of exchange, Project Budgets
or other orders for the payment of money, notes or other evidence of indebtedness issued, accepted or
endorsed in the name of the Association, shall be determined by resolution of the Board of Directors.
Section 10.5 Fund Management.
The association will maintain separate funds for the following:
GENERAL- Amounts collected each year as membership dues.
Donations -Any amounts received from membership in excess of the annual dues.
Special Events- Surplus realized from activities or events held for fund raising.
Section 10.6 Authorized uses of funds.
General: To be used to cover administration and development costs and cannot generally be distributed.
Donations - May be distributed equally among the schools (Munro and Hampton) in support of programs meeting
the objectives of the organization.
Special events - May be distributed equally among the schools(Munro and Hampton) in support of programs meeting
the objectives of the organization.
Section 10.7 Honorary Auditor.
A Honorary Auditor who shall not be a member of the Board of Directors shall
be appointed by the Association in the Annual General Meeting from amongst the members of the Association and
shall fully audit the accounts of the Association and append his/her Certificate of Audit to the Annual Balance
Sheet.
Section 10.8 Audit Information.
The Treasurer shall provide the Honorary Auditor with the appropriate Financial
Records and all pertinent information necessary for auditing purposes.
Section 10.9 Dissolution of association.
If the dissolution of the Association becomes necessary, all assets of
the Association, after liabilities are settled, shall be given to Munro College & Hampton School by the following
allocations:
a) 50:50 of the General Fund to Munro College & Hampton School.
b) 100:0 of the Munro College Fund to Munro College & Hampton School.
c) 0:100 of the Hampton School Fund to Munro College & Hampton School.
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