Section 1. Fiscal Year. The fiscal year shall be from January 1 to December 31 of each year. The Board of Directors may upon a two thirds vote change the fiscal year of the Association.
Section 2. Appropriation & Basic Budgeting Principles.
1.The budget period shall be January 1 through December 31.
2. The Board of Directors of the F.P.C.A. will review all requests for funds including Annual Budget.
3. Annual budgets and special requests presented to the Board of Directors requires a majority vote of the Directors present for approval.
4. Each Budget or request will cover only a single activity or function and will be segregated by each item of cost.
5. No Officer, Director, Committee person, Member or Employee of this Association may commit the Association to any financial obligation not previously approved by the Board of Directors in excess of fifty dollars ($50). These expenditures must be approved by the President and the Treasurer.
6. All invoices and charges must be validated by the designate before being passed to the Treasurer for payment. Invoices should be presented to the Association in duplicate.
7. Validated invoices and other charges passed to the Treasurer for payment must carry the initials of the designate and his distribution.
Section 3. Personal Liability. The members, Directors and Officers of the Association shall not be personally liable for any debt, liability or obligation of the Association. All persons, corporations or other entities extending credit to, contracting with, or having any claim against, the Association, may look only to the funds and property of the Association for the payment of any such contract or claim, or for the payment of any debt, damages, judgment or decree, or of any money that may otherwise become due or payable to them from the Association.