Contractual Obligations: No contract, commitment, or agreement of any kind shall be made at any time on behalf of the Council or to obligate the Council in any way unless such contract shall first have received the approval of the Board of Directors or, in the case of commitments up to and including $5,000, the President or the President Elect of the Council and the Treasurer.

Bonding: All officers or employees handling money on account of the Council shall be bonded in amounts to be determined by the Board of Directors. The expense of furnishing such bonds shall be paid by the Council.

Audits: At the direction of the President, a certified public accountant chosen by the Board of Directors will audit all accounts of the council every other year, and provide a review of the accounts in the interim years. A report on the audit or review shall be transmitted to all members in good standing. Fiscal Year: The fiscal year of the Council shall begin on 1st January of each year.