ARTICLE IX. FINANCES

Section 1.

All checks issued by the Association must be signed by 2 of the Principal Officers and or the administrator.

Section 2.

The Executive Board, the administrator, and any other person who handles funds or property of the Association will be covered by a fiduciary bond in an amount not less than 10% of the Association's assets at the close of its preceding fiscal year.

Section 3.

Any Officer or Board member performing authorized services for the Association will be reimbursed by the Association for necessary, reasonable and properly documented expenses incurred in the performance of such services.

Section 4.

In recognition of the Board's responsibilities and time commitments, the Board may authorize the payment of a stipend to Officers on an annual basis.

Further, in recognition of the Negotiating Committee's responsibilities and time commitments, the Board may authorize payment of a stipend consistent with past practice and taking into account the amount of time required by Negotiating Committee members.

Section 5.

An Investment Policy Statement will be drafted and approved by the Executive Board each Academic year, following an Investment Review by the designated portfolio advisor(s).

The Executive Board and administrator are responsible for ensuring the financial security of the Association's assets, allowing for minimal risk in asset allocations of the first $500,000.