1. Fiscal Governance
The fiscal governance of the National Guard Association of Georgia will be conducted according to Generally Accepted Accounting Principles, consistently applied. The Executive Director in conjunction with the Committee on Finance will submit a draft annual budget to the President no later than October 31st each year for adoption by the Board no later than December 31st of that year.
2. Fiscal Year
The fiscal year of the Association commences on January 1st and ends on December 31st each year.
3. Public Accounting Report
A knowledgeable third party retained by the Board shall annually audit the records and finances of the Association and render a report to the Committee on Audit. The Committee on Audit will review the report and present it to the Board and transmit same to the Committee on Finance prior to the next annual General Conference. The Committee on Audit shall include the results of the audit in its annual report. The Committee on Audit will also coordinate an audit every three years by an outside accountant. The outside accountant will be retained by the Board and will render a report to the Committee on Audit. The Committee on Audit will review the report and present it to the Board and transmit same to the Committee on Finance prior to the next annual General Conference. The Committee on Audit shall include the results of the audit in its annual report.
4. Contracts
a. Contracts of $25,000 or more shall be executed in the name of the Association and signed by the President with Board authorization.
b. Contracts of less than $25,000 shall be executed in the name of the Association and signed by a member or members of the staff designated by the President for specific functions.
5. Expenditures
Bills, claims and expenditures of the Association shall be
a. certified by the President or Executive Director of the Association; and
b. paid by funds of the Association and executed by the Treasurer or Executive Director.
6. Life Membership Dues
Collected Life Membership dues will be accounted for separately from the Association's operating funds. Ten (10%) percent of the value of the "Life Membership Account" may be transferred into the operating account at the beginning of each NGAGA Fiscal Year.