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 President will submit through the Committee on Finance an annual budget for adoption by the Board.

2. Fiscal Year
The fiscal year of the Association commences on 1January and ends on 31 December.

3. Public Accounting Report
A certified public accountant retained by the Board of the Association shall annually audit the records and finances of the Association and render a report thereon to the Board, which shall transmit same to the Committee on Audit and the Committee on Finance prior to the next annual General Conference. The Committee on Finance 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 check drawn on the funds of the Association and executed by any of the following:

1. President
2. President Elect
3. Treasurer
4. 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.