1. FISCAL YEAR: The fiscal year of the Association shall consist of the twelve (12) month period from January 1 to December 31.
2. NOTICE: Notice shall be deemed given when delivered personally, upon receipt of evidence of transmission if sent via facsimile or electronic mail, and three (3) days after being deposited in the United States mail, first-class, postage prepaid if sent via certified mail.
3. ALTERNATIVE MEANS OF COMMUNICATION: Except as provided in Article V, Section 10, members, directors and officers may participate in their respective NAVUB meetings via teleconferences, online chat-rooms, and other communication devices, provided that all meeting participants can in real time communicate with one another. Members, directors and officers participating in their respective meeting by alternative means of communication shall be deemed to be in attendance at such meetings. All official Board or commission business may be conducted at meetings convened by such alternate means, once a quorum is properly established.
4. BUDGET APPROVALS: All budgets, allocations and reallocations shall be by affirmative vote of a simple majority of the directors at a meeting of the Board where a quorum is present.
5. ANNUAL AUDITS: An annual audit of the Association’s financial records will be conducted, the type of which (internal audit, review, compilation or full audit) will be determined by the Board. Internal audits shall be conducted by a member of the Financial Affairs Commission and two Association members at large appointed by the President. Other audits will be conducted by an independent organization hired by the Board, as necessary.
6. INVESTMENTS: At the recommendation of the Financial Affairs Commission, any funds of the Association which are not needed currently for the activities of the Association may be invested in such investments as permitted by law.
7. GIFTS: The Board may accept on behalf of the Association any contribution, gift, bequest or devise for the general purposes or for any special purposes of the Association, except to the extent that such acceptance would violate any applicable law.
8. BOOKS AND RECORDS: All books and records of the Association may be inspected by members or their agents or attorneys for any proper purpose at any reasonable time.
9. TRAVEL: Funds may be made available for official travel expense reimbursement if the Association has funds not currently needed for other Association activities and the use of such funds for travel expenses is authorized by the President, Vice President and Treasurer.
a) Reimbursement shall be made to authorized persons when:
i. Travel is authorized and funds are available.
ii. A request for authorization of travel has been submitted to the Treasurer and approved by the authorizing officials listed above.
iii. A travel expense report has been completed and submitted to the Treasurer, with original receipts and any other documentation deemed necessary by the Financial Affairs Commission, within fifteen (15) days of when the travel expense for which reimbursement is sought was incurred or the travel was completed.
iv. The travel expense report submitted has been duly approved and verified by the authorizing officials.
b) Original copies of all travel authorizations and expense reports, with receipts and other required documentation, shall become part of the Association's official records of financial business.
c) In the event that the person requesting travel or travel reimbursement is the Treasurer, President, Vice-President or Secretary, the other three officers shall perform the authorization and the verification of the travel expense report.
d) Travel to NAVUB’s Annual Conference shall not be considered for reimbursement.