National Association of Air Traffic Specialists

Aviation Safety is Our Business

ARTICLE 9 - FINANCIAL AFFAIRS AND STANDARDS

Section 1. The Association's fiscal year shall commence on the first day of January of each year.

Section 2. The Board of Directors shall establish Association policy for the expenditure of funds. All NAATS' officials or employees who are authorized to expend NAATS' funds shall be bonded in such amounts as the Board of Directors shall from time to time determine.

Section 3. The Board of Directors shall appoint a Treasurer to serve as Chairman of the Finance Committee, who shall not be a member of the Board of Directors. The Treasurer shall appoint members of the Finance Committee, subject to approval by the Board.

Section 4. Unusual, nonrecurring expenditures in excess of a predetermined amount established by Association financial policy shall require the prior approval of the Board of Directors.

Section 5. All money and property belonging to NAATS shall be held and used solely for the benefit of the Association and its members. No contracts, investments or expenditures of Association funds shall be made that will result in the personal profit or advantage of any officer or employee of the Association. Nor shall any Association funds be loaned to any officer, employee or member, except as advances for reimbursable expenses.

Section 6. All funds of the Association shall be deposited in such banks, trust companies, or other depositories as the Board of Directors may approve.

Section 7. Copies of NAATS' annual audit and LM-2 Report submitted to the Department of Labor shall be made available to members on request.

Section 8. Prior to the commencement of each fiscal year, the Board of Directors shall approve a budget for the coming year.

No Proposed Change.

Return to Constitution Index or make a Suggestion

Walter W. Pike, President

This page was last updated on 24 November, 2000