Page 21 - 2019 TCC Yearbook

accounts and expenses provided for in the budget without additional approval of the
Board of Directors. Disbursement shall be by check.

Section 3: Fiscal Year

The fiscal year of the chamber shall close on April 30.

Section 4: Budget
As soon as possible after election of the new Board of Directors and officers, the
Executive Committee shall develop the budget for the coming year and submit it to the
Board of Directors for approval.

Section 5: Annual Audit
The accounts of the chamber of commerce shall be audited annually as of the close
of business on April 30 by a public accountant. The audit shall at all times be available
within the offices of the chamber to members of the organization.

Section 6: Bonding
The Secretary and other such officers and staff as the Board of Directors may
designate shall be bonded by a sufficient fidelity bond in the amount set by the Board and
paid by the chamber.

ARTICLE VIII
Dissolution

Section 1: Procedure The chamber shall use its funds only to accomplish the
objectives and purposes specified in these bylaws, and no part of said funds shall
inure, or be distributed, to the members of the chamber. On dissolution of the
chamber, any funds remaining shall be distributed to one or more regularly
organized and qualified charitable, educational, scientific, or philanthropic
organizations to be selected by the Board of Directors as defined in Internal

Revenue Code Section 501 (c)(3).

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