11. Financial Matters

11.1 Honoraria, remuneration or release time may be provided to local association officers through a decision of the representative assembly or general assembly.
11.2 The executive shall reimburse officers and members for expenses incurred for services rendered to the local.
11.3 The representative assembly has the authority to make decisions regarding remuneration for the officers who sit on the executive.
11.4 An individual who is not a member of the local shall be appointed annually by the executive to audit the financial records of the local. The general assembly shall receive the audited financial statement for each year.
- 11.4.1 The audit or review shall confirm adherence to the standards provided by Chartered Professional Accountants Canada.
- 11.4.2 The audit or review shall be approved at a meeting open to all members.
11.5 A committee consisting of the president and treasurer shall prepare a preliminary budget with input from all committees.
11.6 Upon approval of the preliminary budget, by the executive, the executive shall set the fees for the following school year.
11.7 At a representative assembly, the treasurer shall present the proposed budget to the assembly for the approval or amendment.
11.8 At a general assembly meeting, the treasurer shall present the budget to the members for approval or amendment.
11.9 If the budget is amended, the executive may adjust the fees to reflect the budgetary change.
11.10 Remuneration may be provided to officers or officials through a decision of the representative assembly or general meeting.
11.11 All expenses require executive approval prior to payment, unless the executive designates such approval to another individual.
11.12 Motions involving expenses $1,000.00 or more shall require a two-thirds majority approval.
11.13 Three officers shall have signing authority. All payments of monies shall require at least two signatures. Individuals shall not sign for payments to themselves.
11.14 The local association shall establish financial policies that clearly define the administration of, management of expenses, conflicts of interest, payments and other matters, which ensure financial practices are transparent and accountable based on generally accepted accounting principles.