Carolinas AGC Bylaws

ARTICLE XIII - FINANCE

Section 1. Fiscal Period

The fiscal period of the Association shall be prescribed by the Board of Directors.

Section 2. Fidelity Bonds Required

All officers and employees handling funds of the Association shall be bonded at the expense of the Association in such amounts as the Board may instruct.

Section 3. Budget

With recommendations of the Executive Committee, the Board of Directors shall adopt and approve an annual operating budget covering all activities of the Association. The annual budget approved by the Board of Directors will be submitted to the membership as a report during the annual membership meeting.

Section 4. Audit

The accounts of the Association shall be audited not less than annually by a certified public accountant who shall be appointed by the Executive Committee and approved by the Board of Directors.

The Treasurer shall furnish the Board of Directors, following the end of each annual fiscal period, the annual audit. Members may review the Association's annual certified audit in the headquarters office during normal working hours.

Section 5. Limitation of Liabilities

Nothing herein shall constitute members of the Association as partners for any purpose. No member, officer, agent or employee of the Association shall be liable for the acts or failure to act on the part of any other member, officer, agent or employee of the Association. Nor shall anymember, officer, agent or employee be liable for his acts or failure to act under these Bylaws, excepting only acts or omissions to act arising out of his willful misfeasance.

Section 6. Property Rights

No portion of the income or assets of the corporation shall be paid to or received by any officer, director or member, either Subcontractor/Specialty Contractor, Supplier/Service Company or regular, except any such person may be paid a reasonable compensation for services actually rendered to this Association and expenses incurred in connection therewith, provided that the same are approved by the Board of Directors, and provided, further, that in the event of a dissolution of this Association and failure of reinstatement of its charter, then and in such event the assets of this Association shall be distributed to the then existing Engineering Foundations in the states of North Carolina and South Carolina, prorated on the basis of the number of engineering students in each university recognized by the Engineering Council for Professional Development.

Section 7. Reimbursable Expense

Officers, Directors and other Association members are entitled to reimbursement for expenses incurred in connection with Association business when approved by the Board.