Section II. IFC Annual Budget The Vice President of Finance shall propose an annual budget to the IFC Executive Board by February 1. Upon adoption by the IFC Executive Board, the budget shall be presented to the IFC General Body for ratification.
Section III. Appropriate Use of IFC Funds IFC funds are under the jurisdiction of the IFC Member Fraternities and shall only be used in a manner that benefits the fraternity community and that is congruent with the values of fraternity life. IFC funds shall not be used to purchase alcoholic beverages.
Section IV. Expenditure Approval The IFC President and the IFC Vice President of Finance shall approve all budgetary expenditures. Requests for budgetary expenditures shall be made utilizing the IFC Expenditure Request Form. All expenditure requests shall be submitted at least two weeks prior to the date of the requested disbursement.
Section V. Requests for Reimbursement Individuals or Member Fraternities conducting business on behalf of the IFC may request a reimbursement for their expenses utilizing the IFC Reimbursement Request Form. All reimbursement requests shall be submitted within two weeks of the purchase and are subject to the approval of the IFC President and IFC Vice President of Finance.
Section VI. Signature Requirements for Financial Accounts and Transactions The signature of both the IFC President and IFC Vice President of Finance shall be required on all IFC financial accounts and transactions.
Section VII. Financial Reporting The IFC Vice President of Finance shall provide a financial report to the IFC General Body on a semesterly basis including all income and expenses during the given period of time and in relation to the overall budget for each line item.
Section IX. Financial Record Keeping The IFC Vice President of Finance shall maintain accurate and organized financial records consisting of all receipts and invoices, copies of all monetary disbursements and deposits, IFC financial forms and reports, actual dues levied, canceled checks, ledgers, and journals.
ARTICLE VII – MEMBER FRATERNITY FINANCIAL OBLIGATIONS
Section I. IFC Active Member Fraternity Dues The annual dues for each Member Fraternity shall be fixed at $ 50 per organization.
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