At each regular General Assembly the Board of Trustees shall present budgets for both the Current Fiscal Year and the Succeeding Fiscal Year. Current Fiscal Year means the fiscal year of the Association which has just begun or which is about to begin at the time when the Assembly is held. Succeeding Fiscal Year means the year following the Current Fiscal Year.
Income amounts in the budget for the Current Fiscal Year shall represent the Board's best estimates of income from all sources. Income from the Annual Fund as so estimated shall be an amount which is not more than 7 per cent greater than the actual Annual Fund income of the fiscal year preceding the Current Fiscal Year. In the budget for the Succeeding Fiscal Year income from the Annual Fund shall be estimated at an amount which represents the Board's best estimate of the achievable results for such year.
Any action by a General Assembly with respect to budgets shall be taken under the following procedure:
At each General Assembly the Board of Trustees shall make an accounting of its actions taken since the preceding General Assembly with respect to any budget votes of the preceding General Assembly.
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Last updated on Friday, July 22, 2011.
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