ARTICLE 4. FINANCIAL ADMINISTRATION
Section 1. Deposits and Accounts
All funds of the Corporation, shall be deposited in general or special accounts in such banks, or other depositories as the Board of Directors or the committee to which such authority has been delegated by the Board may select. For the purpose of payment or settlement of obligations and debts for the Corporation, checks and other orders of the Corporation may be endorsed, assigned, and delivered on behalf of the Corporation by any authorized officer or Member of the Corporation. All checks and electronic payment orders of the corporation exceeding $500 must be authorized by two signatories of the corporation.
Section 2. Accounting Procedures
Documentation and tracing of deposit income as well as all corporate expenditures shall be securely maintained and accurately accounted for using modern methods of standard accounting principles. A system of checks and balances as outlined in the Policy Manual will be maintained at all times to protect the organization
Section 3. Investments
The funds of the Corporation may be retained in whole or in part in cash or be invested on occasion in low risk securities, as the Board of Directors in its sole discretion may deem desirable, and which are permitted to organizations exempt from Federal income tax under Section 501(c)(3) of the Internal Revenue Code.
Section 4. Financial Disclosure
The Annual Financial Report of Breastfeeding USA, Inc. including all Federal and State reporting forms, shall be made available to Members and other interested stakeholders of the corporation upon request.