Alumni Association's By-Laws Updated to Include Expenditure Policy

To all interested individuals,

The Crooms AoIT Alumni Association, Inc.'s Board of Directors voted this evening to amend its By-Laws to include a provision regarding expenditures. The provision provides further transparency into the expenditure of funds. The full amendment is included below and the by-laws can be read in full here.

ARTICLE IX
FISCAL POLICIES
…
Section 7. Expenditures and Encumbrances
a) Any expenditure over fifty dollars ($50) shall be subject to approval by the Board of Directors prior to being expended unless the expenditure is for regularly occurring operational expenditures such as an annual state registration fee, annual PO Box fee, or annual website registration fee. An expenditure is considered to be over fifty dollars when the amount spent in a single payment is greater than fifty dollars or when the amount spent on a program (even over multiple payments) exceeds fifty dollars over the course of any yearlong period for which the payments will occur.
b) Furthermore, expenditures under the threshold outlined in subsection (a) shall be approved – either in writing or electronically – by the President prior to being expended unless the expenditure is for regularly occurring operational expenses such as payment processing or previously approved donor gifts at approved donor levels.
c) Approval of an encumbrance or set-aside of funds by the Board – in the case of subsection (a) – or the President – in the case of subsection (b) – shall be considered the approval needed to properly expend Association funds under this section of the by-laws.