Section I – Finances
The annual financial budget shall represent the program expression formulated by the Board of Control and will dictate the fiscal control for Region I – ASAA.
Section II – General Fund
The Executive Secretary shall be required to maintain a general checking account titled Region I of the Alaska School Activities Association.
Section III – Fiscal Year
The fiscal year shall be July 1 through June 30 of the following year.
Section IV – Interest Bearing Accounts
At the discretion of the Executive Secretary and Executive Board, portions of the General Fund may be placed in interest bearing accounts. All income earned from interest bearing accounts shall accrue to the General Fund.
Section V – Financial Reports
1. All financial records pertinent to each Region I – ASAA sponsored event must be posted and closed with a complete report filed by the Executive Secretary within 30 days of the activity.
2. Financial reports shall be made at each of the regular meetings of the Board of Control that indicate the current status of expenditures and revenues.
3. A financial audit shall be completed by an independent auditor bi-annually.
Section VI – Contracting
The Executive Secretary, or his/her designee, shall be empowered to enter into and execute a contractual agreement referred to as a “Memorandum of Agreement.” These agreements will be primarily used for contracting with individual independent contractors for specific projects.
A “Memorandum of Agreement” shall be limited in dollar value to $1,000.00. All other forms of contracts shall require approval of Region I – ASAA Executive Board prior to execution.
Section VII – Purchasing Guide
All purchases made by Region I – ASAA shall be in compliance with the following guidelines:
1. All vendors and dealers shall be allowed to compete for school business on a fair and equal basis.
2. It is the intent of the Board to obtain maximum value for expenditures of public funds.
3. Purchasing procedures shall be in compliance with State Statutes.
4. All discounts, whether in the form of cash, goods, or services shall accrue to the benefit of Region I – ASAA.
5. The Executive Secretary shall be responsible for providing forms, rules, regulations, and procedures necessary to the orderly and efficient accomplishment of the purposes of the purchasing function of Region I – ASAA in accordance with the guidelines expressed in this section.