2-1 PURPOSE
The Virginia Interscholastic Athletic Administrators Association is organized exclusively for professional purposes including, for such purposes, the making of distributions to organizations that qualify as exempt organizations under Section 501 (c) (4) of the Internal Revenue Code (or the corresponding provisions of any future United States Internal Revenue Law).
2-2 POLICY
No part of the net earnings of the Virginia Interscholastic Athletic Administrators Association shall inure to the benefit of, or be distributable to, its members, trustees, directors, officers or other private persons, except that the Virginia Interscholastic Athletic Administrators Association shall be authorized and empowered to pay reasonable compensation for services rendered and to make payments and distributions in furtherance of Section 501 (c) (4) purposes. No substantial part of the activities of the Virginia Interscholastic Athletic Administrators Association shall be the carrying on of propaganda or otherwise attempting to influence legislation, and the Virginia Interscholastic Athletic Administrators Association shall not participate in, or intervene in (including the publishing or distribution of statements) any political campaign on behalf of any candidate for public office. Notwithstanding any other provision of these articles, the Virginia Interscholastic Athletic Administrators Association shall not carry on any other activities not permitted to be carried on (a) by a corporation/organization exempt from Federal income tax under Section 501 (c) (4) of the Internal Revenue Code (or corresponding provisions of any future United States Internal Revenue Law).
2-3 FINANCIAL DISSOLUTION
Upon dissolution of the Virginia Interscholastic Athletic Administrators Association, the Board of Directors/Trustees shall, after paying or making provision for the payment of all the liabilities of the Virginia Interscholastic Athletic Administrators Association, dispose of all of the assets of the Virginia Interscholastic Athletic Administrators Association exclusively for the purpose of the Virginia Interscholastic Athletic Administrators Association in such a manner, or to such organization(s) organized and operated exclusively for charitable, educational, religious, or scientific purposes as at the time shall qualify as an exempt organization(s) under Section 501 (c) (4) of the Internal Revenue Code (or the corresponding provisions of any future United States Internal Revenue Law), as the Board of Directors/Trustees shall determine. Any such assets not so disposed of shall be disposed of by the Court of Common Pleas of the county in which the principal office of the Virginia Interscholastic Athletic Administrators Association is then located, exclusively for such purposes or to such organization(s), as said Court shall determine, which are organized and operated exclusive for such purpose.
2-4 FINANCIAL COMMITTEE
2-4.1 The Treasurer shall, in consultation with the officers, compose the annual budget.
2-5 FINANCIAL REPORTS
2-5.1 Financial reports shall be prepared by the Treasurer for each Board of Directors meeting. These reports are to be approved by the Board of Directors. A financial report shall be given at the general membership business meeting held in conjunction with the Annual Conference. Financial reports shall be printed in the newsletter.
2-5.2 The chairperson of the Annual Conference shall submit a final financial report, to officers, within sixty days after the last day of the Annual Conference. The report will be presented by the Treasurer to the Board of Directors for approval in September.
2-6 PROPOSED ANNUAL BUDGET
2-6.1 The Proposed Annual Budget is developed by the finance committee and approved by the Board of Directors prior to the general business meeting held in conjunction with the Annual Conference.
2-6.2 The Board of Directors shall approve any expenditure not included in the Annual Budget.
2-6.3 In case of emergencies or time deadlines, the Board of Directors shall empower the officers to approve additional expenditures.
2-6.4 The chairperson of the Annual Conference shall prepare a Preliminary Budget to be approved by the Board of Directors to be presented at the August-October Board of Directors meeting.
2-7 EXPENDITURES
2-7.1 It shall be the policy of the Board of Directors that the Treasurer shall review all invoices prior to payment.
2-7.2 All bills and expenses paid will be submitted to the Board of Directors for their information.
2-7.3 All authorized meeting travel expenses shall be submitted to the Treasurer on a travel voucher and within the limits as set by the Board of Directors. (See the travel form for approved expenses.)
2-8 CONTRIBUTING SPONSORSHIPS
2-8.1 When seeking or reviewing assistance of any kind from the private or corporate sector, such assistance shall be within the purposes and philosophy of the Association as in the By-laws.
2-8.2 Levels of Corporate Sponsorship (See Appendix H)
2-9 BUDGETS FROM STANDING COMMITTEES
2-9.1 Budget Requests – Any budget request by Standing Committees shall be submitted in writing to the Treasurer and shall include the amount of funds required and the particular project for which the funds will be used. All submitted budgeted will be approved at the Annual Conference Business Meeting.
2-10 ANNUAL EXPENDITURES
2-10.1 The following are annual expenditures:
A. Executive Board travel to all meetings except the Conference at a rate set by the Board of Directors.
B. President’s room at the State Conference
C. Executive Director, President, and NIAAA Liaison’s expenses to the NIAAA National Conference
D. Expenses for representatives to the NIAAA Section 2 meetings (Only three representative will attend if travel exceeds 300 miles) NIAAA Representation includes: Executive Director, President, President-Elect, NIAAA Liaison)
E. Expenses for representatives to attend the LTI State Coordinator meetings
F. All awards for the organization
G. President’s ring and gavel every year
H. Presidents gift for Officers not to exceed $250
2-11 AUDIT
2-11.1 Audits of VIAAA financial records shall be conducted every 3 years (with Treasurer term) or as necessary.
2-11.2 Audit will be arranged by VIAAA officers.
2-12 ENDOWMENT
2-12.1 Endowment funds are generated by membership and conference registration fees. $5.00 from each membership and conference fee will go directly to the Endowment fund.