Article IX - Finances

Section 1.      Audit.

The Board of Directors shall have, at least annually, an audit of MAPE's finances by a Certified Public Accountant, and shall report to the Delegate Assembly the results of such audit.

Section 2.      Debt.

The Board of Directors may approve short-term debt (maturing in twelve months or less) of up to six months dues and long-term debt (maturing in more than twelve months) of up to two months' dues. Borrowing in excess of these limits, not authorized by an approved budget, shall require a majority vote of the Delegate Assembly or the membership.

Section 3.      Reimbursements.

The members and officers of MAPE shall be reimbursed in accordance with the reimbursement policy adopted by the Board of Directors.

Section 4.      Disbursements.

MAPE funds shall be disbursed via the MAPE central office only by checks signed by two Statewide Officers. MAPE Locals may disburse funds via Local checking accounts in accordance with the Policy on Local checkbooks.

Section 5.      Undesignated Funds.

Requests for expenditures exceeding $100,000 from undesignated reserves must be submitted to the Board of Directors and posted to the MAPE website a minimum of 30 days prior to the Board meeting at which the expenditure will be voted on.