The Fiscal Year of the Local shall be the same as that of the Society.
The Local shall administer and invest the Local’s assets and reserve fund in accordance with the objects of the Society and the Local, the Society’s financial and operational policy guidelines, and the Bylaws of the Local.
The Executive shall be responsible for the day-to-day administration and investment of the Local’s assets and shall ensure that the Local’s assets are protected and used to carry out the mission, goals, and objects of the Society.
The Executive shall prepare an annual budget for the Local and shall obtain approval for the annual budget by either Members or Council in accordance with the procedure set out in the Bylaws of the Local. The Executive shall be responsible to ensure that the proposed budget complies with the Society’s Bylaws and Policies, and the Bylaws and Policies of the Local.
The Executive shall ensure that the Budget, once approved, is followed, in accordance with the Bylaws of the Local.
The Local shall retain a qualified external auditor at the end of each Fiscal Year to annually undertake an independent financial audit or review of the Local’s financial records and shall submit a copy of the audit to the Society within thirty (30) days of its receipt from the auditor.