Article Twelve: Treasurer

  1. The Treasurer will be responsible for the financial affairs of the SAMC MFLWC and will maintain all financial records of the SAMC MFLWC.

  2. Ensure compliance with and annual updates to the Department of Treasury, Internal Revenue Service codes for Recognition of Exemption under section 501 (c) (3), and Tax Exempt status publication 557. Furthermore, responsible for the research, compliance and payment of any applicable taxes IAW IRS regulations PUB 557 and Section 501(C)(3).

  3. The Treasurer shall also:

    1. Receive, safeguard, disburse, and account for all assets of the SAMC MFLWC in accordance with the direction of the Executive Council.

    2. Be custodian of all SAMC MFLWC funds.

    3. Maintain a record of income and disbursements of the SAMC MFLWC, insuring that all transactions are recorded and accounts are kept current.

    4. Make all disbursements as directed by the Executive Council.

    5. Present financial statements to the Executive Council.

    6. Render to the Executive Council, at times required by the President, an account of all transactions and of the financial condition of the SAMC MFLWC.

    7. Expend funds in support of authorized activities of the SAMC MFLWC. Authority for expenditure of funds is subject to review by the Executive Council

    8. Maintain funds in accordance with applicable Army and Internal Revenue Service regulations.

    9. Submit the funds records for inspection and/or audit upon request. Audits of the SAMC MFLWC funds and records pertinent therein, shall comply with current Amy Regulations and the Internal Revenue Service.

    10. Coordinate for at least one financial audit per fiscal year and ensure receipt of written results provided from the disinterested party that conducted audit-reflecting results.

    11. Research, coordinate, execute appropriate actions to obtain insurance in events determined to put members at risk as required IAW AR 210-22, and will brief the Executive Council on such.

  4. The SAMC MFLWC fiscal year shall coincide with that of the Federal Government.

  5. All SAMC MFLWC funds shall be disbursed by check or debit card only.

    1. Keep an itemized account of all receipts, disbursements and all supporting vouchers and records from the SAMC MFLWC fund. The Treasurer shall make a report at each SAMC MFLWC meeting. Treasurer shall chair the finance committee, assist in the preparation of the budget, help develop fundraising plans, and make financial information available to Council members and the general membership. Keep an itemized account of all receipts, disbursements and all supporting vouchers and records from the SAMC MFLWC fund.

    2. Disburse funds as directed by the Executive Council upon proper vote.

    3. Present a written monthly and yearly financial report to the Executive Council.

    4. Use sound business practice and generally accepted accounting principles in maintaining records.

    5. To purchase standard departing gifts (non-monetary articles) for members that are scheduled to leave due to PCS.