Section 1. Fiscal Year and Auditing of Accounts – The corporation shall conduct its affairs on a fiscal year basis, beginning on January 1 and ending on December 31 of the same year.An auditing of the accounts of the association shall be made by a 3 person committee including, but not limited to, a member of the board (other than treasurer), an appointed AMA member in good standing, or any other qualified individual of the Board’s choosing at the close of the fiscal year at such times as the Board of Directors shall direct such auditing is recommended every year, but must take place at least once every two years, the result of said audit or audits shall be reported to the next annual meeting of the members.
Section 2. Surety Bonds – All officers or members of the association who may be charged with the handling of any funds of the association shall give a surety bond as soon as the assets of the corporation reach $1,000, the premium for which shall be paid by the association in such reasonable amount as shall be fixed by the Board of Directors.