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Section 1. Fiscal Year. The fiscal year of the Association shall be fixed by Resolution of the Board of Directors.

Section 2. Annual Report of Directors. The Board of Directors shall present annually to the members a report, verified by the President and Executive Vice President or by a majority of the directors, showing in appropriate detail the following:

  1. the assets and liabilities of the Association as of the end of, and the principal changes therein during, the immediately preceding fiscal year;
  2. The revenue and disbursements of the Association for the immediately preceding year; and
  3. The number of members as of the date of the report, together with a statement of increase or decrease in such number for the immediately preceding year and the location where the names and addresses of current members may be obtained. The annual report shall be filed with the minutes of the annual meeting of the members. Section 3. Prohibition Against Inurement. The Association shall use its funds only to accomplish the objectives and purposes specified by these By Laws, and no part of said funds shall inure, or be distributed to the members of the Association.

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