National Constitution Article XVII

Article Summary: Article XVII of the National Constitution defines the Chapter's fiscal year and provides banking, investment, and accounting guidelines.

ARTICLE XVII: CHAPTER FINANCES

Section 1

Each Chapter shall adopt the same fiscal year as Phi Sigma Pi. The financial policies of the Chapters shall be governed by a budget adopted at the beginning of each fiscal year.

Section 2

Each Chapter shall pay a Charter Fee, set by the National Council, before receiving the Chapter's Charter.

Section 3

Each Chapter shall determine the Chapter's own Dues and the date for collection.

Section 4

All cash funds of Chapter's shall be deposited in the name of the Chapter in institutions which are insured. Checks, drafts, and other items for collection, requiring endorsement, shall be endorsed in the name of the Chapter by the designated signers established by the Executive Board. All checks issued against any of the Chapter's accounts shall be conveyed over the signatures of two (2) designated signers on the account.

Section 5

All bonds, securities, and other investments acquired by the Chapter shall be held in the name of the Chapter. All securities acquired by the Chapter shall be held for the account of the Chapter in an institution which shall be a member of the Federal Reserve System or insured by the Securities Investor Protection Corporation. All investment transactions, when authorized by the Executive Board, shall be conveyed over the signatures of two (2) designated signers on the account.

Section 6

The Executive Board of each Chapter shall arrange for an annual review of the accounts of the Treasurer and shall send a copy of such review to the National Office.