Notice: Proposed Bylaw Change - Fiscal Year

The Board is proposing a change to the Chapter’s operating and fiscal year, which currently follows the calendar year – January 1 through December 31. This also determines that the financial reporting follows the same calendar year schedule. The rationale for the proposed change is to simplify the annual budget planning process. Much of the Chapter’s annual budget is spent in the last month of the calendar year to prepare for the Annual Meeting, which occurs in the beginning of the following year. The expenses are tracked and reported for a different year than when the bulk of our expenditures and income occur. The Board, with input from the current Treasurer, past Treasurer, and the Financial Committee, believe that the budget process could be simplified if budget planning and the Annual Meeting could occur in the same fiscal year.

 The proposed bylaw change is as follows:

 ARTICLE III. CHAPTER YEAR

The Chapter operating and fiscal year shall be July 1 through June 30, and the Chapter’s financial reporting must follow The Society’s calendar year schedule.