The Forensic Sciences Foundation, Inc. Bylaws
Article IX. FINANCIAL
SECTION 1 - INCOME AND EXPENDITURES:
Funds for meeting the expenses of the Foundation shall be raised through gifts, grants, income from investments and the collective efforts of the Members, Trustees and staff of the Foundation. No financial obligations of the Foundation may be incurred by anyone or any group except upon the prior authorization of or allocation of funds by the Board of Trustees. All disbursements shall be made by the Treasurer or by the Executive Director, serving as an appointed Assistant Treasurer.
SECTION 2 - ANNUAL CERTIFIED AUDIT:
Under the direction of the Treasurer, an annual audit of the Foundation's financial records shall be made by a licensed public accountant. Said audit shall be delivered to each Member of the Foundation and to each member of the Board of Trustees prior to the Annual Meeting of the Members of the Foundation.
SECTION 3 - FISCAL YEAR:
The fiscal year of the Foundation shall commence on the first day of July and end on the thirtieth day of June.
SECTION 4 - INDEMNIFICATION:
The Foundation may, by resolution of the Board of Trustees, provide for indemnification by the Foundation of any and all of its Trustees or officers or former Trustees or officers against expenses actually and necessarily incurred by them in connection with the defense of any action, suit or proceeding, in which they or any of them are made parties or a party, by reason of having been a Trustee or officer of the Foundation, except in relation to matters as to which such Trustee or officer or former Trustee or officer shall be adjudged in such action, suit or proceeding to be liable for negligence or misconduct in the performance of duty and to such matters as shall be settled by agreement predicated on the existence of such liability for negligence or misconduct.
SECTION 5 - DISSOLUTION:
The Foundation shall use its funds only to accomplish the purpose specified in these bylaws, and no part of said funds shall inure, or be distributed, to the Members of the Foundation or to the members of the Board of Trustees. On dissolution of the Foundation, all assets remaining shall be distributed by the Board of Trustees to one or more charitable, educational, scientific or philanthropic organizations qualified as an exempt organization under Section 501(c)(3) of the Internal Revenue Code of 1954 or the corresponding provisions of a future United States Internal Revenue law.
