Article VIII. – Financial

ARTICLE VIII.
FINANCIAL

SECTION 8.1   TREASURY
A treasury will be maintained into which all coin, currency, scrip, gold, and other negotiables of value are to be deposited in the name and to the credit of the Company.  The depository for the treasury shall be designated by the Board of Directors.

SECTION 8.2   BUDGET
The Company shall operate on a budget during the fiscal year, being concurrent with the calendar year, for which deficits and surpluses will be carried forward.  In order to ensure operation without deficit, the budget may be supported by revenue raised through the levying of dues, imposts, and fees.

SECTION 8.3   CREDIT
Credit may be extended to members and recruits to a maximum of Fifty Dollars United States currency, or Eight-hundred Fifty Dollars Confederate States currency.  Personal loans drawn on such credit shall be interest-free in the form of non-negotiable promissory notes or IOUs.  Members of other organizations are ineligible for credit.

SECTION 8.4   PAYMENT DEADLINE
In order to avoid penalty and/or abrogation of membership, any debt obligation to the Company must be satisfied annually no later than the last scheduled event date of each year.

SECTION 8.5   DISBURSEMENTS
The Company may disburse funds for its operation, as necessary. Traditionally recognized expenditures are herein provided.

  • (a)  Provisions
    The Company may procure and store assets, such as Arsenal supplies (munitions); Commissary supplies (sustenance); and Depot supplies (clothing and equipment).
  • (b)  Administrative Necessaries
    The Company may procure goods and services, such as Office Supplies; Postage; Liability Insurance; and Information Technology Services.
  • (c)  Recompense
    Demands for reimbursement from the treasury for appropriated expenditures that are privately funded on behalf of the Company require record of payment to be forwarded to the Paymaster.
  • (d)  Charitable Donations
    The Company may donate to a trust, fund, or foundation that is operated exclusively for charitable, educational, or benevolent purposes; and/or to any private individual for whatever purpose so designated by the Board of Directors.
  • (e)  Registration Fees
    The Company may pay fee requirements, if applicable, to qualify for membership in a historical or benevolent organization, and/or to register individual members for attendance at events.

SECTION 8.6   REVENUE
The Company may raise revenue for its operation, as necessary.  Traditionally recognized sources of revenue are herein provided.

  • (a)  Membership Fees
    Membership fees ― or dues ― may be imposed upon active duty members.  The fee shall be due annually on the first day of the year, but be prorated for new members.  Honorary members, female members, and non-members shall be exempt from payment of membership fees.
  • (b)  Bounties and Honoraria
    Any bounty or honorarium that is received by an individual member in return for their service to the Company becomes personal property of the individual, but bounties and honoraria that are received in the name of the Company become holdings of the Company.
  • (c)  Commutation Fees
    During the War for Southern Independence, propertied men could legally procure their exemption from conscripted military service by paying a commutation fee to the government.  In keeping with this practice, and to give the Company the ability to equalize individual contributions to the treasury through honoraria earned by group fundraising activities, a commutation fee may be levied in lieu of individual participation in such efforts.
  • (d)  Imposts
    Imposts may be levied to pay for exigent needs which are not appropriated in the annual budget, the circumstances for which may be time and/or need specific.
  • (e)  Sale of Holdings
    The Company may engage in the sale of its holdings for profit, and shall determine the use and rate of exchange for any item of value it holds.
  • (f)  Gifts
    Gifts of value from donors may be received by the Company only under the auspices of the Board of Directors.  Private fundraising by individual members is not permitted.

SECTION 8.7   CONFLICT OF INTEREST
A member’s financial interest in any matter coming before the Board of Directors for transactional consideration must be fully disclosed.  In cases where the Board of Directors determines that a conflict of interest exists, that person will be prohibited from lobbying or voting on the matter.

SECTION 8.8   INDEMNIFICATION
The Company shall be held harmless by its members and associates against all expenses for personal injury, property damage and liabilities, and for any fines, fees and penalties that may be incurred by reason of their service to the Company.