Coleson Cluster Association

RESOLUTION #4: Resolution On Duties Of The Treasurer of Coleson Cluster

Adopted by The Coleson Cluster Association Board of Directors, 22 March 1999

Under Article V, Section 5 of the By-Laws of Coleson Cluster Association, the Treasurer shall: (1) have charge and custody of, and be responsible for all funds and securities of the corporation and deposit all such funds in such banks, trust companies or other depositories as shall be selected by the Board of Directors; (2) receive, and give receipts for, moneys due and payable to the corporation from any source whatsoever; (3) make disbursements as the Board of Directors may from time to time direct; (4) make billings and keep accurate and current books of accounts and records of all receipts and disbursements: and (5) in general perform all the duties incident to the office of the Treasurer, and such other duties as from time to time may be assigned by the Board of Directors. The Treasurer shall also serve as an ex officio member of any Budget and Finance Committee that may be established by the Board of Directors.

The purpose of this resolution is to assign to the Treasurer the following duties that are in addition to and in furtherance of the duties specified in the By-Laws.

Under the direction of and in close coordination with the Board of Directors, the Treasurer shall have responsibility for and shall carry out either directly or through such contract accountants and consultants as the Board of Director may approve, the following duties:

(1) Oversee and coordinate with any contract accountant or consultant.

(2) Assist the President in the preparation of the annual budget.

(3) Maintain and account for all funds and securities of the Coleson Cluster Association.

(4) Deposit all such funds in such bank, trust or other depositories as shall be selected by the Board of Directors.

(5) Ensure that the corporation's financial management is in conformity with generally accepted bookkeeping and accounting principals.

(6) Process accounts payable and prepare checks to be issued to vendors as well as those in support of other disbursements as directed by the Board of Directors.

(7) Record cash receipts monthly.

(8) Reconcile corporate checkbook with bank statements monthly.

(9) Process quarterly invoices for dues, and other assessments as authorized. (No later than 10 days after the 1st day of the 1st month of each new quarter.)

(10) Deposit all quarterly dues as well as all other checks received in a timely manner (within 10 working days of receipt).

(11) Maintain copies of checks deposited, along with attendant deposit slips for ready reference in case of questions or dispute.

(12) Process monthly budget reports, and compare actual to estimates and report any significant discrepancies to the Board of Directors.

(13) Prepare general ledger, balance sheets, income statements and trial balances on a monthly basis.

(14) Report on the financial status of the corporation to the Board of Directors at each of its scheduled meetings, and to the President as may be required at times in between these meetings.

(15) Keep Board signature cards updated.

(16) Ensure proper assessment and collection of delinquent accounts.

(17) Maintain Reserve Account Certificate(s) of Deposit in Accordance with terms and dates as specified by the issuing bank institution, and at levels specified in the budget, unless otherwise directed by the Board of Directors.

(18) Ensure the payment of insurance premiums annually, and by the date specified in the policy

(19) Register the Association with the State of Virginia, State Corporation Commission on an annual basis by 1 April of each year (unless otherwise directed by the State), under statutory penalty (date of postmarks not considered).

(20) Prepare the Annual Report for the Commonwealth of Virginia, by 31 July each year (unless otherwise directed by the Commonwealth), to obtain Certification from the Real Estate Board of the department of the Professional Occupational Regulation within the Commonwealth of Virginia.

(21) Timely File all income tax returns (Internal Revenue Service Form 1120-H and State of Virginia Department of Taxation Form 500)

(22) Perform other duties as may be assigned from time-to-time by the Board of Directors.