Budgetary Authority

Once the Operating Budget has been approved, the Financial Manager shall be authorized to approve specific expenditures of funds in accordance with it, subject to the provisions of the Constitution and these By-Laws and to the following requirements:

1. The Financial Manager shall report to the Senate Budget and Finance Committee on the actual expenditures from each Operating Budget line-item according to the following schedule:
   1. no later than the second regularly-scheduled Committee meeting of each quarter, on the actual expenditures as of the end of the previous quarter;

   2. whenever the actual expenditures for a given detailed line-item (or a line-item, where no detail was approved) have exceeded the budgeted amount, or appear likely to exceed the budgeted amount before the next regularly-scheduled report.

2. The Financial Manager shall report to the Budget and Finance Committee on any changes in circumstances which would cause total income to be less than budgeted, or total expenses to be greater than budgeted, as soon as such changes come to his/her attention, and shall suggest such corrective action as may be required for the fiscal soundness of the Association.

3. Upon the request of the Financial Manager, the Budget and Finance Committee may by a two-thirds vote approve modifications to the Operating Budget, where such modifications are in support of the program initially authorized by the Operating Budget approved by the Senate. Such modifications shall become effective 48 hours after Committee approval, unless three members of the Council of President notify the Financial Manager and the Senate Chair in writing of their objections within that period of time.

4. The Senate may modify the Operating Budget by a two-thirds vote.

5. The Financial Manager shall not approve any expenditure which would result in a detailed line-item (or a line-item, where no detail was approved) being overspent by more than $100or fifteen percent of the authorized amount, whichever is greater; nor any overspending of any salary or discretionary line-items; nor any overspending resulting from changes in the nature of the programs on which funds are being expended; unless and until an appropriate budget modification has been approved by the Senate Budget and Finance Committee or by the Senate.

6. Any changes to any budget line item for salaries in the Association operating budget or the budget of any Association agency, and any payment of bonuses to any employee of the Association (except for incentive payments included in the regular compensation of managers of business projects), shall require Committee or Senate approval before becoming effective.

   No salary or compensation shall be paid to any individual performing the duties of an office or position for which Senate confirmation is required, until that person has been confirmed by the Senate. All budget detail for line-items involving salaries shall specify the time period for which the salary is paid and the salary per individual; individuals shall be paid according to this detail for the time they actually perform the responsibilities of their office.

7. Except for the budget line-items for the operating expenses of the Council of Presidents, the Senate, and the Nominations and Elections Commissions, the Financial Manager shall be directly responsible for authorizing all specific expenditures of funds from the Association Operating Budget. The Financial Manager may delegate this authority, but shall be responsible to the Senate for all expenditures made under such delegated authority.

8. Funds from the Contingency line of the Operating Budget shall be available for reallocation by the Senate to other lines in the budget. No funds shall be directly expended from any Budget Reserve or Contingency line of the Operating Budget.