Within the limitations of these By-Laws and the appropriate Financial Policies, the Financial Manager shall have the authority to establish and close deposit accounts, to withdraw funds from such accounts, and to purchase and sell financial instruments, in the name of the Association. The Financial Manager may delegate this authority, but shall continue to be responsible to the Senate for its exercise. The Financial Manager shall report to the Senate Budget and Finance Committee each year during the Autumn Quarter on all such delegations in effect, and shall report any changes in such delegations to the Committee on a timely basis.