General

1. All Association funds shall be expended within the purposes of the Association, and within the educational purposes of the University. All funds derived from fees levied upon members of the Association shall be expended within the educational purposes of the University.

2. No funds shall be received or expended by the Association or its agencies unless authorized by the Operating Budget or Capital Budget of the Association or by the budget of the relevant Association agency. Authorization shall consist of the approval by the Senate of the appropriate budget or a modification thereof.