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6 <br />January 27, 2011 draft <br />Articles. Unless otherwise specifically required, such restricted revenues and/or property may be <br />mingled with other funds of the Association. <br />Membership dues for services provided shall be determined as follows: <br />1. Dues. Members shall pay annually to the Association an amount in accordance with the <br />current dues formula attached as Appendix A. <br />2. Dues Proration for New Members. New Members joining after July 1 of any year shall pay <br />prorated dues for their first year of membership based on the number of quarters of such year <br />in which they were a Member. <br />3. Dues Changes. The Board of Directors shall determine what, if any, changes shall be made in <br />the dues formula effective as of July 1 during subsequent years. Any changes made to the <br />dues schedule will be reflected in Appendix A. <br />Special assessments may be made for undertaking special- initiatives or projects from time to <br />time subject to approval of the Directors. No special assessment will be due and payable for 180 days <br />unless it is approved unanimously by all of the Directors in attendance at a properly noticed and called <br />meeting at which a quorum of the Directors is present. <br />The fiscal year of the Association shall end on June 30 of each calendar year unless <br />otherwise determined by the Board of Directors. <br />ARTICLE VI -APPLICATION AND USE OF FUNDS <br />Revenues received by the Association shall be held in an account (or accounts) in the name of <br />the Association. in such location(s), as may be designated by the Board of Directors. The Association <br />shall hold,... manage, invest and ..reinvest its funds in accordance with the investment policies of the <br />Association and shall collect and receive the income therefrom. After deducting all necessary expenses <br />incident to the operation -and administration of the Association, such funds shall be utilized in <br />accordance with the purposes set .forth in these Bylaws and the Articles. The Board of Directors may <br />establish a committee of Directors for the purpose of supervising and managing investments. All such <br />revenues received and held by the Association shall be distributed to such persons and in such amounts <br />as the Board of Directors of the Association shall deem appropriate in keeping with the purposes of the <br />Association. <br />The Association shall be solely responsible for the application and use of its assets, including <br />payment of its expenses in accordance with such operating guidelines as may. be established by the <br />Board of Directors, and shall operate as an independent and autonomous entity for the purposes of <br />meeting its financial obligations. <br />Notwithstanding any other provision of these Bylaws, no expenditure shall be made in any <br />manner or for any purpose whatsoever that may jeopardize the status of the Association as an <br />organization under Section 501(c)(3) of the Internal Revenue Code and the regulations thereunder. <br />{A0076878. DOC}{A0076878. DOC}{3 <br />