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15 <br />DRAFT PFAPC By-Laws <br />by funding sources or regulatory bodies, or contrary to explicit Board restraints. To these ends, the <br />Board shall establish, and revise as needed, written policies with regard to the Board's delegations of <br />duties/responsibilities to the Executive Director. <br />Article X. FINANCIAL TRANSACTIONS <br />Section 10.01 Authorization <br />Except as provided in these By-Laws, the Board may authorize any officer(s) or agent(s), in addition <br />to the officers so authorized by these By-Laws, to enter into any contract or execute or deliver any <br />instrument in the name and on behalf of the Corporation, and such authority may be general or <br />confirmed to specific instances. <br />Section 10.02 Annual Audits <br />The- account books and financial statements of the Corporation shall be audited annually by an <br />independent certified public accountant retained with the approval of the Board. The Board shall <br />review the annual audit, the management letter; and the response to the management letter and shall <br />meet with the independent auditor without staff present. For three (3) years following the creation of <br />the Corporation, copies of the annual audit will be forwarded to the Orange County Board of County <br />Commissioners. <br />Section 10.03 Fiscal Year <br />The Corporation's fiscal year shall be each period ending June 30: <br />Section 10.04 Annual Reports for the State of North Carolina <br />The Corporation shall file with the Secretary of State, on or after January 1st and on or before July 1st <br />of each year a sworn annual'report on such forms and containing such information as the Secretary of <br />State may prescribe, together'with the annual. fee required for such report. <br />Section 10.05 Annual Reports-:for Directors <br />The Board shall cause an annual report to be furnished to all Directors of the Corporation. The report <br />shall contain the following information in appropriate detail: <br />(a) The assets and liabilities, including the trust funds, of the Corporation as of the end of the fiscal <br />year. <br />(b) The principal changes in assets and liabilities, including trust funds, during the fiscal year. <br />(c) The revenue or receipts of the Corporation, both unrestricted and restricted to particular <br />purposes, for the fiscal year. <br />(d) The expenses or disbursements of the Corporation, for both general and restricted purposes, <br />during the fiscal year. <br />(e) Any other information as required by law. <br />(f) The annual report shall be accompanied by any report thereon of independent accountants, or, if <br />there is no such report, the certificate of an authorized officer of the Corporation that such <br />statement was prepared without audit from the books and records of the Corporation. <br />Draft 1212 13 <br />