ARTICLE VII – Accounting, financial matters, books and records.

Section I. Fiscal year.
The fiscal year of CW&SG (the Guild year) shall be from July 1 through June 30.

Section 2. Accounting and budgeting.
The financial affairs of CW&SG shall be conducted in accordance with recognized accounting principles. The records shall be kept in such a manner as to show readily the financial condition of CW&SG and to facilitate the preparation of periodic and annual reports.

Section 3. Books and records.
In addition to the financial records, CW&SG shall keep minutes of the proceedings of its Board of Directors and of committees having any of the authority of the Board of Directors. All books and records of CW&SG, except confidential loan files or personnel files, may be inspected by any member of the Board, or his(her) agent or attorney for any proper purpose at any reasonable time.

Section 4. Financial Audit.
A simple audit of the financial statements of CW&SG shall be conducted at the close of each fiscal year.

Section 5. Contracts.
The Board of Directors may authorize any officer(s) or agent(s) of CW&SG, in addition to the officers authorized by these By-Laws, to enter into any contract or execute and deliver any instrument in the name of and on behalf of CW&SG. Such grant of authority may be general or may be confined to specific instances.

Section 6. Checks, drafts, etc.
All checks, drafts, or other orders for payment of money, notes or other evidence of indebtedness issued in the name of CW&SG shall be signed in such manner as shall from time to time be determined by resolution of the Board of Directors.

Section 7. Depositories.
All funds of CW&SG shall be deposited from time to time to the credit of CW&SG in such banks, savings and loan associations, trust companies, or other depositories as the Board of Directors may select.

Section 8. Gifts.
The Board of Directors may accept on behalf of CW&SG, any contribution, gift, bequest, or devise for any purpose of CW&SG.

Section 9. Loans.
No loans shall be contracted on behalf of CW&SG and no evidence of indebtedness shall be issued in its name except as authorized by a resolution of the Board of Directors.

Section 10. Investments.
Reserved.