Page 567 - 2025 Chapter Directory

of and on behalf of the foundation, and such authority may be general or
confined to specific instances. However, unless so authorized by the
Board of Directors or by these bylaws, no officer, agent or employee
shall have any power or authority to bind the foundation by any contract
or engagement, or to pledge its credit or to render it financially liable for
any purpose or to any amount.

Section 2. No funds shall be borrowed on behalf of the
foundation without the express written consent of the Board of Directors.
All checks, drafts, or other orders for the payment of money issued in
the name of the foundation shall be signed by such director(s), officer(s),
employee(s) of the foundation as shall from time to time be determined
by resolution of the Board of Directors.

Section 3. All funds of the Foundation, received by the financial
secretary, shall be transferred to the treasurer within seven (7) days.
The treasurer shall deposit all funds received from the financial secretary
within seven (7) days.

Section 4. The Board of Directors or any director may accept on
behalf of the corporation any contribution, gift, bequest, or devise for the
general purpose or for any special purpose of the corporation.

ARTICLE XI
Books and Records

Section 1. The corporation shall maintain current, true, and
accurate financial records with full and correct entries made with respect
to all financial transactions of the corporation, including all income and
expenditures in accordance with generally accepted accounting
principles. All financial records shall be reviewed annually by the Audit
Committee and annually by a certified public accountant. All records,
books, and annual reports of the financial activity of the corporation shall
be left at the registered office or principal office of the corporation in
state, in accordance with retention guidelines, and not less than seven

IEACF Bylaws Page 21