11. FINANCIAL REPORTING

11.1 Financial Year

The financial year of the association shall be the period ending on the next 30 June following incorporation, and thereafter a period of 12 months commencing on 1 July and ending on 30 June of each year.

11.2 Accounts to be kept

The association shall keep and retain such accounting records as are necessary to correctly record and explain the financial transactions and financial position of the association in accordance with the Act.

11.3 Food Pantry Accounts

The association shall keep and retain separate accounting records for donations to, and expenses of, the CCIWI Food Pantry, to correctly record and explain the financial transactions and financial position of the CCIWI Food pantry in accordance with the Act and all legal and relevant charitable regulations.

12. PROHIBITION AGAINST SECURING PROFITS FOR MEMBERS

The income and capital of the association shall be applied exclusively to the promotion of its objects and purpose as set out at point 3 and no portion shall be paid or distributed directly or indirectly to members or their associates except as bona fide remuneration for services rendered or expenses incurred on behalf of the association.

13. WINDING UP

a) This association may be wound up in the manner provided for in the Act.

b)  In the event of the organisation being dissolved, the amount that remains after such dissolution and the satisfaction of all debts and liabilities shall be transferred to another organisation with similar purposes which is not carried on for the profit or gain of its individual members. Proper records must be kept of such transfers.