Audit Committee

Within one month following the annual meeting, the president shall appoint an Audit Committee, subject to confirmation by the Board of Directors, to perform a continuing audit of the corporate financial records. Reports shall be made by the Audit Committee semi-annually to the Board of Directors; such reports to be made at the next regular meeting following submission of the regular financial report. The report of the committee shall, as a minimum, include verification of cash on hand by justification of receipts and expenditures, payroll amounts by name, inventory of assets and supplies, and verification of the authorization for individual expenditures totaling fifty dollars ($50) or more per month. The Audit Committee shall consist of two persons, neither of whom, shall be an officer of The Association. The report of the Audit Committee shall be confidential until reported to the Board of Directors, but may be reported to the Chairman of the Board in advance of a Board Meeting.