The Finance Committee shall consist of three (3) past treasurers, OKCMAR President, OKCMAR President Elect, and three (3) Association Members with demonstrated financial experience. The current Association Treasurer shall chair this Committee. Staff operating budgets are to be submitted to the Finance Committee no later than September 30th of each year. It shall be the duty of the Finance Committee to establish the following year’s budgets, and present the proposed budget of necessary expenditures for approval to the newly elected Board of Directors no later than December 1st of each year. The Finance Committee shall submit to the Board of Directors a monthly report of actual income and expenses to date in relation to the budget prepared by the CPA and reviewed by the Secretary Treasurer; review the financial operations of the Association in relation to the budget and prepare appropriate recommendations to the Directors; annually review federal and state income tax reports as prepared by the CPA and report to the Board of Directors, request a certified audit and financial systems review to be made annually, and any other duties as prescribed by the Board of Directors. Requests from committees or officers for unbudgeted expenditures over One Thousand Dollars ($1,000.00) must be referred to the Finance Committee for recommendation.