Implementing Resolution Under Article 4
Financial Management and Controls
January 12, 1988,
unless otherwise indicated
That annual budget of revenues and expenditures for the succeeding fiscal year shall be prepared by the Institute's staff, reviewed and approved by the Board of Directors, and presented to Council for approval; such budgets shall be in a form indicating the costs of the principal programs and activities of the Institute; material variations from the annual budget shall be reported to the Council by the Board of Directors; receipt of such report without rejection shall constitute authority to continue expenditures for purposes indicated in the annual budget, as modified and presented to Council, until a new budget for the following fiscal year is approved by the Council. However, the Board of Directors may, between meetings of Council, authorize additional expenditures in total not to exceed 5 percent of budgeted revenues from all sources.
[As revised by Council May 15, 2000.]