Section 1: Receipt of Funds: Funds received by the North American Saxophone Alliance from any source whatsoever, shall be rendered to the Treasurer to be properly receipted and deposited in an Alliance account. The Alliance shall hold one checking account plus other savings and/or certificate-of-deposit accounts as appropriate, all accounts on deposit with a financial institution in the United States of America protected by the Federal Deposit Insurance Corporation. The Treasurer shall require that payment of membership dues, journal advertising, or other debts due the Alliance be rendered in US funds. In the event the Alliance receives a gift of funds designated for a specific purpose by the donor, proper handling and disbursement of such funds will be provided by the Treasurer in accordance with the stated wishes of the donor.

Section 2: Disbursement of Funds: Funds owned by the North American Saxophone Alliance shall be disbursed only from the organization's checking account. Alliance checks shall require two signatures: those of the Treasurer and President or Secretary, or one other executive officer of the Alliance so designated for signatory powers by the President. All disbursements must be approved by the President. The President may not authorize disbursements amounting to more than ten percent of the funds available for disbursement without majority approval of the Executive Committee; the President may not authorize disbursements amounting to more than twenty-five percent of the funds available for disburse-ment without two-thirds majority approval of the Executive Committee. Disbursement of the Alliance funds shall be made only to support the ongoing administration, publications, and other projects of the organization in adherence to the purposes set forth in Article III hereof.

Section 3: Auditing of Funds: An accounting of funds received and disbursed, plus anticipated disbursements, shall be rendered by the Treasurer quarterly and be available to NASA members upon written request. The annual report will be presented for publication in the journal, in accordance with the format specified in the Bylaws. Any member of the Alliance may request and receive an up-to-date financial statement from the Treasurer at any time. Any member of the Alliance may petition any member of the Executive Committee at any time to request a professional outside audit of the financial records of the organization. Upon receiving such a request, the Executive Committee will confer and answer the request within 30 days. By two-thirds majority vote, the Executive Committee may hire an outside auditor to provide the independent audit, or deny the request on the basis of there being no grounds to proceed. In the event a member's petition is denied, he will have the option of hiring an auditor, at his own expense, to audit the financial records of the Alliance. The Treasurer and Executive Committee will be expected to cooperate fully with any independent audit regardless of who is sponsoring the action.

Section 4: Balancing of Receipts and Disbursements: The President, Treasurer, and the rest of the Executive Committee shall be required to hold the level of expenditures by the Alliance at or below the level of its income.

Section 5: Austerity Status: If funds available for disbursement by the Alliance decrease to a point where certain percentage limits on expenditures outlined in the Bylaws become impractical, the Executive Committee may elect to put the organization into "Austerity Status." This selection shall require a two-thirds vote of the Executive Committee. Under this status, all expenditures beyond normal operating expenses shall require majority approval of the Executive Committee. Under this status, the officers may elect to limit or curtail certain expenditures that were previously customary, such as assisting with regional or local funding; for expenses limited by percentages outlined in the Bylaws. Executive Committee consensus rather the percentages shall determine disbursement limits. During a period when the Alliance is operating under Austerity Status, notice of this condition shall be displayed prominently in each issue of The Saxophone Symposium published during the austerity period. A two-thirds vote of the Executive Committee shall be required to remove the organization from Austerity Status, and upon this action notice of such shall be prominently displayed in the journal.

Section 6: Disposing of Assets Upon Dissolution: Upon dissolution, the Executive Committee shall, after paying or making provision for the payment of all the liabilities of the Alliance, dispose of all the assets of the organization to, and only to, one or more groups organized and operated exclusively for educational purposes as shall at the time qualify as an exempt organization or organizations under Section 501(c)3 of the Internal Revenue Code of 1954, or the corresponding provision of any future United States Internal Revenue Law, as the Executive Committee shall determine.