ARTICLE XVI: FISCAL MATTERS

Section 1. ACCOUNTING

The fiscal year end of PICA shall be determined by the Board.

Section 2. AUDIT 

At the end of the fiscal year, the books of PICA shall be closed and audited by certified public accountants. The appointment of the fiscal auditors shall be the responsibility of the Board.

Section 3. ANNUAL REPORT AND ANNUAL STATEMENT

The Board shall publish, at least annually, a report describing its activities, including an audited financial statement and a description of any payments made by PICA to Directors (including reimbursements of expenses). PICA shall cause the annual report and the annual statement of certain transactions as required by the CNPBCL to be prepared and sent to each member of the Board and to such other persons as the Board may designate, no later than one hundred twenty (120) days after the close of PICA's fiscal year.

Section 4. ANNUAL BUDGET

At least forty-five (45) days prior to the commencement of each fiscal year, the President shall prepare and submit to the Board, a proposed annual budget of PICA for the next fiscal year, which shall be posted on the Website. The proposed budget shall identify anticipated revenue sources and levels and shall, to the extent practical, identify anticipated material expense items by line item. The Board shall adopt an annual budget and shall publish the adopted budget on the Website.

Section 5. FEES AND CHARGES

The Board mat set fees and charges for the service and benefits provided by PICA, with the goal of fully recovering the reasonable costs of the operation of PICA and establishing reasonable reserves for future expenses and contingencies reasonably related to the legitimate activities of PICA. Such fees and charges shall be fair and equitable, shall be published for public comment prior to adoption, and once adopted shall be published on the Website in a sufficiently detailed manner so as to be readily accessible.