5. Finances

ARTICLE 5

FINANCES

50. REIMBURSEMENT

Consistent with approved policy, some or all of the expenses of each member of the Federated Council and Section Commissioners may be reimbursed by the Federation for attending meetings of the Council.

51. ASSESSMENT

The expenses of the Federated Council shall be met by an assessment levied upon each Section at the beginning of the school year.

A. FAILURE TO PAY STATE CIF ASSESSMENTS

After a reasonable number of requests from the Executive Director’s office, schools that continue to be delinquent with financial assessments after January 1st will be immediately notified of CIF membership suspension effective January 21st. Reinstatement of membership will be made upon receipt of assessment that must include all past due and interest charges. Reinstated schools will not be allowed to host any Regional or State playoff contest in any sport for a period of one year from the time of sanction.

52. STATE CIF PLAYOFF REPORTS

After a reasonable number of requests from the Executive Director’s office, schools that continue to be delinquent with financial reports will not be allowed to host any Regional and State playoff contest in nay sport for a period of one year from the time of sanction.

52A EXPENSES (CENTRAL SECTION)

Expenses: Necessary expenses of all Central Section Board of Managers meetings and committee meetings approved by the President or the Section Commissioner, shall be paid from Central Section Funds.

Allocation of playoff finances after expenses shall be 40% CIF and 60% to competing schools. Schools who meet the deadlines for turning in financial statements and checks to the opposing school and Section Office will not be allowed to host play-offs in the future in sports where they do not meet the obligations, and will have the following additional penalty imposed:

Pay with in the first 30 school days----NO PENALTY

Pay after 30 school days and before 45school days---A 5% fine from the host school’s profit

Pay after the first 45 school days--- A 10% fine from the host school’s profit ( Approved Board of managers April 2010)

53. FISCAL LEGISLATION

Legislation which has a fiscal impact upon the State CIF budget shall be submitted, no later than February 10, to the State CIF Executive Committee for their review in developing a recommendation for the Federated Council at its spring meeting. (“Legislation” is interpreted to mean legislation or business internal to CIF and/or its member Sections.)

54. INDEMNIFICATION OF SECTIONS

The CIF shall indemnify Sections against documented net revenue loss as a result of a Section’s participation in a system-wide merchandising or sponsorship program in lieu of a Section-based program of like kind for a period of one year. Sections so indemnified shall in future years of participation in that system-wide program repay such amounts as they received in indemnified loss by receiving 10 percent per year less than they would have received without such indemnification, provided that such reduction shall not cause a Section to receive less than the revenue documented for purposes of indemnification plus 5 percent annual growth. Indemnification of loss shall cease after one year.