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• <br />4. Please explain the rotating volunteer structure of your Board members and officers. <br />Each Director may hold office for three (3) years and may serve two (2) consecutive terms before being <br />required to "cycle off' the Board for one (1) year. <br />D. Finances <br />1. Does your Board approve the annual budget and review regular financial reports of the operating <br />budget and capital funds? How often is this review conducted? <br />Yes, the Board approves the annual budget and on a monthly basis, reviews regular financial reports of <br />the operating budget and capital funds. <br />2. Does any outside organization (such as a governmental unit) conduct periodic evaluations of the <br />agency's finances, management or programs? if yes, list the agencies. <br />The Gifford Youth Achievement Center is audited annually by an independent audit as defined by the <br />Single Audit for Private Non -Profit A-122. <br />3. Are there any pending legal actions, claims, or disputes against your agency? <br />No <br />4. Check the financial year (agency's fiscal year) that you are using for this budget report. <br />July 1 — June 30 <br />X January 1 — December 31 <br />Other, please specify <br />235 <br />