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Article IX Financial Matters Section 1 : No funds of the Council shall be deposited in any name except that of the Council and no funds of the Council shall be invested without authority of the Board of Directors . Section 2: The fiscal year of the Council shall run from July 1 , of each calendar year through June 30 , of the following calendar year. The fiscal year may be altered by resolution of the Board of Directors from time to time as the Board deems advisable . The books of the Council shall be balanced and audited as of the end of each fiscal year by a Certified Public Accountant or reviewed and approved by an independent Finance Committee created for that purpose by the Board of Directors . Section 3 : No part of the income of the Council shall ever be distributable to its directors or officers . Section 4 : All checks , drafts or other orders for the payment of money , notes or other evidences of indebtedness issued in the name of the Council shall be signed by the officer or officers , agent or agents of the Council and in the manner as shall be determined, from time to time by resolution of the Board of Directors . Article X Tax Exempt Status It is anticipated that the Cultural Council of Indian River County will remain a tax exempt organization under Section 501 (c) (3) of the Internal Revenue Code (or the corresponding provision of any future United States Internal Revenue Law) : and that all membership dues , gifts , donations , memorials , and bequests shall qualify as charitable deductions under the proper sections of the Internal Revenue Code . Article XI Amendinents Bylaws , or Amendments to the bylaws , shall be considered adopted if a majority of the Board of Directors present at any meeting which a quorum is present shall vote in favor of the adoption of such an amendment: provided the proposed change of the bylaws be moved, seconded, and discussed at the meeting prior to the meeting at which the amendment shall be voted upon. Any amendment to the bylaws shall be recorded, dated, and attached to the official copy of the bylaws . BYLAWS OF CULTURAL COUNCIL OF INDIAN RIVER COUNTY , INC . Page 6 � v