The Finance Committee shall be responsible for making recommendations to the Board of Directors with respect to dues and special assessments. They shall be responsible for the development of rules and policies regarding the collection and disbursement of Club funds, and the preparation of financial statements for approval by the Board of Directors. They shall be responsible for the proper audit of all funds and accounts at the end of the administrative year, by timely inspection during the course of the year to ensure that proper business practices are adhered to, and shall ensure that required financial reports are submitted in a correct and timely manner. The Finance Committee Chairman, Treasurer and at least one other member of the Board of Directors shall be members of the committee. The Vice-President of Trips shall be an ex-officio member.