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<br />(b) <br /> <br />BAERS AGREEMENT <br />9/12/03 <br /> <br />and receives no compensation for these services. Reasonable expenses <br />incurred on the Board's behalf are reimbursable. <br /> <br />Vice President. The Board of Directors shall elect a Vice President, to <br />hold office for a one-year term, except as hereinafter provided and until a <br />successor is elected. In the event the Vice President so elected ceases to <br />be a member of the Board of Directors, the resulting vacancy shall be <br />filled at the next regular meeting of the Board of Directors held after such <br />vacancy occurs. In the absence or inability of the President to act, the <br />Vice-President shall act as President. The Vice President serves at the <br />pleasure of the Board, and receives no compensation for service. <br />Reasonable expenses incurred on the Board's behalf are reimbursable. <br /> <br />(c) <br /> <br />Other. The Board of Directors may create other offices as needed <br /> <br />ARTICLE 13-ACCOUNTS AND RECORDS <br /> <br />(a) <br /> <br />Annual Budget. The Board of Directors ofBAERS shall adopt an annual <br />operating budget pursuant to Article 7 of this Agreement. . <br /> <br />(b) <br /> <br />Funds and Accounts. The County shall establish and maintain such <br />funds and accounts as may be required by good accounting practice and as <br />recommended by the Management Committee. Books and records of <br />BAERS shall be open to inspection, with reasonable notice, by <br />representatives from Member agencies. <br /> <br />(c) <br /> <br />County's Fiscal Report. The County, within one hundred and twenty <br />(120) days after the close of each fiscal year, shall give a complete written <br />report of all financial activities for such fiscal year to the Board of <br />Directors and each Member. <br /> <br />(d) <br /> <br />Annual Audit. The County shall provide for an annual audit of the <br />accounts and records of BAERS. The audit shall meet the minimum <br />requirements prescribed by the State Controller for special districts by the <br />California Government Code. <br /> <br />ARTICLE 14-RESPONSIBILITY FOR MONIES <br /> <br />(a) <br /> <br />The County shall have the custody of and disburse BAERS funds <br />according to the policies and directions of the Board of Directors. <br /> <br />7 <br />