XII. Finances

1. Fiscal year. The fiscal year of CMS shall be from Oct. 1 through Sept. 30.
2. Annual Dues. Dues for all classifications of membership in the Colorado Medical Society shall be fixed by the Colorado Medical Society Board of Directors as needed. The Board of Directors shall set annual dues for the Active Members Emeritus sufficient to cover the administrative costs of membership. Annual dues for each calendar year shall become due and payable to the Colorado Medical Society on Oct. 1 if an individual member elects to pay full annual dues in one installment. If an individual member elects two installment payments, first half of dues will be due and payable Oct. 1 and second half of dues will be due and payable March 1. Members must decide which payment option they will use for the year upon receiving the first dues notice. Total dues payment for the year may be higher if member elects two installment payments. No refunds will be made for those who elect two installment payments but only pay the first half. The Board of Directors may excuse or reduce dues or assessments in individual cases in any class of membership where there appear to be extenuating circumstances.
3. Remittance of Dues. The secretary of each Component Society shall forward to the Colorado Medical Society’s executive office all Society dues collected by the Component Society. These shall be accompanied by certification of names, membership numbers, addresses, classifications and sub-classifications of the members from whom the collections were made, and the date of the official action of the Component Society effecting election to membership or change of classification of membership if applicable. When properly completed and accompanied with the appropriate remittance, this shall constitute certification of membership. In unusual cases, a member may request approval by CMS’s Board of paying annual dues in two installments, not more than four months apart.
4. Remittance of Dues Monies. Each Component Society shall forward to the Colorado Medical Society, at least monthly, all dues monies collected by the Component Society during the preceding calendar month or to the date of remittance if remitting more frequently, with forms provided by the Colorado Medical Society.
5. Warning Regarding Outstanding Dues. A notice describing the penalties for non-payment of dues by the deadline and soliciting continuance of the membership will be mailed to all members with outstanding dues prior to each drop deadline. CMS shall notify the Component Society of the names of members being sent such notification.
6. Reduced-Dues Membership Promotions. The Board of Directors may authorize membership recruitment promotions allowing physicians who have never belonged to CMS to join and pay reduced CMS membership dues for their first year of membership. Component societies will be notified in advance of such promotions and will have the option to join the promotion. The start date, end date and dues amount for the promotion will be specified by the Board of Directors.
7. Reinstatement. Members who have not paid their dues by the appropriate deadline will be dropped from membership and must reapply for membership in order to be reinstated.
8. Dues Refund. If a member is changed from a dues paying classification during the calendar year for which dues have already been paid, no refund is provided. If a member dies, resigns or transfers to a state that does not accept him gratis for the remainder of the year, no refund is provided. A CMS member will be reimbursed for dues paid on a pro rata basis less any fees established by the Board of Directors for Emeritus Members.
9. Dues Exempt Members. Members in the following categories will be exempt from paying dues: (All CMS members who have attained Emeritus status as of Sept. 15, 2012 shall be allowed to keep that status.)
1. Financial hardship or disability as determined by the Board of Directors.
2. Honorary members.
3. Dues paying member of CMS for 35 years and retired or working less than 20 hours per week.

If annual dues have not been submitted to the secretary of the Component Society (one payment due on Jan. 15 or if electing two payments, one-half due by Jan. 15 and one-half due by May 31), the member shall be dropped from the membership and all privileges of membership shall cease.

The member shall be dropped without prejudice as to again applying for membership; provided, that no physician shall be eligible to again apply for membership while any special assessment remains unpaid unless the special assessment occurred more than five years prior to application. Penalties imposed in the Bylaws for suspension shall not be removed by reinstatement under this section.

Members elected on or after April 1 but prior to July 1 shall be assessed dues for the remainder of the dues year in the amount equal to three-fourths of the current annual dues for that sub-classification. Members elected on or after July 1 but prior to Oct. 1 shall be assessed dues for the remainder of the dues year in the amount equal to one-half of the current annual dues for that sub-classification. Members elected on or after Oct. 1 but prior to Dec. 1 shall be assessed dues for the remainder of the dues year in the amount equal to one-fourth of the current annual dues for that sub-classification.

All funds of CMS shall be expended only under the direct supervision of the Board of Directors and all commitments for expenditure by CMS shall be first approved by the Board of Directors. No one legally, morally, or financially may obligate CMS without the prior approval/consent of CMS’s Board of Directors. The Board of Directors shall submit an annual budget to the House of Delegates for the ordinary expenses of CMS, which shall take precedence over all resolutions providing for appropriations.

The necessity for and amount of any special assessment shall be determined by the Board of Directors. Assessments shall apply only to members of record at the date of enactment. Any such special assessment shall become due on such date as may be fixed by the Board of Directors and shall become delinquent 45 days thereafter; provided, that the due date of such assessment shall not be less than 30 days from the date of the mailing of notice. The president and secretary of each Component Society shall be notified by written notice of any such special assessment, stating the amount of such assessment, the date it becomes due and the date it becomes delinquent. Any member whose special assessment has not been received by CMS within 45 days after the due date shall be held as delinquent. If the delinquency with respect to the payment of a special assessment is not removed by a remittance to the secretary of the Component Society within 60 days after the due date of such assessment, the delinquent member shall be held as suspended from membership and all privileges of membership shall cease pending reinstatement. The suspension by reason of non-payment of any special assessment shall be operative if annual dues for the current year have been paid.

Subject to the provisions of the Bylaws and to the financial condition of CMS at any given time, the Board of Directors may, but shall not be required to, reimburse Officers, and other elective or appointive members of councils and committees for expenses incurred by them in carrying out their official duties.  The President and President-elect will be reimbursed for their expenses incurred in the performance of their duties on behalf of the Colorado Medical Society subject to review by the Board of Directors. The Board may authorize payment of expenses for students and residents. The Board of Directors is authorized to adjust current and future annual budgets and to take such other action, as it may deem proper in carrying out this policy.