(1) The fees collected for the Board of Bar Examiners and the Character and Fitness Committee shall constitute a fund to provide for the ordinary and necessary expenses of the administration of the bar examination and the operation of both the Board and the Committee.

   (2) An annual budget including all income and expenditures shall be prepared by the Board and the Committee and submitted to the Supreme Court not less than  four (4) months prior to the commencement of the next fiscal year.  The budget
shall distinctly set forth expected revenues according to source, together with carryover funds from the previous year, and shall list budgeted amounts for each category of expenditure in sufficient detail to identify clearly the nature of the respective expenditures.

   (3) Upon approval by the court, the budget shall govern the fiscal operation of the Board and the Committee.  Each expenditure category may be increased or decreased by not more than ten (10) percent. Further departure from the budget
allotment may be made only upon the approval of the court.

   (4) All fees collected by the clerk  for the Board and the Committee shall be recorded in a cash receipts journal and deposited in a joint account of the Board of Bar Examiners and Character and Fitness Committee.  Each repository of
funds  and each bank account shall be designated by the Board and the Committee and approved by the Court.

   (5) All disbursements shall be in accordance with the budget and recorded in the cash disbursements journal.  Checks shall bear such signatures and counter signatures as the Board and the Committee shall direct.

   (6) At least once each quarter a financial report  shall be prepared at the direction of the Board and the Committee and transmitted to the Court.

   (7) Each member of the Board and the Committee and each employee given responsibility by the Board and the Committee for the receipt or disbursement of funds shall be bonded in an amount specified by the Board and the Committee.

   (8) There shall be an annual audit of the Board and the Committee by the Administrative Office of the Courts or, at the election of the Board and the Committee, a private accounting firm approved by the Court.  The report of the
audit shall be paid for by the Board and the Committee.

   (9) The Board and the Committee may employ such personnel as the Court authorizes.  Their compensation shall be fixed by the Board and the Committee subject to approval by the Court.  The compensation of members of the Board and
Committee shall be fixed by the Court.

   (10) Printing and purchasing shall be regulated by procedures established through the Administrative Office of the Courts except that the duplicating of bar examinations shall be accomplished in such manner as the Board designates in
order to preserve the security thereof.

[Adopted effective February 1, 1981; amended effective August 1, 1992]

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