Please sign below indicating that you have read and understand all of the below, and agree to all these terms.
The core financial principle underlying both the Regional/National Director Contracts, and all MIST Financial Guidelines is that we as an organization hold our funds in trust for our competitors, their parents, and our regional communities.
It is critical from both a legal and Islamic perspective to ensure every cent is not only spent in an appropriate manner, but that this fact can be objectively proven. These funds are not MIST's - we are simply its stewards, responsible for its spending in a prudent manner. Having stated this, here are some specifics in how we apply this principle on a daily basis in MIST:
- Regional Directors are ultimately responsible, ethically and legally, for their region's spending. This includes spending not done by the RD him/herself. RDs are free to implement systems in their regions to ensure no money is spent without his/her prior approval. The Finance Committee may assist in doing so by either limiting signers on bank accounts to just the RD or by providing employee debit cards (which the RDs can set spending limits on).
- Regional budgeting is up to the discretion of the RD. While all regions are required to submit projected budgets (and updated ones after tournaments) to the Finance Committee, there is no budget approval at a national level. The Finance Committee will make suggestions to regions once we receive projected budgets, but these are simply suggestions. Regions are not obliged to follow our advice unless they are under Financial Distress. Therefore, regions will be fully accountable for any profits/losses they incur.
- I will indemnify MIST from any liability that will occur as a result of my actions or the actions of any individual who is a part of the region or committee I supervise.
- I will fully cooperate with any and all instructions, directives, investigations, and requests made by MIST, regionally or nationally.
- I understand that as a signer to my region's MIST bank account, I am responsible for keeping a record of all expenditures, including cash withdrawals from the MIST bank account and the receipts of all purchases. I will be personally liable for any withdrawal or purchase I make that was not recorded and cannot be accounted for.
- I understand that MIST is an educational non-profit organization, and must abide by the rules for maintaining this status.
- I will be liable for any purchase or withdrawal I make that is not approved or accounted for by the Regional Director, or his/her designate.
- I understand any type of financial compensation is prohibited for MIST volunteers. Any costs for labor, service, time, etc of a contractor must be explicitly stated in a contract or invoice.