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. . , necessary on any matter related to or affecting the general purpose of the Consortium: to acquire, hold and dispose of property both real and personal as the Board deems neceE;sary: to accumulate and maintain reasonable working capital reserves and invest and reinvest these funds subject to the applicable lawE;. Section 3. The Board may accept gifts, apply for and use grants or loans of money or other property from the state, or any other governmental unit or organization and may enter into agreements re- quired in connection therewith and may hold, use and dispose of such moneys or property in accordance with the terms of the gift, grant, loan or agreement. Section 4. The Board shall cause an annual independent audit of the books to be made and shall make an annual financial accounting and report to the members. The books and records of the Con- sortium shall be available for and open to examination by its members at all reasonable times. Section 5. The Board may purchase public liability insurance and such other bonds or insurance as it may deem necessary. Section 6. The Board may adopt such rules and procedures as necessary with regard to its process and actions. Section 7. The Board may exercise any other power necessary and incidental to the accomplishment of the general purpqse. VI. FINANCIAL MATTERS Section 1. The fiscal year of the Consoritum shall be the calendar year. Section 2. An annual budget for the upcoming year shall be adopted by the Board in July of each year. Copies E;hall be mailed to the Chief Administrative Officer of each member. Such budget, including charges for services, shall be deemed approved by the member unless, prior to October 15, of the year involved, the member gives notice in writing that it is withdrawing from the Consortium. Section 3. The Board E;ha11 have authority to fix cost sharing charges for all members in an amount sufficient to provide the " funds required by the budget. Section 4. Billings for all charges shall be made by the Board and shall be due when rendered. Any member whose charges have not been paid within sixty ( 60) days after the billing shall be in default and shall not be entitled to further voting privileges nor to use any of the Consortium facilities and programs until such time as no longer in default. In the event that such charges have not been paid within 60 days after such billing, such de- faulting member shall be deemed to have given, on such 60 day notice of withdrawal from membership. In the event of a bona fide dispute between the member and Board as to the amount ;,,,hich is due