Every sport club will be required to have a constitution approved by the Campus Recreation Director. A constitution is the framework for the clubs' existence. The fundamentals of the club are expressed in the constitution and should be constantly examined to insure a truthful operation of a club. Clubs will be asked to revise their constitution if it does not follow University policies. Each club should conduct an annual review of their constitution. By- laws are the rules established to govern the internal operations of the club. Standing rules pertain to rules which may be adapted by a majority vote at any club meeting. The Campus Recreation Director may aid the club in the formation of the constitution. However, it would be more appropriate if the Club Advisor assisted in the framing of the clubs' constitution. All clubs will be expected to keep official club records with a copy provided for the Campus Recreation Director. All clubs will be responsible for preparing and submitting a semester statement of all financial transactions within the club. The statement must include the following: 1. Income 2. Expenditures 3. Credit 4. Balance