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9 Board at least thirty (30) days before the annual meeting for the Board’s review and ratification; and (c) to present a full report of its activities at each regular meeting of the Board. Section 8.8. Preparation and Modification of Charges. The executive committee shall have the responsibility to prepare and modify charges for the use of the programs and facilities of Metro-INET, both as to Members and non-members, subject to Board approval. ARTICLE IX FINANCIAL MATTERS Section 9.1. Fiscal Year. The fiscal year of Metro-INET shall be the calendar year. Section 9.2. Adoption of Annual Budget. The annual budget of Metro-INET must be adopted in the following manner: (a) prior to May 1 the Board will supply each member with a proposed preliminary budget for the coming fiscal year; (b) prior to the meeting of the Board in July the Board will supply each Member with a proposed budget adjusted for withdrawal notifications received pursuant to Article XI; (c) the annual budget for the coming fiscal year shall be adopted at the July Board meeting. Promptly after adoption of the budget, the Board must mail copies of the budget to the chief administrative officer of each Member. Upon adoption of the budget each Member is obligated to Metro-INET for the budgeted revenues and cost sharing charges fixed by the Board for the ensuing fiscal year in accordance with this Article. Section 9.3. Cost Sharing Charges. The Board shall have authority to fix cost sharing charges for all Members in an amount sufficient to provide the funds required by the budgets of the organization. The Board shall notify the chief administrative officer of each Member of the amounts of such charges, on or before May 1 of each year. The Board shall prepare, and may amend, a document setting forth the cost sharing charges and policies for Members and rates for services provided to non-members. Such document(s) and policies shall be made available to Members for review and comment upon request. Section 9.4. Invoices to Members. Invoices for all charges shall be sent to the Members by the Fiscal Agent and shall be due when rendered. Any Member whose charges have not been paid within forty-five (45) days after the date of the invoice may be declared in default by the Board or executive committee and shall not be entitled to further voting privileges nor to have its Director hold any office nor to use any Metro-INET facilities or programs until such time as the default is cured and Metro-INET has been paid in full. Additionally, in the event that such charges have not been paid within forty-five (45) days of the date of the invoice, and such default remains uncured after a reasonable time following notice to cure, the membership of such Member may be