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<br />5.8 Bonding. Those individuals, as assigned by the Board of Trustees, who <br />shall have charge and custody of and be responsible for all funds and securities of the <br />foundation, who receive and give receipts for moneys due and payable to the foundation <br />from any source whatsoever, and who deposit all such moneys in the name of the <br />foundation in such banks, trust companies or other depositaries as shall be selected <br />in accordance with the provisions of Article 5 of these bylaws, shall charge and custody <br />of and be responsible for all funds and securities of the foundation, shall give a bond for <br />the faithful discharge of duties in such sum and with such surety or sureties as the Board <br />of Trustees shall determine. <br /> <br />ARTICLE 6 --COMMITTEES <br /> <br />6.1 Executive Committee. The Board of Trustees shall elect to the <br />Executive Committee three members each whose term of office on the Board of <br />Trustees ends in successive years to serve on the Executive Committee of the Board of <br />Trustees. Thereafter at the annual meeting of the Board of Trustees, once a quorum has <br />been determined to be present, the Board of Trustees shall next proceed with the <br />election of three persons to the Executive Committee whose remaining term as a trustee <br />shall be three years, and who shall thereafter serve on the Executive Committee for a <br />term of three years. The members of the Executive Committee may be removed in the <br />same manner as an officer. Any vacancy on the Executive Committee shall be filled by <br />the remaining members of the Executive Committee, subject to ratification by the Board <br />of Trustees at its next meeting, such person to fill the balance of the term of the original <br />member. The Executiye Committee shall be responsible for the supervision of the <br />day-to-day conduct and affairs of the foundation, including the supervision of the .. <br />personnel, property and funds of the foundation, subject to review and ratification by the .. <br />Board of Trustees. <br /> <br />6.2 Budget Committee. The Budget Committee, chaired by the treasurer, <br />shall be responsible for the consideration for adoption by the Board of Trustees of an <br />annual budget, supervision of the foundation's funds and financial affairs, and the <br />preparation and submission of such financial reports and statements as may be required <br />by it of law, and such other duties as may be prescribed to it by the Board of Trustees. <br /> <br />6.3 Audit Committee. The Audit Committee shall be responsible for and <br />empowered to authorize an audit of CWEF financial records by an outside agency. <br /> <br />6.4 other Committees. The Board of Trustee or the Executive Committee <br />may from time to time create and appoint other committees, either standing or <br />temporary, to further the purpose and mission of the Foundation. Such committees <br />may include, but need not be limited to, a Steering Committee, Technical Review <br />Committee, Finance Committee, and By Laws Committee, <br /> <br />6.5 Committee Membership. The President shall appoint, with the <br />concurrence of the Executiye Committee, all committee members which shall include <br />Truste.p.s, and may include staff and/or non-Trustees as members. <br /> <br />6.11 Committee Quorum. A quorum for the Executive Committee shall be a <br />majority or its members. A quorum for all other committees shall consist of those . <br />present and voting. W <br />