What is the purpose of the house audit?
The House Audit determines whether a house stayed within budget during the fiscal year (Sep 1 - Aug 31). If a house went over budget (had too many expenses and not enough house charges), this is called a deficit. It takes money away from the house account and can affect future contract years. If the house was under their budget (paid more house charges than expenses), this is called a surplus. The members paid more than what was spent, so this money is paid back to its members.