The Financial Policy of the SCA shall apply to the Kingdom of Lochac and to all groups within the Kingdom.
Each and every group shall report annually to the Chancellor of the Exchequer, by 31st July, on the monies and properties they held for their group or the SCA during the previous Australian financial year. Failure to so report without appropriate explanation is ground for the Chancellor to suspend the responsible officer in that group. Failure to so report within a further month without appropriate explanation is ground for the Chancellor to request the Crown to place the group in abeyance.
The Lochac Exchequer must report to the SCA Treasurer and the Crown every year by the 31st of August, on the monies and properties of the Kingdom of Lochac and all groups within it. Failure to so report without appropriate explanation is grounds for the Crown to suspend the Exchequer, or remove the Exchequer from Office.
Should it become apparent that the Lochac Exchequer is unable or unwilling to produce a financial report for a given financial year, then the Crown will consult with the SCA Treasurer and the Seneschal, and immediately appoint a person who is capable and willing to report on the finances of the Kingdom. This person shall perform the duties of the office of Kingdom Exchequer until a permanent replacement is found. The requirements of Article IV Section 7 may be temporarily waived by the Crown for this purpose. Should it be apparent that a group within the Kingdom is unable or unwilling to report, then this should be communicated by the Lochac Exchequer to the SCA Treasurer. The provisions of the SCA financial policy will then apply, including placing the group in abeyance for up to 1 year.
There shall be a Council of the Purse, consisting of the Crown (or Regent), the Seneschal, and the Chancellor of the Exchequer to determine matters of general finance and the distribution of funds during the reign. Three members of the Council must agree to make a decision. The council of the purse is responsible for approving the budget for every Crown event.