Board Financial Responsibilities
Answer
Category: Finance
Policy Number: 202
Title: Board Financial Responsibilities
Guidelines and Procedures:
- Signing authority shall be appointed at each annual organizational meeting and shall be assigned to the Chairperson, Vice Chairperson and the Treasurer.
- Two signatures are required on each cheque.
- Any changes in banking services shall be by a motion of the Board.
- Surplus funds may be invested at the discretion of the Board.
- A budget shall be prepared and presented by the Finance Committee to Town Council prior to October 1st each year.
- Financial records shall be prepared for financial review as soon as reasonably possible after year-end.
- The Financial Reviewer shall be appointed by the Board as per the Libraries Act, and the name submitted to the Town of Bon Accord for their approval.
- Financial Review Statements shall be submitted to the Board for approval.
- A copy of the approved financial statements and budgets shall be forwarded to each Board member and to each funding jurisdiction including
- Northern Lights Library System
- Public Libraries Services Branch, Municipal Affairs
- The financial statement is a public document and shall be made available to the public upon request.