Financial Policy
Answer
- Board members are responsible for keeping themselves informed about the financial situation/working of the library.
- The St. Paul Municipal Library Board shall conduct the financial affairs of the library with prudence and in all good faith.
- The Treasurer shall conduct the financial affairs of the library in accordance with the policies established by the Board.
- The Library Manager may perform the duties of book keeper.
Procedures:
- All bills shall be paid within a 30 day period.
- A record/copy of invoices/statements shall be kept on file. No bill will be paid without an invoice.
- Expenses incurred on authorized board business shall be reimbursed upon submission of receipts. (No expenses shall be paid without receipts).
- The Board shall receive, at each regular board meeting, a financial statement. (Monthly summary & status report).
- Any action, taken by the Board, which involves a financial commitment or reimbursement, must be authorized by the Board.
- A record of petty cash, disbursements shall be kept. A photocopy of all deposits indicating sources of revenue shall be kept.
- A daily statement of the collection of membership fees and fines shall be kept. A statement of these collections shall be presented to the Board in the Library Manager's quarterly report.
- All Library donors shall receive a tax receipt for their donations. (Receipts shall be stamped/imprinted with the charity number.)
- All government reports and correspondence dealing with the financial affairs of the library shall be completed promptly. A record of any such reports shall be filed for further reference.
- Members of the public shall have access to the audited statement.
Note: Accounting records (ledgers) shall be kept indefinitely. All other records shall be kept for the legal limit of seven years.