Board Financial Responsibilities
Answer
Policy Statement:
The Board shall insure that adequate measures be taken to insure that financial records are current.
Guidelines and Procedures:
- Signing officers shall be appointed at each annual organizational meeting and may be assigned to the Chairperson, Vice-Chairperson, Secretary and 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 Treasurer.
- Financial records shall be prepared for audit/review as soon as reasonably possible after year-end.
- The auditor/reviewer shall be appointed by the board and the name submitted to Town of Two Hills Council for their approval.
- Audited/reviewed financial 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:
- Town of Two Hills
- Northern Lights Library System
- Libraries Section, Department of Municipal Affairs.
- The audited/reviewed statement is a public document and shall be made available to the public upon request.