Knowledge Base: Library Policies

BOOKKEEPING AND PAYROLL
1.1. The manager will be responsible for bookkeeping and payroll duties. The board will conduct the financial affairs of the library with prudence and in good faith.

SIGNING OFFICERS
1.2. The board will appoint three signing officers. These will usually be the board chair, the treasurer, and the library manager; however, the board may choose to appoint more than three individuals, or someone other than those listed above.
The board will appoint new signing officers in the following situations:
• Upon hiring a new library manager
• Upon changing the Board Chair and or the Treasurer
• At the discretion of the Board

ACCOUNTING PRACTICES
1.3. All bills shall be paid promptly
1.4. A record or copy of invoices and statements shall be kept on file
1.5. No bills shall be paid without an invoice.
1.6. Expenses incurred on Board/Library business will be reimbursed upon submission of receipts with no expenses shall be paid without receipts.
1.7. Reimbursements to Library Board members and staff may be made for an authorized expense.
1.8. The Board shall receive a financial statement at each Board meeting.
1.9. Capital Purchases over $1000.00 will be approved by the board. Each payroll cycle shall be reviewed by the treasurer.

1.10. The following will be kept in accordance with the records retention policy: Petty Cash
and Disbursements, Deposits, Statement of membership fees, fines and other income
1.11. All government reports and correspondence dealing with the financial affairs of the
library shall be completed promptly

1.12. The budget is prepared by the Library Manager and Finance Committee and submitted
to the Board for their approval.

FISCAL YEAR
1.13. The fiscal year for the Vermilion Public Library shall be January 1 to December 31
1.14. Tax receipts may be issued for cash donations of $20.00 or more

AUDIT
1.15. The financial records of the Vermilion Public Library will be prepared for audit as soon as
is reasonably possible following year-end. The audit will be performed by a town approved auditor. Audited financial statements will be distributed to the Town of Vermilion, Northern Lights Library System, Municipal Affairs - Public Library Services Branch and Canada Revenue Agency (Charity Information Return). Members of the public shall be given access to audited financial statements on request.