KING MEMORIAL FINANCIAL POLICIES
INVOICES AND BILLS/BANKING
Invoices attached to monthly vouchers as provided by library director. Vouchers approved and signed by board members for check authorization to pay bills. Treasurer pays bills electronically unless paper check is needed. Treasurer submits monthly bank statement to board.
Over $1000.00 – Library board approval
$500.00 – 1000.00 – board discussion
Less than $500.00 – librarian director’s discretion, which include books, dvds, supplies, computer software, etc.
Reimbursed as needed. $100.00 base. Receipts attached to voucher for board approval.
CREDIT CARD POLICIES
Library director and treasurer each have credit card in library’s name. Library director does most of the purchasing, and submits bill with voucher for payment authorization. Original receipts are kept for record-keeping/verification.
Treasurer signs all paper checks and does bank transactions for electronic checks. Board president can also sign checks when treasurer is not available. President and treasurer both have check cashing authorization on file at local bank.
King Memorial Library as a certificate of deposit with a local bank. CD is reviewed twice a year for roll-over.
Staff collect money for copies, faxes, overdues, printing. Amounts are recorded on a daily tally sheet, then recorded on a monthly spread sheet. Money is turned in to treasurer at month’s end for deposit. Gifts, donations, etc. are also collected and recorded on a spreadsheet and turned in to treasurer at the end of the month for deposit. Spreadsheets automatically tally month to month receipts, and a year end report is produced.