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. 

PROCUREMENT

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.

PETTY CASH

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. 

CHECK SIGNING

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.

INVESTMENT POLICIES

King Memorial Library as a certificate of deposit with a local bank.  CD is reviewed twice a year for roll-over.

MONEY COLLECTION

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.

March 2015