The following Financial Policy is effective April 13, 2015 as adopted by the Board of Trustees of the Clifton Community Library.
The Library Board establishes this financial policy to ensure fiscal accountability, appropriate use of funds in support of the Librarys mission and goals, and compliance with appropriate laws and ordinances. A Finance Committee composed of the Library Director and two Trustees (one of which holds the office of Treasurer) is appointed by the Library Board President.
a) The Library Board shall establish an annual budget request according to Town of Clifton guidelines and submit it to the Clifton Town Board as requested.
b) The Finance Committee, along with other trustees assigned to the budget process, shall prepare a draft budget which shall be submitted to the Board of Trustees for approval and/or revision at the Board meeting immediately preceding its due date to the Town Board.
c) The budget shall be a basic line item budget showing anticipated annual expenditures.
- Expenditures & Receipts
a) One member of the Finance Committee shall be responsible for paying all of the Library’s bills. Each member of the Finance Committee shall be a signer on all bank accounts. Checks written in the amount of $400 or more shall require two signatures.
b) All normal, regular, and ordinary bills shall be paid upon receipt of same.
c) Out of the ordinary expenditures shall require prior approval of the Board
d) The Finance Committee shall maintain records of all expenditures and receipts and maintain all Library bank accounts in balance.
e) Monies received shall be deposited as follows: all checks are to be deposited within 10 days of receipt; cash received for fees, fines and donations shall be deposited monthly.
f) Records shall be kept in accordance with general accounting standards.
a) The Finance Committee shall prepare a Report for each regularly scheduled Board meeting. This shall include all income, expenditures, and balances for all accounts.
b) Library finances will be reported annually to the New York State Division of Library Development Education Department and to the New York Office of the State Comptroller as required.
c) A copy of the Library’s Annual Financial Update Document to the New York Office of the State Comptroller will be submitted to the Town of Clifton.
d) An internal audit of all bank accounts shall be performed monthly by one Trustee on the Finance Committee. The internal audit shall not be performed by the member of the Finance Committee assigned to pay the Library’s bills.
The primary objectives of the Librarys financial investments are:
a) to remain sufficiently liquid to enable the Library to meet those operating requirements that might be reasonably anticipated.
b) to generate the highest available return with preservation of capital the foremost objective; at no time should the safety of the principal investment be impaired or jeopardized.
- Authorized Investments
a) Demand deposit accounts (such as checking accounts) established with local financial institutions.
b) Certificates of Deposit (CDs) issued by local financial institutions.
- Disposal of property
a) Withdrawn library materials, materials donated but not added to the collection, and small items of library equipment may be sold annually by the Friends of the Library. Materials deemed by staff or the Friends group to be unfit for sale may be discarded.
b) If another library or organization expresses an interest in a piece of equipment or other item no longer used by the Library, the Library Director with Board approval may negotiate sale or trade of the items for reasonable compensation and report to the Board any funds received as revenue from such sales.