- Financial reports are provided to the board at each board meeting.
- Statutory requirements for auditing of library accounts are followed.
- Appropriate procedures for internal financial controls are implemented. Such procedures require that at least two persons examine and approve payments from library funds.
16. The library board annually reviews the types of funds used by the library before beginning budget preparation. These include the general tax fund, grants, donations, endowments, and various types of miscellaneous income. Libraries could also utilize a separate employee benefit tax fund, and may create and use a legally established capital improvement fund. Detailed information and sample resolution wording for creation of an Employee Benefit Fund can be found at http://is.gd/WIHU69 . Detailed information and a sample resolution for creation of a Capital Improvement Fund can be found at http://is.gd/yaEZAY.
17. The library director develops and presents a budget to the library board for discussion and approval. An adequately funded public library meets the following funding levels:
- Salaries and Benefits -- minimum 65% of total operating expenditures from all income sources (excluding capital fund expenditures).
- Materials and Resources target -- 12% of total operating expenditures from all income sources (excluding capital fund expenditures).
- Technology -- Variable
- Library Operations -- Variable
19. The library board and library director review all portions of the local official budget related to the library, and copies are retained on file at the library.
20. All checks issued by the library require two signatures – the President and the Secretary of the library board. Any additional signatures are optional. The statutory basis for this is K.S.A. 10-803. More detailed information on facsimile signatures can be found at http://is.gd/QT1AJI .
21. The library board treasurer and the library director develop a monthly financial statement for the library board. This monthly financial statement and all financial motions are included in the library board minutes. The monthly financial statement includes:
- a list of current monthly expenditures
- year-to-date expenditure-to-budget comparison
- a list of current monthly income
- year-to-date income-to-budget comparison