FINANCES

Current and primary funding sources for the Library include: The Morrisville Public Library operates on a fiscal year concurrent with the calendar year from January 1 to December 31.

Budget recommendations and input shall be made by the Manager to the Board of Trustees by at least November prior to a budget year; however, final decisions regarding the Library budget lie with the Board of Trustees.

The Board of Trustees, in compliance with Open Meeting Law shall conduct budget proceedings at either regular or special meetings which shall be open to the public and proper notification of such meeting shall be made to the public.

A formally adopted working budget shall be approved prior to the beginning of the fiscal year.  If no such working budget is in place, the Board of Trustees shall devise a contingency plan until such time as a formal budget can be approved.

All checks, drafts, bills, vouchers, and invoices regarding the Library will be reviewed by the Manager for accuracy, noted, initialed and forwarded to the Financial Officer of the Board of Trustees in a timely manner.

The Financial Officer of the Board of Trustees is responsible for keeping and recording all matters of financial significance pertinent to the Library and shall present at each meeting of the Board of Trustees a detailed accounting in the form of a Financial Officer’s Report of the current financial status of the Library.

Employees of the library shall be paid bi-monthly. They will have the option of direct deposit through ADP (Automatic Data Processing Inc.)

A limit of $250 will be set for expenditures for discretionary spending by the Library Manager. (adopted 9-16-06)

Petty Cash Procedures

Small amounts of cash which come in to the library for various reasons (Donations, Photocopy Charges, Fax Fees, Adopt-A-Book Donations) shall be placed in their appropriately marked envelopes in the cash box at the circulation desk.

An accurate record shall be kept of all monies received in a ledger kept at the circulation desk

Small amounts of money required for the purchase of small day-to-day operational expenses (e.g. postage, cleaning, supplies, small stationary supplies) shall be paid for by the Manager or Financial Officer with a library check. All receipts for purchases must be kept and saved for the Financial Officer to account for and file appropriately. Purchases on the receipt should only reflect items that were purchased for the Library. No second party purchases.

The Manager shall reconcile the ledger on a monthly basis and make a report of such reconciliation to the Financial Officer. The Manager must also prepare a report through Sirsi Automation System, which accounts for all fines received monthly. Any discrepancies shall be investigated and reported to the Board by both the Financial Officer and the Manager

Adopted 1-23-94

Reimbursement to Employees

All purchases made for the Library by staff need prior approval from the Library Manager.  The Library Manager has the option of issuing a pre-signed check for a specific vendor.  However if the employee pays by personal funds reimbursement will be made upon presentation of receipt with in five business days.  If the date on the receipt is past the 5 business day requirement, no reimbursement will be made.

Adopted 9-19-06

Bounced Check Policy

We are charging $40 for all checks that are returned to us for insufficient funds.  It is to also be noted that we will only charge the amount to cover our own expenses.  If the fee should be less than $40 we will charge the lesser amount.

Adopted 10-17-06


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