Fiscal Authority and Responsibility Policy

Mt. Lebanon Public Library Policy No. 15
Fiscal Authority and Responsibility

MT. LEBANON PUBLIC LIBRARY

POLICY NUMBER:     15
TITLE:                        Fiscal Authority and Responsibility
DATE ISSUED:           Revised December 14, 2000
REPLACES:               Previous policy no. 15, issued October 11, 1991

PURPOSE:  To ensure that the library, as a tax-supported institution, controls and accounts for its receipts and expenditures in a thorough and accurate manner.

STATEMENT OF POLICY:

1.  The library shall keep a regular, current accounting of all receipts and expenditures. The treasurer shall make monthly reports to the library board. The library shall be audited annually. Copies of financial reports and audits shall be sent to the Municipality of Mt. Lebanon and the State Library of Pennsylvania and shall be made available for public inspection in the library.

2.  The library shall develop an annual budget sufficient to meet its goals and objectives. The library shall be guided by Mt. Lebanon municipal budgeting practices and by the Pennsylvania Public Library Accounting Manual.

3.  The library director shall be responsible for the purchases of equipment and materials for the library subject to budgetary considerations and the approval of the board.

4.  The library director and the treasurer shall develop written rules and procedures for the purchase of items and payment of invoices. These rules and procedures shall be guided by the Municipal Code and Home Rule Charter of Mt. Lebanon and by the Pennsylvania Public Library Accounting Manual and shall be appended to the policy manual.

5.  Two signatures shall be required on each check. The president, vice-president, treasurer, and library director shall be authorized to sign checks. These signers shall be bonded in the amount set by the municipal insurance policy which covers the library.

6.  The library board shall approve any change in selection of banking institutions and shall approve the opening and closing of all accounts.

7.  Monies not needed for immediate payment of invoices shall be deposited in insured interest-bearing accounts or Certificates of Deposit. The library shall follow Section 139 of the Mt. Lebanon Administrative Code regarding the types of investments allowed.