Financial Policies | Claims Audit

1. Each claim represents a legitimate Library expenditure;
2. Board-adopted policies have been complied with in the procurement of goods and services;
3. Each claim is for an appropriate business purpose;
4. Each claim is properly supported and charged to the correct fiscal year; and
5. Each claim falls within applicable spending limits.

Before payment is rendered, all checks must be accompanied with an invoice or other appropriate documentation indicating the vendor and the item purchased or service provided. Invoices shall be coded by the Library Director to note if advance Board of Trustee’s approval is required or if such expenditure was made in advance of such approval, such as in connection with expenditures from petty cash, for recurring utilities and subscriptions and for Library Director’s expenditures under the Director Threshold. Invoice for Purchase Contracts and Public Work Contracts that require Board of Trustee approval must indicate when approval was given by the Board of Trustees. 

All checks drawn on the Library account must have two signatures.  One signature must be that of the Treasurer or, in his or her absence, one officer of the Board of Trustees.

At least one member of the Library Board of Trustees shall review the signed check and documentation prior to the Board of Trustees approving them for release of payment. The Trustee shall ensure that:

1. Each claim represents a legitimate Library expenditure;
2. Board-adopted policies have been complied with in the procurement of goods and services;
3. Each claim is for an appropriate business purpose;
4. Each claim is properly supported and charged to the correct fiscal year; and
5. Each claim falls within applicable spending limits.

All bills shall be made available at the monthly meeting at which they are approved for review by the Board of Trustees. 

Payments will be made on a timely basis to avoid late fees and interest.

The Board of Trustee’s approval of all claims for payment should be documented in the Board’s minutes.

The Finance Officer shall review the Library’s accounting procedures annually with the Library Director, Treasurer and accountant.

All financial records shall be reviewed annually and audited by a certified accounting firm and subject to auditing standards and opinions rendered.

Adopted: March 16, 2021

Made a separate policy: January 22, 2024