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HPL Financial Management Policy

The Harrison Public Library Financial Management Policy conforms with Generally Accepted Accounting Principles and with the guidelines developed by the New York State Comptroller’s Office as instituted by the Comptroller/Treasurer of the Town/Village of Harrison. The Board of Trustees and Library Director bear responsibility for insuring that the Library complies with these principles.

Annual Budget

The Library Director and the Library Board will establish fiscally-responsible annual operating and capital budgets in accord with the Library’s goal to provide exemplary library service and submit those budgets to the Town/Village for funding.

With Library Board approval, the Library Director may also submit applications for grants and gifts from the Harrison Public Library Foundation and other sources to fund a supplementary budget contingent on receipt of funds. When received, those funds will be deposited in the Library Agency Account maintained by the Comptroller/Treasurer of the Town/Village of Harrison separately from the Library operating and capital budget.

All Library funds, expenditures, and revenues will be audited as part of the Town/Village audit. The Library Director will report any communications from the auditor regarding the Library to the Library Board. Library finances will also be annually reported to the NYS Division of Library Development.

Expenditures

Once the operating budget is approved, the Library Director will operate the Library within its guidelines. Any changes to budgeted expenditures require prior approval by the Library Board with the exception of emergency expenditures not exceeding $500, which may be authorized by the Library Director after notification of the Library Board President.

The Library Director will review expenditures of funds periodically with the Library Board President and Treasurer and forward approved invoices to the Town/Village for payment using its forms and procedures.

On a monthly basis, the Library Director will present a detailed list of all expenditures to the Library Board for review. The Library Director will also present a monthly financial report showing the status of all accounts and funds.

The Library Director will establish petty cash procedures to collect and disburse small amounts in accordance with sound and practical principles of control.

Receipts

Miscellaneous monies received by the Library outside the annual operating appropriation from the Town/Village will be deposited in the Library Agency Account.

The Library will only accept donations consistent with its mission. All gifts must be approved by the Library Board.

 

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