Audit:
- The Director shall establish internal controls for the Library’s financial handling system.
- The Camrose Public Library’s financial records will be prepared for an approved review within 90 days after the end of the fiscal year.
- The Library Board will appoint an auditor annually, to be approved by the City of Camrose.
- The Board has the authority to approve the financial review.
Fiscal Year:
- The fiscal year of the Camrose Public Library shall be January 1 to December 31.
Banking:
- The Board, upon recommendation of the Finance Committee, determines where banking services are secured.
Petty Cash and Cash Register
- The Camrose Public Library will maintain a petty cash fund of $500 to be managed by the Manager or designate. The fund is to be used for making immediate payments when:
- It is impractical to issue a cheque in a small amount
- A patron, staff member, or board member requires immediate payment for small amounts
- Under no circumstances will the petty cash fund be used to cash cheques or for I.O.U’s, loans, or advances
- The cash register float of $120.00 shall be kept and administered by the Manager or designate.
Signing Authority
- The signing officers shall be the Director, the Board Chair, and the Vice Chair. The signing officers shall be appointed by a motion of the Board.
Credit Card
- Corporate Credit Cards will be used by the Director, Manager, and designated staff with an overall library credit card limit of $20,000.
- Credit cards will be surrendered upon the employee leaving the Library’s employment.
- Receipts for expenses will be submitted to the Manager as soon as possible after the expense has occurred.
- Personal use of the credit card is prohibited.
- An agreement outlining the above conditions will be signed by the staff members upon receipt of the credit cards.
Spending Limit
- The spending limit is within the confines of the budget. Any purchase over $10,000 will require three quotes.
Budget
- The budget is prepared by the Finance Committee in consultation with the Library Director and Library Manager, in time for its approval by the Board and presentation to the City of Camrose for its budget considerations each year in the Fall. Should a situation arise during the year that significantly alters the Library’s financial resources, the Board may discuss necessary changes to the budget with the Library Director, and/or grant authority to the Library Director to make necessary changes to the budget. The Finance Committee shall develop a long term financial strategy for CPL, by planning for capital replacement, for financial emergencies, and for long-term stability of the system.
- The Finance Committee, in consultation with the Library Director, is responsible for the investment and care of reserve funds. Interest from reserve funds in re-invested as part of the reserves. CPL has multiple designated categories for reserves, and a Board motion is required for any of these reserves to be utilized or altered in any way.
Tax Receipts
- Monetary donations over $10.00 are eligible for an Official Donation Receipt for Income Tax Purposed. Any grants or donations received must not impose conditions that conflict with CPL mandate or guidelines.
Approval Date: January 25, 2000
Amended: March 12, 2002; January 14, 2003; October 5, 2006; May 20 2008; October 18, 20011; February 21, 2012, November 2014, February 2015, November 2017, November 2019, June 2020
Revision/Review Date: June 2021
Approval Signature: ____Elizabeth Luck___________________________________________
Camrose Public Library Board Chair