Policy on Finance

The Library Board establishes this financial policy to ensure fiscal accountability, appropriate use of funds in support of the Library’s mission and goals, and compliance with appropriate laws and ordinances.

1. The Library Director shall draft an annual budget and submit it to the Library Board for discussion and approval.
2. After approval by the Library Board, the budget for the year will be presented to the CountyBoard of Supervisors and the City Council for adoption.
3. The Board delegates to staff the expenditure of monies and the development of an annual collection budget to allocate funds available for library materials.
4. The Library Director will review and approve invoices for payment out of Library funds. The Library Administrative Assistant will prepare all invoices for payment, and checks are signed by the Library Director and the designated Board member. In case the regular check signers are not available, alternates have been identified and are included on the banks list as having check signing powers.
5. On a monthly basis, staff shall present a list of all expenditures to the Board for review and approval. Staff will also present a monthly financial report showing the status of all accounts and funds.
6. On an annual basis, all Library funds, expenditures and revenues will be audited. A presentation from the auditor regarding the Library funds shall be made to the Board at the conclusion of the audit. Audit results will also be annually reported to the State of Nebraska.
7. Receipts
   1. Monies received as revenue by the Library from City and County payments for library service, overdue fines, reimbursements for lost or damaged materials, photocopies, printouts, and postage may be used to defray expenses in these areas as well as for appropriate programs, meetings and memberships, as authorized by the Library Board.
8. Disposal of property
   1. Withdrawn library materials and materials donated but not added to the collection will be sold annually to the Friends of the Holdrege Area Public Library for the sum of $1.00. The Friends group will sell these materials to raise funds for their projects. Materials deemed by staff or the Friends to be unfit for sale may be discarded.
   2. All other Library property to be withdrawn shall be given to the City to dispose of at auction. Broken or obsolete items may be discarded or given away.
9. Grants & Donations
   1. Funds donated may be allocated according to the wishes of the donor as donations to the Phelps County Community Foundation – Library Fund, the library general fund, or the Friends of the Holdrege Area Public Library. Gifts to the library may be designated for purchase of library materials or other specific projects. Undesignated funds in excess of $10 given directly to the library shall be moved to the Phelps County Community Foundation – Library Fund to be used as the Board directs. All donations to the Library shall be subject to the Gifts Policy.
   2. The Board shall have the right to approve or deny library utilization of grant or contract funds on behalf of the Library by external organizations such as the Nebraska Library Commission, the Republican Valley Library System or Friends of the Holdrege Area Public Library.

Adopted 8/4/09