Finance Policy

AUDITS

The Wilmington Public Library District bookkeeping system is audited annually. The annual audit is prepared and submitted to the Will County Clerk’s Office and the Office of the Comptroller on or before the deadline. The auditor presents the report to the Board of Trustees and is available for any questions. The auditor follows the requirements of GASB 34 while performing the annual audit and preparing the report.

BUDGET

The Wilmington Public Library District has a written budget that is approved by the Board of Trustees. This budget is prepared and submitted annually by the Director, with input from additional staff members with responsibility for budgetary elements. The Board of Trustees reviews the proposed budget 30 days prior to adoption.

Wilmington Public Library District maintains adequate records of operation in a manner easily understood by the public as well as the Director and Board of Trustees.

The Finance Report is prepared and reconciled to bank statements each month. The Director is responsible for budget implementation on a daily basis. A current budget report which clearly reflects the financial position of the library is presented to the Board of Trustees monthly. The Director immediately notifies the Board President and Chair of the Finance Committee of any discrepancies in the monthly budget report.

AUTHORITY TO SPEND

The Director has discretionary authority to spend up to $500 for any item which is unanticipated and/or unbudgeted, as long as the funds have been appropriated. In this case the Director takes appropriate action when confident of Executive Committee support and approval.

The Executive Committee has the authority to approve an unbudgeted expenditure up to $4999 for any purpose which enables appropriate management of the Library District.

The Director may spend in excess of $25,000 only after completing the formal bid process.

CONTRACTS

Written proposals are required every two years for contracts over $2,500. Written proposals are prepared and a Request for Proposal (RFP) or a notice to bid is published. Proposals are presented to the Board of Trustees for review and approval.

The Director signs all contracts. Contracts over $2,500 may not be signed prior to obtaining Board approval. The Library District attorney reviews contracts at the discretion of the Board. Contracts under $2,500 are awarded at the discretion of the Director. These contracts are reviewed annually for cost comparison before renewal.

CREDIT CARDS — See Corporate Credit Card Policy

Store Charge Accounts

Store Charge Accounts have been established for the convenience of tax exempt purchasing and billing of necessary Library District supplies by authorized personnel.

  1. Store Charge Accounts are available at: Whitmore Ace Hardware, Berkot’s, Lowes
  2. All Store Charge Account purchases must be documented with itemized receipts.

PETTY CASH

The Board authorizes a petty cash fund of $150.00. The Director, and HR/Business Manager have keys to the file cabinet which houses the petty cash fund. The sum of $150.00 is kept on library premises in the petty cash fund.  The sum of $75 is used to open the cash register each morning and is locked in the safe at night.

An itemized receipt is necessary for petty cash disbursement.  Any irregularities in the petty cash fund are immediately reported in writing to the Director and Board President. Loans are not made from petty cash funds. The HR/Business Manager conducts unscheduled audits of petty cash funds. At all times the petty cash box contains receipts and cash totaling the fund amount.

RECEIPTS AND DISBURSEMENTS

The HR/Business Manager and Library Director are authorized to make deposits into appropriate Library District accounts. Deposits in banks and savings and loan institutions exceeding the amount insured by FDIC or FSLIC coverage must be secured by collateral.

All Library District disbursements are made by means of checks or electronic debits drawn upon authorized accounts. The Director reviews and approves all library district invoices and payroll. Two signatures are required on each check, except those written on the petty cash account. One signature must be a Board member. Those authorized to sign checks are the Board President, Vice-President, Treasurer, Secretary and the Director. All disbursements are made with Board approval unless stipulated otherwise. No disbursement is made without proper documentation to support the release of funds.

The Board Treasurer is bonded.

Bills are paid within 45 days of receipt. Checks are written bi-weekly by the bookkeeping service.

TRAVEL AND MEETING EXPENSES

1. Staff attendance at workshops, library association conferences and other professional meetings which cost under $300 is encouraged and may be approved at the Director’s discretion. Board member attendance at workshops, library association conferences and other professional meetings are approved by the Board of Trustees prior to attendance. All out-of-state conference travel or travel with expenses totaling over $300 is approved by the Board of Trustees at least one month prior to travel.

2. Within its budget limitations, the Library District provides assistance towards such expenses as registration, travel, and meals. Reasonable expenses are reimbursed upon presentation of receipts or bills. Reimbursement is not approved for anyone other than staff and Board members. Each person is expected to provide documentation for his or her own expenses, unless included in the Library Director’s expense documentation. Conference or workshop registration is paid in advance by WPLD.

3. Airfare is reimbursed no earlier than three months prior to travel. Travel expenses are reimbursed at the lowest rate available.

4. Individuals traveling to conferences present a written report to the Board.

5. At the discretion of the Director, a cash advance of up to $300 may be given for conference and workshop expenses. This advance must be accounted for upon the employee’s return. Any money left over from the advance is returned to the Library District.

6. Any expenditure not properly documented is not reimbursed. Library District expense forms are used. All requests for reimbursement are submitted to the Director within 30 days after the event. Any request submitted after 30 days is not approved.

7. Appropriate telephone bills are reimbursed by the Library District, at the discretion of the Director.

8. Examples of proper documentation are:

– Itemized bills and receipts issued in exchange of goods and services received
– Photocopies of airline, bus, and train tickets
– Itemized phone bills

9. Examples of allowable expenses are:

– Hire of room, exhibition space, set-up, and such for official business
– Parking fees and tolls
– Mileage while on approved travel
– Storage and handling of baggage
– Taxis, shuttle, or limousine service including tips
– Business telephone and postage
– Authorized lodging
– Registration fee
– Meals and tips on approved travel
– Business lunches with colleagues when attending a meeting

10. Wilmington Public Library District will not reimburse for the following travel expenses:

– Personal telephone and postage
– Unauthorized, declined or forfeited travel
– Entertainment
– Coat check
– Alcoholic beverages
– Late checkout and room guarantee charges
– Purchases of a personal nature
– Losses of property, money or transportation tickets
– Traffic and parking fines
– Meals while en-route from the Library District to a library/meeting or from one library to another

OUTSIDE FUNDS HELD BY WILMINGTON PUBLIC LIBRARY DISTRICT:

No funds of other library groups or entities are held by the Library District without prior approval of the Board following a detailed written agreement.

 


Adopted 10/16/00

Amended 11/18/02, 2/17/03, 5/19/03, 9/20/04, 11/15/04, 9/19/05, 3/20/06, 8/21/06, 3/19/07, 3/16/09, 3/15/10, 3/21/11, 6/20/11, 5/21/12, 9/17/12, 11/18/13,6/20/16,3/19/18,10/21/19, 9/16/24

Reviewed 3/18/08, 3/16/15, 11/20/17, 9/21/20, 2/21/22, 9/18/23