I. Funding for the library will be from the Village and Township of Hustisford.
II. An annual budget will be prepared by the director and submitted to the library Board for consideration and approval. Once the budget is approved by the library Board, it shall be submitted to the Village and Township for their consideration of the budget total.
III. The Hustisford Community Library Board must approve the monthly bills. Payroll, telephone, and accounts that will incur interest will be paid each month up to the budgeted amount without prior approval. The director shall be allowed to purchase any single budgeted item up to $2000 without prior board approval.
IV. Library gift/donation fund account checks must be signed by the financial secretary and one additional member from the library Board. The financial secretary may transfer funds between cash accounts for the library gift/donation fund.
V. Each month financial statements will be prepared by the library director and financial secretary for submission and approval by the library Board. Complete and accurate records will be maintained and will be open for review. Yearly financial statements will be presented by the library director and financial secretary at the annual meeting.
VI. The fiscal year shall be from January 1 to December 31.
VII. There will be an annual audit of all library accounts.
VIII. A petty cash fund will be maintained with an accounting kept for expenditures.
Revised 6/20/2006, 11/12/2013