This activity is for prompting discussion about best practices in board financial oversight.
For some of the below, depending on the public library, there are overlapping board trustee and library director responsibilities, such as in developing the annual budget. Discuss the importance of role clarity and what role clarity may look like for overlapping responsibilities.
Secures adequate funds to carry out the library’s programs and services
Approves the budget and presents budget to council for grant funding
Approves the funds for new facilities or technology
Prepares regular financial
Establishes financial policy
Maintains an audit trail with accurate record keeping and reporting
Ensures an annual financial audit
and public report
Develops procedures for facility and technology expenditures
Implements board policy
Manages the operational budget