Cash Management and Banking Policy
It is the policy of the Clearview Library District to ensure safe and secure handling of funds through an efficient cash management program.
- Funds will be held only by banks which insure funds through the Federal Deposit Insurance Corporation (FDIC) or are organized as a Government Investment Pool as defined in the Colorado State Statutes (C.R.S. 24-75-701).
- The President of the Library Board, the Treasurer of the Library Board, and the Library Director are designated as authorized signers for the bank account used for the payment of library obligations.
- One signature is required for check signing and related operational transactional responsibilities.
- Reimbursements to the library director for expenses incurred for meetings, programs, or other library activities will be approved by the library board president or treasurer.
- Two signatures, one of which must be the Board President or the Board Treasurer, are required for the opening and closing of accounts.
- Non-budgeted expenditures over $30,000 must be approved by the Library Board before issuing payment.
- Electronic funds transfer, direct deposit, wire transfers and automated clearing house transactions will be used whenever feasible and available. These transactions can be initiated by the Director with an authorized password and/or PIN number to insure appropriate authorization.
- The Director has authority to transfer funds between banks and Colotrust for the normal operations of the library district; this includes transfers to cover budgeted expenditures and transfers to cover expenditures for special projects that have been approved by the Library Board.
- All bank statements will be reconciled monthly by the Financial/Human Resources Specialist and reviewed and approved by the Director.
- Cash receipts will be accounted for using procedures and documentation developed by the Financial/Human Resources Specialist.
- The district accepts payments in cash, checks, electronic transfer and credit/debit cards.
- Individuals issuing checks which are returned for insufficient funds or any other reason may be submitted to collections and assessed a charge of $20.
Credit Card Use Policy
Clearview Library District credit cards will be provided to the Director, Managers and Communications Specialist for use in purchasing small items (less than $5,000) and for travel-related expenses. The Director, with Library Board approval, may authorize issuance of credit cards to other staff members, and determine credit limits on those cards based on the needs of the Library District.
- Credit cards may only be used for official library business.
- Credit cards are not to be used for personal use.
- All credit card holders are to submit receipts for every purchase to the Financial/Human Resources Specialist on a monthly basis.
- Credit card statements must be reviewed and approved by the Director on a monthly basis.
- Loss of a credit card must be reported immediately to the credit card bank and to the Financial/Human Resources Specialist.
- The Director or Financial/Human Resources Specialist will cancel credit cards immediately upon termination of an employee.
- Credit cards must be surrendered upon termination of employment or at the request of the Director.
- Clearview Library District is tax exempt. A tax exempt form for any purchase must be provided to the vendor at time of purchase to ensure no sales taxes are applied to the purchase.
Adopted June 30, 2022