Article I: Responsibility.
The Cook Memorial Public Library District (“Library”) Board of Trustees (“Trustees or Board”) as a whole is responsible for establishing the financial policies of the Library except as they are regulated by law. The Treasurer’s legal responsibilities appear in 75 ILCS 16/30-45. The Treasurer is responsible for the execution of the policy and the law regarding finances, and for the bookkeeping, record keeping and reporting procedures to support that policy. The Library Director is responsible to the Treasurer for the execution of the bookkeeping, record keeping and reporting procedures established by law, the Board and the Treasurer. The Library follows the financial procedures established by Illinois Statute.
Article II: Treasurer’s Bond/Insurance Policy.
The amount of the annual Treasurer’s Bond is set by statute (75 ILCS 16/30-45). The Library Director and other financial personnel will be bonded. The amount of the bond shall be set by the Board in July upon the recommendation of the auditor.
As provided by statute (75 ILCS 16/30-45), as an alternative to the Treasurer’s Bond, the Library may secure an insurance policy with coverage for negligent or intentional acts by Library officials and employees.
Article III: Fiscal Year.
The fiscal year of the Library is July 1 through June 30. (75 ILCS 16/35-40)
Article IV: Method of Accounting.
Financial statements are prepared in accordance with generally accepted accounting principles for units of local government.
The Library prepares its financial statements on a modified cash basis. The accounts of the Library are maintained in accordance with the principles of fund accounting. Funds established include but may not be limited to:
- General Fund
- IMRF/Social Security Fund
- Special Reserve Fund
- Working Cash Fund
- Project Fund
Article V: Disbursements.
Disbursements shall be by checks signed by two of five authorized signers. A check-signing machine with the signatures of two of the five authorized signers may be used with appropriate control procedures. The authorized signers are the four Officers of the Board and the Library Director.
Article VI: Transfers.
Transfers between library funds permitted by law require a majority vote of the Trustees present at any meeting of the Board.
Article VII: Audit of Library District Funds.
A licensed public accountant shall be engaged by the Board to annually audit the funds and accounts of the Library as provided in 50 ILCS 310/2 of the Governmental Account Audit Act. Notice of availability of audit report shall be published in a newspaper of local circulation prior to December 31 each year (30 ILCS 15/2).
Article VIII: Report of Receipts and Disbursements.
A report of Receipts and Disbursements shall be prepared and certified by the Treasurer at the close of each fiscal year in accordance with 30 ILCS 15/0.01 et seq. of the Illinois Compiled Statutes. An original notarized copy shall be filed with the County Clerk within six months after the expiration of each fiscal year.
Article IX: Records Filed and Retained.
The Treasurer shall insure that the documents to be retained are filed with the Secretary.
Article X: Control.
The Treasurer and the Library Director shall maintain financial practices which shall afford security for Library monies.