General Accounting Practices Policy

Fiscal Year

The East Greenbush Community Library’s fiscal year is January 1st to December 31st.

Accounting Method

The East Greenbush Community Library uses the “Modified Cash Basis Accounting Method”

Cash Procedure

Please see attached procedure

Credit Card

Bank credit cards will be established in the name of the East Greenbush Community Library and the specific name of the individual with a maximum credit limit for each set by the Library. Use of the credit card will be governed by the Credit Card Procedure attached.

Classification of Assets and Expenses

The East Greenbush Community Library considers acquisitions exceeding $2,500 to be assets. The Board reserves the right to review other purchases and classify them as assets.

Annual Audit

The Board of Trustees of the East Greenbush Community Library files and finances will be reviewed or audited annually by a qualified Certified Public Accountant (CPA).

Authorized Signers

The following are authorized to sign checks on behalf of the East Greenbush Community Library:

President
Vice President
Treasurer
Library Director

Two signatures are required on all general checks, one on grant checks and one on capital fund checks.

Adopted by the Board of Trustees 12/21/2010
General Accounting Practices Policy PDF