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.
| What | Who |
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 reports | |
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 |