Financial Policies

Budget

The Director shall annually draft a preliminary budget for discussion and development by the Board of Trustees. After review by the Board, a public hearing on the proposed budget shall be held.  Subsequently, the community of the Center Moriches Union Free School District shall vote on the proposed budget.  The Board shall receive monthly reports reviewing income and expenditures.

Audit

There shall be an annual audit of all applicable financial statements and activities of the Library, as of the close of its fiscal year.  Such audit shall be conducted in accordance with generally accepted auditing standards and in conformity with the requirements of the New York State Department of Education and the New York State Department of Audit and Control.  A written report including an opinion on the financial statements shall be prepared as of the close of the fiscal year, for presentation to the Board of Trustees and for filing with the State.

Mileage

The IRS standard mile rate may be reimbursed when traveling on Library business in the employee’s own car.  For such travel to be reimbursable it must be authorized in advance by the Director, or designee.  The exact mileage must be shown on the request for reimbursement.  When traveling from home to a location other than the Library, or from a location other than the Library to home, the distance traveled for reimbursement is computed by first subtracting the distance from one’s home to the Library.

Disposal and Sale of Surplus Items

The Director, or designee, may dispose of surplus items in any legal manner.  Items that originally cost more than $2,000 will be defined as equipment and their disposal shall be reported to the Board of Trustees.  Disposal of items that originally cost more than $10,000 will be pre-approved by the Board of Trustees.  The Director is authorized to sell surplus items through public auction.  The receipts of all such sales shall be reported to the Board of Trustees at their next regular meeting.

 

Approved by the Board of Trustees on 7/15/2013