St. Charles City-County Library Foundation

Financial Oversight Policy

It shall be the policy of the St. Charles City-County Library Foundation that:

            1. All cash receipts intended for the organization will be received, promptly deposited, recorded, reconciled, and kept under adequate security.

            2. In regard to cash disbursement, it is essential that different people authorize programs, sign checks, record payments in books, and reconcile bank statements.

            3. Accounts receivable will be properly recorded, tracked, and arrangements made for quick collections.  Tracking, flagging, and acting upon problematic recoveries will result in prompt action.

            4. In regard to accounts payable, assurances will be made that all invoices are legitimate and accurate, promptly recorded, and payment issued to the correct supplier.

            5. There shall, to the fullest extent possible, be assurance that no single person independently handles any financial transaction from beginning to end. 

            The Foundation Board shall take appropriate measures to monitor and assure compliance with this policy.

                                                                                                Approved January 18, 2007