Section 1: Governance
C. Fiscal policy (Adopted 12-11-06)
1. The board of trustees is responsible for all monies appropriated to the library by the Town of Tamworth and for all other monies received and accepted on behalf of the library. The treasurer signs all checks, distributes written monthly financial reports to the board, provides all financial information requested by the town auditors, furnishes annual financial reports to the town and works with the library director and the board of trustees to develop an annual budget.
2. The board of trustees may approve the hiring of outside bookkeeping services to process financial transactions and create monthly reports; the treasurer will supervise all financial operations of the library.
3. The board of trustees is solely responsible for recruitment, hiring, compensation and all other aspects of personnel management of library staff. The treasurer will keep records regarding staff pay rates and raises, and the library director will insure that bi-weekly timekeeping records are given to the treasurer.
4. The treasurer will see that all contributions made to the library trust funds are transferred to the trustees of the trust funds (Town of Tamworth) for the purpose of investment. The board of trustees will see that the interest earned from these trust funds is budgeted and expended each year as part of the annual operating budget.
5. The treasurer will keep records of all unanticipated funds received and will schedule public meetings to hear public comments and vote to accept these funds, in accordance with relevant NH state laws.
6. The assistant treasurer of the board of trustees is authorized to perform all the treasurer’s functions in his/her absence.
7. The annual budget for the upcoming year will be set no later than the December regular meeting of the board.
