SECTION I: GOVERNANCE
- Fiscal policy (Revised 3-9-2015)
- 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.
- 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.
- The board of trustees recruits, hires and supervises the library director. The board hires all other employees upon the recommendation of the library director and the Personnel Committee. The board determines all compensation and terms of employment for every position. 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.
- 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.
- Any library’s Capital Reserve Fund is held by the trustees of trust funds. Interest generated would be kept in the fund. (Note that presently there is no Capital Reserve Fund.)
- 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.
- The assistant treasurer of the board of trustees is authorized to perform all the treasurer’s functions in his/her absence.
- The annual budget for the upcoming year will be set no later than the November regular meeting of the board.
Investment monies other than those held by the trustees of trust funds will be kept in a low-risk income-producing vehicle.