Board of Finance
The duly appointed members of the Jackson County Public Library Board are the fiscal body of the Library and thus constitute the Board of Finance of the Jackson County Public Library. The members serve without compensation. (IC 5-13-7-5, IC 36-1-2-6)
The Jackson County Public Library Board of Finance shall meet annually during the regular January Board Meeting to elect a president and secretary, review the written report of the Library’s investments during the previous calendar year and review the Library’s finance and investment policy.
All funds received by the Library shall be deposited in one or more designated depositories not later than the business day following receipt and shall be deposited in the same form in which they were received.
The fiscal officer of the Library is authorized to invest Library funds in the following (IC 5-13-9):
1. Securities or discount notes backed by the full faith and credit of the United States Treasury or fully guaranteed by the United States and issued by:
(a) The United States Treasury;
(b) A federal agency;
(c) A federal government sponsored enterprise
2. Repurchase Agreements (including standing repurchase agreements, commonly known as sweep account):
(a) With depositories designated by the state board of finance as depositories for state investments under IC 5-13-9.5; and
(b) Involving the political subdivision’s purchase and guaranteed resale of any interest-bearing obligations issued; or fully insured or guaranteed; by the United States, a United Stated government agency, an instrumentality of the United States, or a federal government sponsored enterprise.
Investments made by the Library’s fiscal officer must have a stated final maturity of not more than 2 (two) years after the date of purchase of entry into a repurchase agreement. (IC 5-13-9-5.6)
All interest derived from an investment by the Library’s fiscal officer shall be receipted to the fund of which they are a part.
All public funds of the Jackson County Public Library shall be deposited in the designated depositories located in the territorial limits of the Library District. (IC 5-13-8 9)
The fiscal officer of the Library shall maintain deposits that are invested or reinvested in at least two (2) of the Library’s designated depositories. (IC 5-13-9-4)
Electronic Transfer of Library Funds
The following types of transactions may be conducted by electronic transfer between financial institutions in order to expedite the transfer of funds as well as maximize interest earnings (IC 36-12-3-16.5):
1) Payroll for library employees
2) Bond payment
3) Payment of claims and accounts payable
The fiscal officer will maintain appropriate documentation of the transactions so these may be audited as required by statute.
Adopted by the Board of Trustees 1/15/02, Revised 1/18/11, 1/17/12