Finance and Investment Policy

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Finance and Investment Policy

Board of Finance

The duly appointed members of the Anderson Public Library Board are the fiscal body of the library and thus constitute “The Board of Finance”. The members serve without compensation. (IC 5-13-7-5, IC 36-1-2-6)

Annual Meeting

The Anderson Public Library Board of Finance shall meet annually immediately following the 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 investment policy.

Fiscal Officer

The duly elected Treasurer of the Anderson Public Library Board is the Fiscal Officer of the library. (IC 36-12-2-22) The Fiscal Officer shall serve without compensation.

Deposits

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.

Investments

The Fiscal Officer 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 accounts):

(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)

Interest Earnings

All interest derived from an investment by the library’s Fiscal Officer shall be receipted to the fund of which they are a part.

Depositories

All public funds of the Anderson Public Library Board shall be deposited in the designated depositories located in the territorial limits of the library district. (IC 5-13-8-9)



Investment Cash Management

The Anderson Public Library Board of Finance may contract with a library or state designated depository for the operation of an investment cash management system. (IC 5-13-11-1)

Transaction Accounts

Each officer designated in section 1 of this chapter may deposit, invest, or reinvest any funds that are held by the officer and available for investment in transaction accounts issued or offered by a designated depository of a political subdivision for the rates and terms agreed upon periodically by the officer making the investment and the designated depository. (IC 5-13-9-4)

Electronic Transfer of Library Funds

The following type 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:

1)    Payroll for library employees

2)    Payment of claims

The Fiscal Officer will maintain appropriate documentation of the transactions so these may be audited as required by statue. (IC 5-13-5-5)

Unrestricted Gifts

Monetary gifts of $999.99 or less will be deposited into the library’s gift fund. The Board will be notified when the library receives monetary gifts of $1,000.00 or more, and they will decide how the funds will be allocated.

Adopted by the Board of Trustees 1/19/00. Revised 1/05, 1/07, 5/07, 1/09, 1/10, and 1/19/11.

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