[Michlib-l] Financial Management Question-Class III Libraries

[Reed City Area District Library]

Hello,
I just wanted to thank the folks who took the time and thought in providing excellent answers to my financial management questions for Class III Libraries.  I may be taking several of you up on your offer to field additional questions!
Of the eleven responses, most libraries appeared to utilize some combination of outside resources (accounting firm, payroll services etc.) to assist with some financial management tasks or had an internal staff/board member other than the director who assisted with financial management tasks to varying degrees (bookkeeper, office manager, board treasurer etc.).  There were three libraries where the directors appeared to assume many financial management duties and two of those three noted that if more assistance with financial management was feasible, it would be a good thing in that it can be very time-consuming.
Almost all libraries noted that an independent auditor is hired for their annual audit, which was noted as a requirement per state law.
Almost every library utilizing accounting software noted they used QuickBooks and there seemed to be a high level of overall satisfaction with that product.  
As far as the question of being a district library and having a constituent municipality performing accounting functions, there appeared to be a range of opinions.  For instance, one library noted they had been a city library many years before coming district and found that continuing some financial management through the City works well after exploring several other options for financial management, while another library noted keeping financial management separate from a constituent municipality was the more ideal option as it reinforced the district being its own entity and noted other benefits to that arrangement as well.
I copied all responses into a Word document if anyone is interested in looking at the cumulative responses.  Please e-mail me off list if you would like me to sent you a copy.
Again, thank you!


Heather 



Hello,
Our library had been a City Library and restructured as a district library recently.  The City of Reed City had done all accounting and payroll on behalf of the Library previously and is presently continuing that arrangement.  The Library Board would like to consider changing some financial management to become more independent.
I have the following questions for Class III Libraries (especially, Class III district libraries) as related to financial management:
1).  Do you have an outside financial manager for your library or does the does the director (or other staff) assume responsibility for that function? For example, who is responsible for payroll, balance statements, audits etc.? Do you pay an outside person to perform accounting for your Library or do you have a dedicated staff for finances?
2) If your library is a district library, do any of your constituent participating municipalities perform financial management services on your behalf?  For example, if your district is comprised of one or more townships and a City, do you have an arrangement where the City or Township Treasurer perform fiscal management on behalf of the district library.  If so, what tasks do they complete on behalf of the Library?  How well do you feel this arrangement is working?
2).  If you do your accounting internally at your library, what software do you use and would you recommend that software to another library? 
These questions could probably be a little more well-worded, but even general insights and recommendations based on your experience would be appreciated.
Thank You (and Happy Monday!)

Heather




Heather Symon Bassett, Director
Reed City Area District Library
410 W. Upton Ave.
Reed City, MI  49677
(231) 832-2131
rclib at hotmail.comwww.reedcitylibrary.org
 


From: rclib at hotmail.com
To: michlib-l at mcls.org
Subject: Financial Management Question-Class III Libraries
Date: Mon, 23 Feb 2015 14:10:04 -0500








Hello,
Our library had been a City Library and restructured as a district library recently.  The City of Reed City had done all accounting and payroll on behalf of the Library previously and is presently continuing that arrangement.  The Library Board would like to consider changing some financial management to become more independent.
I have the following questions for Class III Libraries (especially, Class III district libraries) as related to financial management:
1).  Do you have an outside financial manager for your library or does the does the director (or other staff) assume responsibility for that function? For example, who is responsible for payroll, balance statements, audits etc.? Do you pay an outside person to perform accounting for your Library or do you have a dedicated staff for finances?
2) If your library is a district library, do any of your constituent participating municipalities perform financial management services on your behalf?  For example, if your district is comprised of one or more townships and a City, do you have an arrangement where the City or Township Treasurer perform fiscal management on behalf of the district library.  If so, what tasks do they complete on behalf of the Library?  How well do you feel this arrangement is working?
2).  If you do your accounting internally at your library, what software do you use and would you recommend that software to another library? 
These questions could probably be a little more well-worded, but even general insights and recommendations based on your experience would be appreciated.
Thank You (and Happy Monday!)

Heather




Heather Symon Bassett, Director
Reed City Area District Library
410 W. Upton Ave.
Reed City, MI  49677
(231) 832-2131
rclib at hotmail.comwww.reedcitylibrary.org
 

 		 	   		  

 		 	   		  
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