Reviewed: February 2013
Board of Finance
The members of the Ohio County Public Library Board of Trustees are the fiscal body of the Library and thus constitute the Board of Finance for Ohio County Public Library. The members serve without compensation. (Indiana Code 5-13-7-5, IC 33-1-2-6)
Annual Meeting
The Ohio County Public Library Board of Finance meets annually after the first Monday and on or before the last day of January each year 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. (IC 5-13-7-6.7)
Fiscal Officer
The Treasurer of the Ohio County Public Library Board is the Fiscal Officer of the Library. The treasurer serves without compensation. (IC 20-14-2-5)
Deposits
All funds received by the Library are deposited in one or more designated depositories not later than the business day following receipt and are deposited in the same form in which they were received. (IC 5-13-6-1)
Investments
The Ohio County Public Library Fiscal Officer is authorized to invest Library funds.
Library funds may be invested in the following ways:
Securities, certificates of deposit 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 the United States Treasury, a federal agency, a federal instrumentality or a federal government sponsored enterprise;
Deposit accounts issued or offered by a designated depository;
Investments made by the Library's fiscal officer must have a stated final maturity of not more than two (2) years after the date of purchase of entry into a repurchase agreement. (IC 5-13-9-5.6)
The Library Fiscal Officer may not purchase securities on margin or open a securities margin account for the investment of Library funds. (IC 5-13-9-9)
The Fiscal Officer of the Library will maintain deposits that are invested or reinvested in at least two (2) of the Library's designated depositories. (IC 5-13-9-4)
All interest derived from an Ohio County Public Library investment is receipted to the Library fund of which it is a part. (IC 5-13-9-6) The Library Fiscal Officer must obtain quotes of the specific rates of interest for the term of a Certificate of Deposit (CD) investment.
The quotes may be taken by telephone.
The deposit is placed with the designated depository quoting the highest rate of interest for the selected period.
If two depositories tie for the highest quote, the deposit may be placed in any or all of the designated depositories quoting the highest rate at the investing officer's discretion. (IC 5-13-9-4)
Electronic Transfer of Library Funds
Transactions may be conducted by electronic transfers between financial institutions in order to expedite funds as well as maximize earnings. Transactions authorized by the Fiscal Officer of the Library may include:
Transfers for certificate of deposit and savings accounts
Payroll for employees
Revenues from local, state and federal government agencies
Gift Funds
Any monies, donations or gifts to Ohio County Public Library will be accepted under the Library's Gift Policy. The Gift Policy briefly states that physical gifts will be accepted without restriction from donor. Restricted gifts will be accepted if the attached terms and conditions are agreeable to the Library's Mission Statement
