Balancing the Books – Strategies for Sound Financial Practices
From David Lakly
Libraries typically provide their services to their patrons using tax dollars. To maintain a high level of accountability, a library should develop a sound system of financial management. This webinar will provide an overview of each of the following financial system elements: budgeting, accounting and reporting, purchasing, payroll, financial policies and internal control.
This course will provide an overview of six finance related topics important for libraries to create a sound financial management system.
Upon successful completion of this course, the participant should be able to identify the importance of program budgeting, recall the critical role funds play in the financial reporting of library resources, recognize important considerations when writing a purchasing policy, identify if an individual is an independent contractor or an employee, identify library financial policies, and recall the components of internal control.