Finance and Investment Policy
Board of Finance
The duly appointed members of the Union County Public Library Board are the fiscal body of the library and thus constitute the Board of Finance of the Union County Public Library. The members serve without compensation (IC 5-13-7 -5, IC 36-1-2-6)
The Union 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.
The Treasurer may be a member of the Library Board or an employee of the library. When a person is a member of the Library Board and is the duly elected Treasurer of the Union County Public Library Board, he/she is the fiscal officer of the library and shall serve without compensation. (IC 20-14- 2-5). When a person is an employee of the library and serves as the Treasurer of the Union County Public Library Board, the Library Board will fix the rate of compensation for the Treasurer.
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):
I) 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