Finance Committee/DCLSA word file

Meeting: Tuesday, July 20, 2010
Present: Lynn Amber, Kathy O'Neill, Jan Peltzer (recorder), Peggy Sleeth

Discussion

Committee members met with Peggy, the DCLSA Treasurer, to discuss organizing and formalizing the bookkeeping process.

Peggy showed committee members the excel spreadsheet she modified from the previous treasurer, Barb Bushor, which shows the expenses, revenues and account balances on a monthly basis. A summary of this spreadsheet, showing the balances, will be posted to the DCLSA website on a monthly basis.

Peggy will keep the receipts for purchases from the Social Committee, Welfare Committee and receipts for lunchroom purchases. If Julie is unable to obtain receipts for Welfare Committee purchases, she can e-mail Peggy with the following information; name of the library personnel receiving the gift, vendor, date purchased and amount of purchase. Danada will maintain the receipts for scholarships. Receipts are required to be kept for seven years.

The committee reviewed the policy for lunchroom purchases and the policy for requests over $120.00.

Peggy and Lynn both have check signing authority and debit cards. Lynn will keep three checks in case a check is required and Peggy is not available.

Peggy informed the committee that before the end of the fiscal year, Brenda Delaney removes funds in the chart string account and forwards the Treasurer a check. At the beginning of the fiscal year, the library transfers $7,000.00 into the DCLSA’s chart string account. Brenda Delaney arranges for a check to be drawn on the DCLSA chart string for $6,000, leaving $1,000 in the chart string. The Treasurer then deposits the $6,000.00 check in the Service Credit Union accounts.

Future Agenda Item

Look at the website and add information regarding the Finance Committee. Ask Marcia Pirone to update the website.