Cash Handling & Money Receipting Policy
Petty Cash and Receipts Of Money
The handling, recording and processing of petty cash, the receipting of money and the handling of cash for change at the Library conforms to City of Carmel-by-the-Sea Policy No. C89-26.
The Library Director will designate staff authorized to handle, receipt or deposit money and provide current information, including name and position of authorized personnel, to the Administrative Services department as changes occur or at the start of each fiscal year.
Handling Of Cash And Checks
Only authorized staff members shall handle, receipt or deposit money. The Library will maintain a cash drawer at the circulation desk in the Main Library building and in the Park Branch to collect library operations revenue. Each cash drawer shall be locked in the fireproof safe unit in the Main Library and Park Branch at the end of the business day. At no time shall money be left unattended by personnel authorized to handle library cash receipts.
The library shall maintain a fireproof safe in each building. Each library facility shall have a security alarm system.
Receipts and Deposit Transfers
The cash drawer receipts at both the Main Library building and the Park Branch shall be reconciled by the authorized personnel on Monday mornings and returned to starting cash balance of $100 for Main Library and $50 for Park Branch. Cash and receipts in excess of starting cash will be transported to the Park Branch administrative office. Authorized personnel shall deposit library revenues to the library bank of record (Wells Fargo) every week on Monday. No personal checks are to be cashed or personal change made.
Return of Funds
Circulation desk staff are authorized to refund money collected for lost library materials, if the materials are subsequently found and returned to the library.
Ratification by Library Board of Trustees
The Library Board shall ratify a monthly financial statement prepared by an independent CPA firm, including a register of the month’s payments, at their regular meeting.
Investment of Funds
Library reserve funds shall be invested in the California State Local Agency Investment Fund (LAIF), as approved by the Harrison Memorial Library Board of Trustees October 31, 1986. Authorized personnel shall transfer funds between the LAIF account and library Bank of Record checking accounts to fund library operations.
After the close of each fiscal year, unexpected funds from the operating budget shall be transferred to LAIF. Prior to the close of the fiscal year, June 30, if it is anticipated that the library will have unexpended funds of $5,000 or more the Library Director shall notify the Executive Director of the Carmel Public Library Foundation of that amount and may request that the Executive Director reduce the 4th quarter distribution by the amount that is anticipated to be unexpended at the close of the fiscal year.
Procedure: Circulation Cash Drawer Funds
The Main Library building circulation desk cash drawer fund shall be $100.00; the Park Branch Circulation desk cash drawer fund shall be $50.00.
These funds are maintained for processing cash library transactions, including the following:
- making change for payment of late materials charges and payment for lost materials
- issuing refunds for materials which are found and returned
- funding petty cash transactions of $20 or less for the purchase of newspapers which are not delivered, postage stamps, storytime craft supplies, or other small miscellaneous operating expenses.
These Funds Should be Handled as Follows:
- The funds are kept in a cash drawer at the circulation desk in each building where materials are checked out. A staff person is always at the circulation station during business hours.
- Monies are handled by authorized personnel only.
- The cash is reconciled on Monday at both the Main Library Building and at Park Branch. The procedure is a two person check. Cash deposits are made weekly on Monday.
- Funds will be subject to audit, at which time the established balance will be verified through cash and receipts.
- No personal checks are to be cashed or personal change made.
The policies are maintained by employer, department, City and audit security.
(Approved by the Harrison Memorial Library Board of Trustees August 28, 2002) Revised October 26, 2022.