- Statement & Scope –
This document shall govern the Board of Trustees of the Morrisville Public Library in relation to investing funds. It is the objective of the Board of Trustees to protect and manage the funds of the library in a manner that benefits the library, and does not put any of our capital or reserve funds at risk or in jeopardy. Any and all investments will conform to the laws and regulations of New York State and the federal (US) government.
– Any investment plan shall not impair the libraries access to principal funds in the case of an emergency or cash flow problem.
– Any investment will be made with prudent judgment, discretion and intelligence by the governing body and chief fiscal officer.
- Delegation –
Responsibility for investments is hereby delegated to the Treasurer.
The authorized trustee shall be responsible for the implementation of any investment plan. They shall not act without approval from the Board of Trustees. It will also be their duty to report and show written accounting of any investments on a monthly basis.
If the authorized trustee is not able to perform his/her duties it shall fall to the President, then the VP to perform their duties, until they are able or are replaced as acting investment representative.
- Suitable and Authorized investments-
The following are deemed to be acceptable and authorized as potential investment options-
- Demand Deposit Accounts – with established, local, and NYS licensed and FDIC Insured banking institutions –
-KeyBank, 138 Albany Street, Cazenovia NY 13035, 315-951-3001
General Checking account (main account)
Payroll account (only for payroll deductions by ADP and transfers of required funds)
USDA Checking account (direct withdrawal account)
-Community Bank NA, 35 Broad Street, Hamilton NY 13346, 315-824-2800
Online Bookselling Account (checking)
USDA Reserve (savings)
Emergency Equipment Repair (savings)
General Savings Account
- Certificates of Deposit- with established local, and NYS licensed and FDIC insured banking institutions-
Non-applicable at this time.
- Any option to add to, amend or delete the types of accounts and/or establishments must be made by a majority vote of the Board of Trustees of the Morrisville Public Library at a regularly monthly meeting.
- Prohibited Investing-
- The library may not invest in any private securities or marginal securities accounts with any library funds.
- The library may not invest in any plan that has a maturity date that exceeds 3 years maximum.
- The library may not invest in any plan that puts the initial capital involved at risk.
- Internal control and Reporting-
The approved investing trustee will be responsible:
– For establishing and maintaining control of records to insure the assets of the library are protected from loss, theft, misuse, or abuse.
– For maintaining all investment records and receipts of all transactions.
– For reporting to the board on a monthly basis as to the pertinent information (principal, interest, name and location of institution holding our assets/investments) regarding any investments with written documentation of principal amounts, interested accrued, fees paid, or losses occurred.
- Code of Ethics /Conflict of Interest
Neither the treasurer or Board president (or any other duly appointed trustee), may act to invest or withdraw any funds without prior approval of the majority of the Board of Trustees.
No other person shall act on the behalf of the library in any financial activities except as provided by this document and prescribed procedures.
Those involved in the investment process shall refrain from any business activity that would conflict with the proper authorized execution and management of library funds, or that could impair their ability to make impartial decisions.
When investments are made on behalf of the library, no approved trustee will be held liable for loss of funds resulting from default or insolvency of any previously approved government or banking institution.
- Policy adoption –
This policy shall be adopted by resolution of the Morrisville Public Library Board of Trustees and a majority vote. This policy shall be reviewed annually by the Board of Trustees and any changes made must be made in accordance with our current policy change procedures.
Failure to follow policy or abide by established duties of a Trustee/Officer, as declared in the Library Mission Statement and By-Laws, may result in disciplinary action by the Board of Trustees which may include forced removal from office or the Board.
Adopted November 20, 2014, Amended March 19, 2015, January 25, 2016