North Dakota Code 54-24.3-14 – Fiscal controls and reports
The board of a regional library cooperative shall develop appropriate accounting and record management policies and procedures documenting the operations of the cooperative. These policies and procedures must provide that:
Terms Used In North Dakota Code 54-24.3-14
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
- year: means twelve consecutive months. See North Dakota Code 1-01-33
1. All records for the regional library cooperative and board, including those of the board treasurer, are to be maintained at the cooperative headquarters.
2. Copies of the regional library cooperative board minutes are sent to each member library, the North Dakota library coordinating council, and the state librarian.
3. The fiscal year runs from July first to June thirtieth and financial records and activities are maintained in accordance with accepted accounting practices. A record of all bills, payments, and receipts must be presented to the regional library cooperative board by the treasurer at regular meetings and at any other meeting as required by the board.
4. An annual report of cooperative operations, including an accounting of all revenues and expenses, must be filed with the North Dakota library coordinating council and the state librarian at the close of each fiscal year.