Michigan Laws 397.560 – Fiscal year and funds of cooperative library
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Terms Used In Michigan Laws 397.560
- Cooperative library: means the library or service center designated by a cooperative board to execute services established by a cooperative plan and provided to libraries participating in a cooperative. See Michigan Laws 397.552
- 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.
The fiscal year of the cooperative library is October 1 to September 30, except where the cooperative library must conform to the fiscal year fixed by another state law or local charter. The funds of the cooperative library shall be deposited in banks designated by the cooperative library board.