The Board of Trustees of the Kenosha Public Library adopts and makes public the following written policies.
Section 43.58 of the Wisconsin Statutes grants the Library Board exclusive control of the expenditure
of all monies collected, donated, or appropriated to the Library. The Library Board approves the
annual budget of the Library and delegates the responsibility for the management of Library monies
to the Library Board Treasurer and Library Director according to this policy.
Basis of Accounting
The accounts of the Library are maintained on the modified accrual basis. All Library monies are
considered part of the Library Fund or the Library’s Trust Funds. The Library Fund includes the
General Fund, the Grant-Supported Projects Funds, the Contingency Reserve Funds, Internal Project
Funds, and Enterprise Funds. Trust Funds include expenses and revenues connected with gifts and
memorials donated to the Library. The Library’s fiscal year is the calendar year. All accounts of the
Library shall be independently audited annually according to generally accepted accounting practices.
Deposit & Transfer of Funds and Assignment of Interest
The Kenosha Public Library maintains a checking account with JP Morgan Chase Bank, a
collateralized interest bearing savings account with JP Morgan Chase Bank, and an interest bearing
investment account with the State of Wisconsin’s Local Government Investment Pool. Monies held in
JP Morgan Chase Bank checking account are for current expenses. To meet Library cash needs and
maximize interest earned, the Library Board Treasurer or the Library Director or their designated
Library Administration staff member is authorized to transfer funds among the accounts maintained
by the Library. Interest is prorated as revenue to the Library’s various funds according to each fund’s
proportion of the monthly balance of all funds.
Approval of Library Expenditures
Monthly, the Library Director prepares and presents to the Library Board a list of bills for approval.
The Library Board Treasurer and Library Director or Assistant Library Director are authorized to make
payment for budgeted expenses in advance of such approval in order to take advantage of discounts
or to meet due dates. Such payments are ratified by the Board with the monthly list of bills. No draft
on a checking account of the Kenosha Public Library is valid without the signatures of both the Library
Board Treasurer and Library Director or Assistant Library Director, and only one of these signatures
may be a facsimile.
The Library Director reports monthly to the Library Board on the year-to-date status of revenues and
expenditures in the Library’s General Fund. The Library Director also presents a quarterly financial
statement to the Library Board on the year-to-date activity and balance in each fund of the Library.
Disbursement of Funds to the Kenosha Public Library Foundation
The library Board may approve the disbursement of trust funds, bequests, or donations of $500 or
more received or held by the Library to the Kenosha Public Library Foundation on the following
conditions: 1) that such transfers take place only with the consent of the donor or the authorized
representative of the donor’s estate, and 2) that such transfers require the Kenosha Public Library
Foundation Board to agree that all transferred funds and any future interest or investment earnings
from those funds be used exclusively for the intent and purpose stipulated by the donor or the
authorized representative of the owner’s estate.
2018 Library Funds and Fund Descriptions
The Kenosha Public Library maintains the following funds and groups of funds for the following purposes.
100 General Fund
● for all general operating expenses and revenues of the Library
200 Grant-Supported Project Funds
● for all expenses and revenues connected with Library Board approved projects funded through outside granting agencies
260 NEA Big Read $15,000 (open fund January 1, 2018)
300 Trust Funds
● for expenses and revenues connected with gifts and memorials donated to the Library
307 Friends of the Library Fund, for gifts authorized by the Friends of the Library
320 Kenosha Public Library Foundation, for gifts authorized by the Kenosha Public Library Foundation (opened January 1, 2018)
399 General Gifts and Memorial Fund, for gifts to the Library
500 Contingency Reserve Funds
● for payment of employee accrued benefits at retirement.
501 Benefit Liability Fund – At the end of each year, any monies budgeted in the General
Fund for health insurance costs which remain unexpended shall be deposited in the
Benefit Liability Fund.
700 Internal Project Funds
● for expenses and revenues for projects not supported by general fund or external grants
701 Opportunity Fund, for matching grants and unanticipated project opportunities
900 Enterprise Funds
● for business enterprises run by the Library which are not part of regular Library operations