Budget and Finance
Core Standard
Given the following resources are available to the candidate:
- Library’s vision, mission, core values, and strategic plan.
- Current operational and capital budgets.
- Programs and services the library provides.
- A history of past financial requirements, current funding sources, budgetary protocols, and approval authorities.
The candidate:
- Understands the role of the library trustee in the budgeting process.
- Understands financial statements (i.e., profit & loss, balance sheets, assets, etc.).
- Understands basic internal and external audits.
- Understands the institution’s financial policies and procedures (i.e., purchasing, credit cards, reimbursements, financial control).
- Develops, prepares, and monitors organizational budgets such as programming budgets, capital budgets, etc.
- Conducts cost/benefit analyses.
- Identifies and describes differences among funding resources including district / political unit (municipal or county) / private (“association”).
- Works collaboratively with accounting personnel.
The criteria to judge the adequacy of the performances are:
- Budgets and cost/benefit reports comply with generally accepted accounting principles.
Learning Objectives:
- Describes the relationship between budgeting and overall planning for the organization’s goals and objectives.
- Develops a program budget based on a line-item budget (convert a line-item budget to a program budget).
- Performs cost /benefit analysis for specific library services or programs.
- Develops performance measures and operations indicators for specific library functions.
- Identifies and evaluates the feasibility of using various potential sources of funding for a major capital project.
- Presents a program/service budget plans or a capital budget plan to the library’s governing authority or general government administrator.
- Understands and monitors performance of the use of public and non-governmental funds.
Revised June 2023
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