Last Updated Date
Policy Type
Purpose
The purpose of this policy is to authorize and regulate the use of electronic transactions and Automatic Clearing House (ACH) arrangements for the Traverse Area District Library in compliance with Public Act 738 of 2002.
Authority
The authority to enter into electronic transfer agreements with previously Board approved financial institutions and responsibility for the oversight of all agreements shall be delegated to the Library Director or in his/her absence the Assistant Director for Technology by the Board of Trustees.
Use and Monitoring of Electronic Transactions
- Electronic transfer transactions shall be used to transfer payment of salaries, benefits, or employee deductions/reimbursements; or for the purpose of transferring funds between Traverse Area District Library owned checking, savings, credit card or investment accounts. No other ACH or electronic transfer of funds is authorized without the express written approval of the Board Treasurer.
- All electronic payments must be reported in the monthly financial reports indicating service received, payment date, payee(s), and amount. All electronic transfer of funds must also be detailed indicating amount transferred, date, purpose, and Traverse Area District Library accounts affected.
- All electronic payments must be approved by the Library Director, Finance Manager, or their delegate, prior to entry of the transaction into the applicable software system.
- Electronic transfers between the internal library bank accounts and/or investments only will be established at no more than $500,000 per day, regardless of purpose. Current staff members with transfer authority include: Library Director and Finance Manager.
- Access to electronic bank software will be restricted to Administration Office personnel on a need to know basis. Each staff member with access will have a dollar limit established and authority granted specific to their function and transaction need.
Revised December 15, 2022