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Facilities - Finance and Audit Committee

The Finance and Audit Committee shall be a standing committee of the Board of Trustees of the St. Charles City-County Library District. The Treasurer of the Board of Trustees shall be a member of the committee. Other committee members shall be appointed by the President of the Board of Trustees, who shall also be an ex-officio member of the committee and determine the size of the committee. Each committee member shall serve until (1) he or she provides a written resignation to the Board President, (2) the Board President appoints a replacement committee member (in which case the President must specify which committee member is being replaced), or (3) the Board President issues a written revocation of appointment.

Functions of the Finance and Audit Committee:

1. Provide oversight of the process of independent audits of the Library District, from the selection of the independent auditor to the resolution of audit findings. This will include:

a. Work with the Finance and Support Services Manager to select the audit firm by a bidding process, although the bids may be for multi-year audit contracts;

b. Review and approving the audit scope and fees;

c. Review and commenting to the Board of Trustees on any management letter and auditor’s comments resulting from an audit; and

d. Review other matters related to the conduct of the audits that are to be communicated to the committee under generally accepted auditing standards.

2. Review and recommend updates for District financial policies. This will include:

a. Investments

i. Review current terms of investment service providers and recommend procedures and frequency for bidding of such services that will maximize the benefit to the District; and

ii. Review procedures for non-bid investment placing.

b. Banking

i. Review current terms of banking service providers and recommending procedures and frequency for bidding of such services that will maximize the benefit to the District; and

ii. Review banking procedures, and recommending changes as appropriate,

   1. account signatories;

   2. check signatories;

   3. authorization for non-signatories to have administrative control over
accounts; and

   4. best practices for fraud prevention.

3. Review internal control and provide recommendations to increase internal control over safeguarding of assets and financial reporting

Approved 2/11/2008