Banking Policy

It is the policy of the Arapahoe Library District to safeguard the public funds for which it is responsible through efficient cash management. Funds will be held only by banks which insure their funds through the Federal Deposit Insurance Corporation (FDIC) and that participate in the Colorado Public Deposit Participation Act as required by Colorado state statute.

The President and Vice President of the Board of Trustees, Executive Director and Associate Director of Finance are designated as authorized signers for bank accounts, including signature authority for the disbursement of funds, opening and closing of accounts, and all other related transactional responsibilities.

Banking relationships will be evaluated periodically to ensure that the District is in a safe and valuable relationship.

To ensure appropriate internal control, all bank statements will be reconciled monthly and approved by the Director of Administrative Services.

ADOPTED August 2006
REVISED December 2012

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