A sub-committee of the Glen Ellyn Library Foundation Board of Directors performs an internal financial review of the organization based on the Foundation Financial Review Policy Guidelines.
Yearly Glen Ellyn Library Foundation financial reports are available below.
Financial Review Policy Guidelines
All funds of the GLEN ELLYN LIBRARY FOUNDATION are held by the Board of Directors as a fiduciary. All investments made on behalf of the Foundation Board of Directors will be made in compliance with the latest approved Foundation Investment Policy Guidelines.
Standard of Care
The Foundation Board of Directors should exercise ordinary care and prudence under the facts and circumstances prevailing at the time of the action or decision.
The primary objective of the financial review is to provide Glen Ellyn Library Foundation Board of Directors, general public, donators, and any other interested parties with reliable and accurate information about the financial condition of the Foundation.
The Foundation Board of Directors has delegated supervisory authority over its annual financial review to the president of the board. The president is responsible for ensuring that an annual financial review will be conducted on board finances for the just completed current full fiscal year. The review will be conducted during the first quarter of the next fiscal year immediately following the end of the current fiscal year. The Foundation fiscal year is the calendar year.
The financial review shall not be considered an audit. Rather, the review will consist of personal observations made by the review committee of written documents furnished by the financial institutions that provide investment broker services and banking institutions holding checking accounts. These documents will be compared to the financial reports presented to Foundation Board by the Foundation Treasurer.
The results of the annual financial review shall be reported to the board in writing at a minimum of two weeks before the scheduled board meeting for the second quarter of the fiscal year immediately following the fiscal year being reviewed. Approval of the final financial report shall be made by a quorum of the full board at the regular monthly meeting scheduled for the second quarter immediately following the first quarter in which the review was performed.
It shall be the responsibility of the board president to appoint the members of the financial review committee at the first monthly meeting of the next fiscal year. At least two persons shall be appointed to the committee. At least one member of the committee shall be a board member. No board member may serve on the financial review committee for more than two consecutive years. The treasurer of the board may not serve on the financial review committee. At the discretion of the board president, one member of the committee may be a person who does not currently serve on the board, as long as the appointed person is independent and has demonstrated qualifications and experience pertinent to performing a financial review. A majority of the financial review committee shall consist of current Foundation Board Members.
Should the board president, for any reason, be unable to perform the duties as outlined above, the responsibility shall be transferred to the board secretary, with final approval of all members of the financial review committee made by a quorum of the Foundation Board prior to commencing the financial review. As soon as the board president is capable of performing these duties, the responsibility shall return to the president.
The results of the annual financial review shall be published and posted on the Foundation website in a written format suitable for public viewing as soon as possible, but no later than one calendar month after final approval has been received by the Foundation Board. Confidential information, such as account numbers or other similar information shall not be included in the public report. Financial reports for the past two consecutive years shall be posted on the Foundation website.