54-24.3-14. Fiscal controls and reports

54-24.3-14. Fiscal controls and reports The board of a regional library cooperative shall develop appropriate accounting and record management policies and procedures documenting the operations of the cooperative. These policies and procedures must provide that: 1. All records for the regional library cooperative and board, including those of the board treasurer, are to be maintained at the cooperative headquarters. 2. Copies of the regional library cooperative board minutes are sent to each member library, the North Dakota library coordinating council, and the state librarian. 3. The fiscal year runs from July first to June thirtieth and financial records and activities are maintained in accordance with accepted accounting practices. A record of all bills, payments, and receipts must be presented to the regional library cooperative board by the treasurer at regular meetings and at any other meeting as required by the board. 4. An annual report of cooperative operations, including an accounting of all revenues and expenses, must be filed with the North Dakota library coordinating council and the state librarian at the close of each fiscal year.