Financial Policies of the Pillsbury Free Library
I. INVESTMENT POLICY
This investment policy applies to all monies and other financial resources available to the Pillsbury Free Library Board of Trustees for investment on behalf of the Library or on behalf of any other entity or individual.
The primary objectives of the library’s investment activities are, in priority order:
1. To conform to all applicable federal, state and other legal requirements. (legal)
2. To adequately safeguard principal (safety)
3. To provide sufficient liquidity to meet all operating requirements (liquidity)
4. To obtain a reasonable rate of return (yield)
It is the policy of the Pillsbury Free Library to diversify its deposits and investments by financial institution, by investment instrument and by maturity scheduling.
D. Internal Controls (Authority)
The Board decides and the Treasurer executes. In the absence of the Treasurer, the authority to execute is delegated to the Assistant Treasurer. The Treasurer is responsible for establishing and maintaining internal control to ensure that the assets of the Library are protected from loss, theft or misuse.
E. Approved Investments
1. Special time deposits
2. Certificates of deposit
3. Obligations of the United States of America
4. Obligations guaranteed by agencies of the United States where payment of principal and interest are guaranteed by the United States of America
5. Other investments decided by the Board of Trustees that are permitted by N.H. State Law.
First approved at monthly Trustees’ meeting on August 21, 2007
Reviewed and approved without changes, at monthly Trustees’ meeting on Nov. 18, 2008, April 20, 2010, January 19, 2011, April 2012, March 26, 2013, April 15, 2014, and April 21 2015, April 2016, April 18, 2017, June 19, 2018, August 20, 2019, February 25, 2020, May 18, 2021; and August 16, 2022.
Return to List of Library Policies