Shasta Library Foundation

Financial Management

The Shasta Library Foundation has a fiduciary responsibility to ensure that all gifts are used for the purposes intended by donors. We take this responsibility seriously. To ensure the efficient use of private funds and to meet the goal of providing for current needs with an eye toward future needs, the Foundation has established a Finance Committee. This committee is comprised of qualified individuals representing the financial and legal sectors who oversee the accounting, management and investment of all funds, including:

• Establishment of internal management control systems.
• Development of an annual operating budget.
• Allocation to restricted funds. Gifts received for restricted purposes shall be separately accounted for in order to maintain stewardship of these funds as donors direct.
• Expenditure Controls. The uses of gift revenues, especially restricted gifts, shall be fully accounted for, beginning with their deposit to special-purpose fund accounts, stewardship, disposition reports, and with expenditures only as directed by the donor in keeping with the mission of this organization.
• Allocation to Endowment. Funds restricted to endowment or so restricted by the Board of Directors shall be invested and accounted for in accordance with the Shasta Library Foundation Endowment Fund Governance Policy.

Annual Reports

2003 Annual Report

2004 Annual Report

2005 Annual Report

2006 Annual Report

2007 Annual Report

2008 Annual Report

2009 Annual Report

2010 Annual Report

2011 Annual Report

• Investment of Funds. All gifts received shall be invested until used in accord with donor wishes, using short-term or long-term investment plans as defined by the annual Statement of Investment Objectives and Guidelines. The investment portfolio is administered by a local financial advisor, Robert Brennan, with Financial Network. The Finance Committee monitors the asset allocation within the portfolio, researches the experience of similar endowment funds, and conservatively invests funds in publicly traded companies to meet long-term investment objectives and capital preservation requirements.
• Accounting Reports. Regular accounting reports will summarize the disposition of all gift money. Annual reports will be prepared as a summary of all fiscal-year activity.
• Audits and Tax Returns. Public reports of financial details shall be prepared as required by federal and state regulations, which shall be available to the public within five days after receipt of a written request. Annual reviews are currently provided by Hathaway & Ksenzulak, LLP, a local accounting firm.