Understanding Financial Reporting in the Texas Public Libraries

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Understanding Financial Reporting in the Texas Public Libraries Annual Report Valicia Greenwood Library Development

Understanding Financial Reporting in the Texas Public Libraries Annual Report Valicia Greenwood Library Development & Networking Division Texas State Library & Archives Commission 800 -936 -2306; [email protected] texas. gov

What You Need to Know Before You Start How is the library legally established?

What You Need to Know Before You Start How is the library legally established? This is who you need to contact locally for financial information. What is the library’s fiscal year? This is the time period for invoice/receipts/budget appropriation.

What You Need to Know Before You Start How is capital determined? Is it

What You Need to Know Before You Start How is capital determined? Is it by threshold? Is it by type of item purchased? ASK! Who you ask is determined by how the library is legally established.

Do Not Report Ø Items given by the Friends Group to the library. Ø

Do Not Report Ø Items given by the Friends Group to the library. Ø Funds paid directly to a vendor, even if through a grant. Ø “In kind” contributions: any services, goods or transactions provided without an exchange of funds.

What to Report Money that comes through the library/library budget/library account Actual expenditures, not

What to Report Money that comes through the library/library budget/library account Actual expenditures, not budgeted amounts

Understanding Financial Reporting in the Texas Public Libraries Annual Report SECTION 3 – EXPENDITURES

Understanding Financial Reporting in the Texas Public Libraries Annual Report SECTION 3 – EXPENDITURES SECTION 5 - REVENUE

Funding Sources (Sources of Revenue) City Appropriation County Appropriation School District State grant Federal

Funding Sources (Sources of Revenue) City Appropriation County Appropriation School District State grant Federal grant Donations Fees or Fines Memorials HOW WAS IT SPENT? Operating Expenditures Capital Expenditures

Operating Expenditures ● Staff Expenditures (3. 1 -3. 3) ● Collection Materials (3. 4

Operating Expenditures ● Staff Expenditures (3. 1 -3. 3) ● Collection Materials (3. 4 -3. 7) ● Other Operating Expenditures (3. 8) § Tex. Share Fees § Office Supplies § Binding Supplies § Contracts for Services § Consultant Fees *Computer Hardware or Software: check with local governing authority for capitalization level or local accounting practice. § Attorney Fees § Equipment Repair or Replacement § Replacement of Furnishings § Costs Library Programs (SRP) § Computer Hardware or Software*

Funding Used for Operating Expenditures Funds (Revenue) From: City County School District State Funding

Funding Used for Operating Expenditures Funds (Revenue) From: City County School District State Funding (Grants) 5. 1 5. 2 5. 3 Federal Funding (Grants) 5. 6 Include Family Place Include TSLAC Grants, ILL Reimbursement Foundation/Corporate Funding (Grants) Tell Us the Source in the Note Box. Other Local Sources Fines, Fees, Donations, Memorials, etc. Home Report In Question 5. 5 5. 7 5. 8

Capital Expenditures* Expenditures reported in question 3. 12: - Renovations - Site Acquisition -

Capital Expenditures* Expenditures reported in question 3. 12: - Renovations - Site Acquisition - New Buildings - Opening Day Collection - Library Automation Systems - New Vehicles - Computer Hardware or Software - One-Time Major Projects - TSLAC Grants Used For Capital *Check with local governing authority for capitalization level or local accounting practice.

Funding Used for Capital Expenditures Funds (Revenue) From Report In Question City 5. 10

Funding Used for Capital Expenditures Funds (Revenue) From Report In Question City 5. 10 County 5. 11 School District 5. 12 State Funding (Grants) 5. 13 Federal Funding (Grants) Include TSLAC Grants Used For Capital Foundation/Corporate Funding (Grants) Tell Us the Source in the Note Box. Other Local Sources Fines, Fees, Donations, Memorials, etc. 5. 14 5. 15 5. 16

Understanding Financial Reporting in the Texas Public Libraries Annual Report SECTION 4 – LOCAL

Understanding Financial Reporting in the Texas Public Libraries Annual Report SECTION 4 – LOCAL FINANCIAL EFFORT

4. 1 Local Expenditures on Collections § Begin with the amount in 3. 7,

4. 1 Local Expenditures on Collections § Begin with the amount in 3. 7, Collection Materials Expenditures 3. 4 Print Materials 3. 5 Electronic Materials 3. 6 Other Collection Materials § Subtract out expenditures from 5. 5 – State grant funds 5. 6 – Federal grant funds 5. 7 – Non-local foundation or corporate grant funds, such as from Tocker or Hancher. 4. 1 Local funds used for collection materials

4. 2 Local Library Operating Expenditures § Begin with the amount reported in 3.

4. 2 Local Library Operating Expenditures § Begin with the amount reported in 3. 11, Total Library Operating Expenditures 3. 3 Staffing Expenditures 3. 7 Collection Material Expenditures 3. 8 Other Operating Expenditures 3. 10 Indirect Support, if needed § Subtract out expenditures from 5. 5 – State grant funds 5. 6 – Federal grant funds 5. 7 – Non-local foundation or corporate grant funds, such as from Tocker or Hancher. 4. 2 Local funds used for library operation

4. 3 Local Government Operating Expenditures § Begin with the amount reported in 3.

4. 3 Local Government Operating Expenditures § Begin with the amount reported in 3. 11, Total Library Operating Expenditures § Subtract out any grant expenditures from 5. 5 - State grant funds 5. 6 – Federal grant funds 5. 7 – Foundation or corporate grant funds And § Subtract out expenditures made from non-government funds 5. 8 – Fines, Fees, Donations, Memorials and Other Local Sources of Operating Revenue 4. 3 Local government funds used for library operation

Questions? ? ? Valicia Greenwood Library Statistics Specialist 512/463 -5466; 800/936 -2306 vgreenwood@tsl. texas.

Questions? ? ? Valicia Greenwood Library Statistics Specialist 512/463 -5466; 800/936 -2306 [email protected] texas. gov Stacey Malek Program Coordinator 512/463 -5532; 800/936 -2306 [email protected] texas. gov