Crash Course in Library Budgeting and Finance

Illustrations
Section I: Introduction
Chapter 1-Introduction to Library Money
What Are Your Professional Goals?
Adaptation Always Involves Financial Change-and Money
Action Issue Focus
Making Money the Library's Servant
Connect Accounting Language to Library Finance and Work
Chapter 2-Financial Literacy in the United States
American Money Knowledge
Limited Knowledge of Financial Issues
Chapter 3-Financial Aliteracy of Librarians
What Librarians Say They Don't Know about Finance
Librarian Scholars Agree with These Self-Perceptions
Why Librarians Need to Be Financially Literate
Dearth in Financial Training for Librarians
Chapter 4-The National Economy and Library Continuity
Library Development, 1929-1960s
Federal Grants for Libraries
New Funding: Gates Foundation Grants and E-Rate
Public Library Inquiry
Demand for Evaluation (Measurable Outcomes)
Continuity in Library Finances
Section II: Building Financial Infrastructure for Your Library
Chapter 5-Electronic Communications: How Computers Are Changing Library Finance
Paper and Computers
Records Management
Agile Computing in Library Finance
Chapter 6-Legal Context: Basic Rules You Need to Know
Federal Income Tax Status
IRS 501 (C)(3) Internal Revenue Service Classification
IRS 509 Classification
Form 990A
Government Accounting Standards Board
Financial Accounting Standards Board
Accountability
Chapter 7-Professional Advice
Accountant
Legal Counsel
Auditor
Insurance Agent
Fundraising/Communications Consultant
Investments/Income Management
Real Estate Agent
Construction
Establish an Appropriate Banking Relationship
Section III: Strategic Financial Planning
Chapter 8-Annual Report as a Starting Point
Where to Begin Financial Planning?
Elements of the Good Annual Report
Chapter 9-Purpose Documents as a Starting Point for Financial Planning
Vision Statement
Mission Statements and Taglines
Section IV: Budget Basics
Chapter 10-Budget Planning
Types of Budgets
Chapter 11-Basic Library Budget Language
What's Different about Library Budgets
Double-Entry Bookkeeping-Chart of Accounts
Budget Categories
Budget Is an Authorization Document
Budget Examples
Capital Improvement Budget
Debt Service Fund
Financial Terms
Section V: Income
Chapter 12-Shifts in Library Service Demands and Income
What Americans Want from Libraries
Public Funding Has Not Kept Up with Library Service Possibilities
Chapter 13-Primary Sources of Income
Chapter 14-Ways to Increase Funding
Budget Adjustments
Gaining or Protecting the Library's Tax-Exempt Status
Increase Revenue by Passing a Referendum
Legislative Action/Government Grants
Foundation Grants
Chapter 15-Fundraising
Why People Give
Fundraising Tips
An Example of a Donor Request
Chapter 16-Other Sources of Donations
Partnerships with Other Agencies
Planned Giving
Endowments
Chapter 17-Earned Income
Charging for Library Service
Earned Income-Examples
Earned Income Issues
Section VI: Spending and Expenses
Chapter 18-Dispelling Financial Mythologies
Commonplace Financial Mythologies
Other Examples of Financial Mythbusting
The Bottom Line
Chapter 19-Purchasing: Your Part in Spending Library Funds
Purchasing Controls
Insurance Liability, Directors, and Officers Insurance
Practical Application of Spending Policies
Summing Up Your Responsibilities: Help Legitimate Library Expenditures
Chapter 20-Staff Costs
All Libraries Are Staff Intensive
Library Staffing Is Changing Dramatically and Will Require More Sophisticated Accounting to Control Costs
Wages and Benefits
Types of Compensation
Items in Library Payroll Records
1099 Information Return Requirements
The Importance of Payroll Records
Payroll Audit of a Public Library
Library Labor Unions
School Librarians and Media Specialists: Special Financial Problems
Budget Tools for Controlling Staff Costs
Training Costs
Staffing Patterns Are Changing Dramatically
Controlling Staff Expenses
Chapter 21-Capital Expenses
Financial Management of Library Construction
Americans with Disabilities Act Standards for Accessible Design
Green Leadership in Energy or Environmental Design Certified Libraries
Rules for Success in Capital Improvements and the Construction Zone
Chapter 22-Acquisition of Materials
Vendors
Library Expenditures by Type
Costs
Chapter 23-Other Expenses
Special Projects
Endowments and Bequests
The Mobile Library Fleet
Real Estate
Short Term
Security
Banking/Money Management
Building Maintenance and Cleaning Services
Computers and Information Systems
Employee Funds
Contract Services
Section VII: Assessment and Evaluation
Chapter 24-Evaluating the Budget
In-House Budget Evaluation
The Audit
Economic Measures of Library Success
Outcome Measurement
Evaluation Implementation
Conclusion
Section VIII: Communication about Money
Chapter 25-Communicating Library Financial Principles
The Library Is Accountable
The Library Operates Using Professional Accounting Standards
The Library Budget Is Not Mysterious But Public
Library Income and Spending Reported at Scheduled Times
Libraries Operate Financially within Public Laws and Policies, Including the Annual Audit
The Library Invests Money within a Public Investment Policy
Conflict of Interest Policy
The Library Practices Ethical Hiring and Promotion Policies within the Context of Affirmative Action Laws
Public Lobbying Is Legal and Appropriate for Library Officials
Your Library Adds Value
Use Images to Help Users and Supporters See the Library in New Ways
Use Electronic Communication to Relate to Library Users and Supporters
Glossary
Selected Bibliography
Index