Financial Management

Financial Management

Financial management in a public library is an important issue for library administrators, staff and trustees. In order to assist public libraries in dealing with fiscal issues, the Library of Michigan provides the:

• Public Library Financial Management Guide

The guide covers basic accounting, revenues, expenditures, budgeting, financial reporting, audits, and internal controls. It includes sample budgets and policies as well.

In addition to the guide, written by Yeo & Yeo, there is also a series of short webinars on topics that libraries often have questions about. The webinars give a brief overview of each topic.

Financial Management Videos

• Basic Library Accounting  (12.27 min.)
• Budgeting Basics  (8.08 min.)
• Budgeting Process  (8.49 min.)
• Internal Controls  (14.05 min.)
• Library Establishment and Governance  (6.09 min.)
• Uniform Chart of Accounts Update (92.58 min.)

Other Resources

• Michigan Department of Treasury - Bulletins, Manuals and Forms
• Michigan Department of Treasury - Uniform Chart of Accounts - Updated February 2023
• Internal Controls Information Sheet
• Required Financial Policies for Local Governments
• Financial Management Resources for Local Governments
• Government Finance Officers Association