Purpose
The purpose of this policy is to establish guidelines for the secure and efficient use of online banking and wire transfers by the Ogdensburg Public Library to ensure proper financial management, mitigate risks, and protect public funds.
Scope
This policy applies to all library staff and Board of Trustees involved in financial transactions, including online banking, electronic funds transfers (EFTs).
Article 1- Online Banking Guidelines
1.1. Authorized Users:
1.1a The Library Director and/or designated financial staff members shall have access to the library’s online banking accounts.
1.1b The Library Board Treasurer may also be granted view-only access for oversight purposes.
1.2. Bank Account Access:
1.2a Online banking credentials shall be securely stored and not shared.
1.2b Multi-factor authentication (MFA) shall be enabled for all online banking users.
1.2c Passwords must be changed periodically and comply with security best practices.
1.3 Account Monitoring:
1.3a Bank statements and transaction records shall be reviewed monthly by the Library Director and Treasurer.
1.3b Unusual transactions must be reported immediately to the Library Board and the financial institution.
1.4 Online Payments & Transfers:
1.4a Vendor payments and payroll-related transactions must be pre-approved by the Library Director and reviewed as part of the library’s financial oversight process.
1.4b Transactions exceeding $[Insert Amount] require dual authorization (e.g., Library Director and Board Treasurer).
Article 2 – Fraud Prevention:
2.1 Any suspicious or unauthorized activity must be reported immediately to the Executive Director, Library Board and financial institution.
2.2 Annual cybersecurity training shall be required for staff handling online financial transactions.
Article 3 – Compliance and Oversight
3.1. Internal Controls:
3.1a All transactions shall be recorded in the library’s financial system and reconciled monthly.
3.1b An independent audit or review of online banking and wire transfer activities shall be conducted annually.
3.2 Board Oversight:
3.2a The Library Board shall receive periodic reports on electronic transactions and financial security practices.
3.2b Any policy violations or discrepancies shall be addressed promptly.
Article 4 – Policy Review and Amendments
This policy shall be reviewed annually by the Board of Trustees and updated as necessary to comply with best practices, legal requirements, and changes in financial technology.
Adopted by the Board of Trustees on July 2, 2025