Article 1. Purpose
The purpose of this policy is to establish a structured and transparent process for auditing and reviewing the operations and finances. Regular audits and reviews ensure financial accountability, compliance with state and local regulations, and the continuous improvement of library services.
Article 2. Scope
This policy applies to all financial records, policies, and strategic initiatives of the Ogdensburg Public Library. It is designed to comply with the New York State Library regulations and best practices for public libraries.
Article 3. Audit & Review Types and Frequency
3.1 Financial Audits
3.1a Annual Financial Review:
- Conducted by an independent accountant or auditor.
- Ensures compliance with Generally Accepted Accounting Principles (GAAP).
- Findings presented to the Board and made available to the public.
3.1b Full Independent Audit (Every 5 Years or as Required):
- Conducted by a certified public accounting (CPA) firm.
- Obtains Library’s internal control
- Assess fraud risk
- Testing accounting records by obtaining sufficient appropriate audit evidence through inspection, observation, confirmation or the examination of source documents
3.2. Reporting & Accountability
- The Executive Director and/or the Auditor provides a summary of all audits and reviews to the Board.
- Public reports are made available on the library’s website and at the library.
Article 4. Policy Adoption & Revisions
This policy is adopted by the Board and reviewed every five years or as necessary. Revisions are made in accordance with legal requirements and best practices.
Adopted by the Board of Trustees on: December 3, 2025