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Academic Library System

Notes county reimbursement, system state aid, grant projects, gifts and donations, fines and fees.
Expenditures are sometimes grouped in categories with lines representing similar products or
services-for instance, personnel costs (salaries, wages, benefits, and continuing education),
general operating costs (including office supplies, utility and communications costs, building
and equipment maintenance, and insurance), contract fees (such as shared automation system),
and collection costs (broken down into print materials, audio and video materials, and electronic
services).

Municipal Accounting vs. Library Accounting

As specified in state law, municipalities or counties make payment from the library fund only
upon authorization of the library board. [Wis Stats. 43.58(2)] Since the municipality must hold
the funds, it will also keep records of how those funds are used. This municipal accounting
should be available to the library board upon request. However, even though your city, village,
or county is performing this accounting function, it is advisable for the library to also maintain
its own set of records. This will allow the board and director to know the status of finances
in a timely manner (if there is a delay in getting figures from the municipality) and to help
assure that there are no mistakes in how the municipality has recorded transactions and
balances. In addition, there are types of funds (gifts, bequests, devises, and endowments)
which can be managed directly by the library board; if the board chooses to manage these
funds it must, of course, keep records for accountability.

11.2 Accounting and Auditing

The Accounting Library is dedicated to serving the educational and research needs of the
students and faculty of the Leventhal School of Accounting by providing access to quality
accounting and taxation resources, reference and research services, and classroom instruction.
A variety of accounting software programs, which complements and enhances coursework, is
accessible from the library’s public PCs. These programs are supplemented by an extensive
suite of electronic databases, sponsored by the Marshall School of Business, which provides
additional access to a broad range of proprietary business data and research. (In some instances,
use is restricted to currently enrolled students only.)

Did u know? The Accounting Library also houses an extensive print collection of accounting,
reference and taxation resources, a topical circulating book collection, and
dozens of specialized journals supporting faculty and Ph.D. research and
the school’s curriculum.

A library’s environment has two faces: external and internal. The previous Pathways module,
Profiling Your Community addressed a portion of the library’s external environment through
the assessment and profiling of the library’s community. Now we turn to an assessment of the
library’s internal environment which we call an “Internal Library Audit”. This internal audit
will look at the library’s staff, managerial structure, resources, and activities.

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