• Balancing the Budget and Positioning Your Library for Financial Success

      Bodycomb, Aphrodite; Tooey, M.J. (2006-05)
      Objective: Increases in the cost of resources combined with flat budgets prompted the library to look at its accounting practices to see if the budget could be balanced more effectively. Methods: The library has experienced shortfalls in funding and other financial challenges. To manage these issues, the library established a central accounting department to audit several aspects of the budget and to determine whether the financial situation of the library could be improved. The audit results provided a starting point for the accounting department to construct the framework to implement changes to improve the overall financial situation of the library. Through corrective measures, smart planning, re-negotiating, and reorganizing of the accounting processes, the library is now positioned for future financial success.