Accounting Checklist

Choose which method you are going to use for accounting - internal, contract with private firm, or contract with city or county

Contract with the city or county for accounting and follow through on any tasks necessary for creating this accounting process - only necessary if choosing to have city or county handle accounting

Contract with a private firm to handle accounting and then follow through on any tasks necessary for creating this accounting process - only necessary if choosing to have a private firm handle accounting. NOTE: many of the tasks for this one will be the same as below.

If handling accounting internally (or hiring a private firm)

Apply for EIN

Set up bank accounts

Contact the Department of Administration's Local Government Services Bureau for assistance

Purchase software

Create chart of accounts

Create forms for reporting revenues and expenses

Board needs to pass resolutions establishing a library depreciation fund as well as memorial funds. The Department of Administration can help with these.

Develop a relationship and/or contract with an accountant familiar with governmental accounting

Contact the IRS for paperwork confirming your tax-exempt status

Identify how to handle investments - through local investment manager or the city/county.

Develop a Memorandum of Understanding or Agreement with the city or county for funding for the first year

Make sure the new district is on the property tax rolls for next year