Financial Management for Libraries

Book excerpt: Presenting financial management principles and best practices applicable to both public and academic libraries, this comprehensive text elucidates a broad array of issues crucial for those entering a managerial position. Both thorough and straightforward, Sannwald's treatment gives readers a solid grounding in the basics of accounting and finance, with an emphasis on applicability to library management and operations;ties budgets and strategic planning to library vision, mission, goals, and objectives;discusses the roles of stakeholders such as boards, governmental/municipal bodies, the university, and the community;looks at a variety of funding sources, from tax revenue to gifts and donations, and presents sound strategies for including them when projecting income and expenses;articulates and discusses the pros and cons of various budget strategies;includes sample budgets and forms that can be customized as needed;offers expert guidance on modifying budgets for windfalls and shortfalls;explains operating ratios, fiscal benchmarking, and metrics, demonstrating how to use these to effectively create and manage a budget and assess the fiscal health of the library; andadvises on how to effectively prepare and present a budget and annual financial statements to a library's governing agency. Ideal for course use, this book will also serve as a ready reference for practitioners.