Authorized Signatories
Signatories on the bank and brokerage accounts in the name of the Scarborough Public Library Corporation shall include the Director of the Library, President of the Scarborough Public Library Board of Trustees, and Treasurer of the Scarborough Public Library Board of Trustees. If either of the President or Treasurer shall resign as Trustee prior to a successor being appointed, the duly elected Vice President of the Scarborough Public Library Board of Trustees shall be made a signatory.
Authorized Banking Accounts
The Board hereby authorizes the Director (and the other signatories above) to establish and maintain no more than the following bank accounts:
- One or more current accounts, enabling unlimited check writing, ACH, and withdrawal right, which also supports payroll and accounts payable/receivable management; and,
- One or more savings accounts, which may have limited withdrawal rights, but which should offer higher interest rates than the current account.
The Treasurer and Director are directed to select accounts which will minimize fees and maximize earned interest. Banking institutions must also maintain robust online and automated treasury management services to, for example, allow for minimal hold times for deposits and same day transfer facilities at no costs wherever possible.
The Director and Treasurer are directed to maintain no more accounts than are necessary to deal with normal course fund segregation, noting that the Town has historically sought to transfer budgeted funds to an intermediary account prior to commingling with other funds, and that management of intra-year Annual Fund contributions and specified or directed contributions may warrant the use of segregated accounts.
Each of the authorized accounts must be with the same federally insured depository financial institution so as to allow for instantaneous fungibility of cash. The institution must have a full-service branch located in the Town of Scarborough and assign a Scarborough-based employee as account manager.
A comprehensive fee and service review, including comparison with similar institutions, shall be conducted and reviewed with the Board by the Treasurer at least every three (3) years.
Authorized Brokerage Accounts
The Board hereby authorizes the Treasurer (and the other authorized signatories) to establish and maintain at least one brokerage / custody account to enable the co-mingled investment of the Corporation's various endowment funds. Regardless of how many accounts are determined to be appropriate, the Board hereby instructs the Treasurer and the signatories to maintain only one brokerage relationship.
A comprehensive performance and fee review shall be conducted and reviewed with the Board by the Treasurer no less than every three (3) years.
Adopted June 2025. Revised 2026-6-18.
Replaced Policy on Signatories