Financial Management for Libraries

Financial Management for Libraries

William W. Sannwald


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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; and advises 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.