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, Chairperson of the Scarborough Public Library Board of Trustees, and Treasurer of the Scarborough Public Library Board of Trustees.
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:
- A current account, enabling unlimited check writing, ACH, and withdrawal right, which also supports payroll and accounts payable/receivable management; and,
- A savings account, which may have limited withdrawal rights, but which should offer higher interest rates than the current account.
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 once every five (5) 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 five (5) years.
Adopted June 2025
Replaced Policy on Signatories