Township Board: Tuesday, October 8, 2024 at 5:30p.m. (MEETING PACKET)

The document provides a comprehensive overview of Leelanau Township’s financial management policies and procedures, including fixed asset capitalization, electronic payments, and investment strategies. The Fixed Asset Capitalization Policy, adopted on October 8, 2024, outlines the criteria for capitalizing assets, which include a useful life of one year or more and a cost of $5,000 or more. This policy also distinguishes between repairs and improvements, with the latter being capitalized if they prolong the asset’s life or increase its value. The policy includes a depreciation schedule using the straight-line method over specified useful lives for different asset categories.

The document also includes Resolution No. 2024-009, which authorizes the Clerk and Treasurer to disburse funds for certain claims before the next board meeting, subject to post-audit. These claims include payroll, utility bills, emergency services, training seminars, invoices with penalties or discounts, contractual obligations, electronic funds transfers, and property taxes. The Supervisor can authorize emergency expenditures up to $4,999. Additionally, Resolution No. 2024-010 authorizes the use of Automated Clearing House (ACH) arrangements for electronic transactions, with detailed internal controls and procedures to ensure compliance and security.

Lastly, the Leelanau Township Investment and Depository Resolution (2024-011) and the accompanying Investment Policy outline the township’s approach to managing its funds. The policy emphasizes safety, diversification, liquidity, and return on investment, and lists authorized investment instruments as per Public Act 20 of 1943. The Treasurer is responsible for managing these investments, with quarterly reporting to the Township Board. The policy also includes provisions for safekeeping and custody of securities and emphasizes prudent investment practices.