Meeting of the Board of Trustees of the Coburn Free Library April 20, 2023

Present: Linda Williams, President, James Pritchard, Vice President, Ellen Keough, Secretary, Michael Fenn, Trustee, Meredith Gallaro, Executive Director

Excused: David Woodburn, Treasurer

Absent:  Dan Whippo, Trustee, Jason Luke, Trustee, Mike Phelps, Trustee

 Approval of March Minutes: Linda Williams moved that the minutes of the March meeting of the Board of Trustees as read aloud by Ellen Keough, be approved as presented.  James Pritchard seconds.  All approved.

Financial Report:

Account balances have been reconciled to statements for March.  From Bank Statements as of 3/31/23:

Director Discretionary Fund        $      5,292.13

Line of Credit                                  $    34,628.15

Regular Checking                           $ 146,365.85

Endowment Fund                          $ 754,839.05

Review of the Profit and Loss statement shows no large deviations to expected expenses. The  Board met with Gregory Stewart of Chemung Canal Trust regarding our Investment Policy for the Endowment Fund and we have agreed and approved the strategy  recommended by CCTC.  An updated loan agreement with CCTC was also reviewed due to a change to the index to which our interest rate is tied.  From LIBOR to SOFR.  Linda Williams made a motion to approve the agreement, Michael Fenn seconds, all approve.

Director Report

The amended elevator service contract has been received with the changes to reflect 5 years service and warranty in initial contract.  The front steps to the library are in need of repair.  Director is in the process of getting estimates. She is also working on estimates and possible sources of funding for the parapet repairs.  $6000 for programming.  The Executive Director requested approval from the Board to submit an Early Literacy Grant in the amount of $750.  Linda Williams made a motion that the Executive Director has permission to apply for ELG, James Pritchard seconds, all approve.  All public computers will be moved to the adult side of the library and a maker space will be revamped in the children’s section.

Old Business 

By-Law Review –

Linda Williams made a motion to approve the By-Laws (with changes suggested by Sarah Golgowski), Michael Fenn seconds, all approve.

New Business:

Traveling Art Exhibit “Behind the Wall” will be on display at the Coburn Free Library during the month of May.

Linda Williams, Board President, informed the Board that she is writing a letter of support for the Owego Rotary Club with a request for funds for roof over our outdoor program area.

The next regular meeting of the Board of Trustees:  Thursday, May 18, 2023 at 10 AM. 

Respectfully submitted,    Ellen C. Keough