February 16,2023 Minutes

Meeting of the Board of Trustees of the Coburn Free Library February 16, 2023

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

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

 Approval of January Minutes: Dave Woodburn moved that the minutes of the January, 2023, meeting of the Board of Trustees be approved as presented.  Jim Pritchard seconds.  Approved.

Financial Report:  Account balances have been reconciled to statements for January.  From Bank Statements as of 1/31/23:

Director Discretionary Fund        $      5,292.13

Line of Credit                                  $    36,628.15

Regular Checking                           $ 163,869.01

Endowment Fund                          $ 763,062.60

Adjustments made to account for required lump sum payment on our line of credit still need some clarification from Tioga State Bank.  Treasurer and Executive Director will meet with TSB.  Other notes are the endowment fund is recovering and The Friends have provided some extra funds to DDF.  Regarding our discussion of two unexpected expenses for 2023 from our last meeting:  Payment for financial review needed by The Charities Bureau will be required, and a maintenance contract for five years with Schindler was included in the initial contracts.  So that extra expense will not be required yet.

Director Report

Meredith created an Annual Report to the Community (based on the NYS Annual Report)  along with interesting notes for our patrons.  It was reviewed by the Board and overwhelmingly approved.  It will be posted on our website, bulletin boards and will be included with our fundraising letter.  Permission was requested by a local artist to include a drawing of the Coburn Free Library in a new children’s book.  Linda Williams made a motion to give permission for an illustration of our library to be used in above book, Mike Fenn, seconds and all approve.

Old Business 

 Succession Plan – Mike Fenn made a motion to approve the revised succession plan.  Jim Pritchard, seconds and all approve.

New Business:

NYS Annual Report – Ellen Keough made a motion to approve the Annual Report with corrections.  Linda Williams, seconds and all approve.

Charities Bureau – The initial narrative provided by CPA was reviewed by the Financial Committee and the Executive Director.   Mike Fenn made a motion that the Charities Bureau financial review and the associated fees be approved.  Dave Woodburn, seconds and all approve.

The next regular meeting of the Board of Trustees:  Thursday, March 23, 2023 at 10 AM. 

Respectfully submitted,    Ellen C. Keough

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