January 2023 Board of Trustees Minutes

Meeting of the Board of Trustees of the Coburn Free Library January 19, 2023

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

Excused:  David Woodburn, Treasurer

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

Approval of December Minutes:

Jim Pritchard moved that the minutes of the December, 2022, meeting of the Board of Trustees be approved as presented.  EllenKeough seconded.  Approved.

Financial Report:

Account balances have been reconciled to statements for December.  A final reconciliation of the 2022 actual to budget complete.  From Bank Statements as of 12/31/22:

Director Discretionary Fund        $      4,292.13

Line of Credit *                              $    37,628.15

Regular Checking                         $ 174,345.09

Endowment Fund*                         $ 731,814.86

(*Bank statement differs from Balance Sheet due to late posting of LOC payment made in December.)

The budget for the Accessibility Project was reviewed.  Linda Williams made a motion to approve, Michael Fenn, seconded and all approved.  Small adjustments were made to interest payment accounts for Line of Credit as Tioga State Bank required a lump sum and the library was making monthly payments.  Two unexpected expenses for 2023 include the need for a financial review for non profit as we exceeded $250,000 income in multiple years.  The second expense is a maintenance contract with Schlindler for the elevator.  We are discussing with Chanis, Lane and Schlinder.

Director Report

Linda made a motion to allow the Executive Director digital review (only) to Chemung Canal Investment.  Jim Pritchard seconds and all approve.  Finger Lakes Library Director, Sarah Glogowski will meet with the Board on February 16 after our regular meeting to help with our discussion/review/revision of By-Laws.

Old Business 

 Succession Plan – It was reviewed and discussed by the Board.  Some changes were requested.  These will be completed and the plan will be re – reviewed at our next meeting.

New Business:

Financial Policy – The document was reviewed and minor changes requested. Linda made a motion to approve with changes, Jim seconds and all approve.

The next regular meeting of the Board of Trustees:

Thursday, February 16, 2023 at 10 AM. 

Reminder for Trustees:  Please bring your signed copy of Whistleblower Policy and Conflict of Interest Policy for the Secretary File.  Also remember to watch the NYS Sexual Harassment Prevention Training Video.   www.flls.org/hr

Respectfully submitted,

Ellen C. Keough