Meeting of the Board of Trustees of the Coburn Free Library March 23, 2023

Present: Linda Williams, President, David Woodburn, Treasurer, Ellen Keough, Secretary, Meredith Gallaro, Executive Director

Excused: James Prichard, Vice President, Michael Fenn, Trustee

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

Approval of February  Minutes: Linda Williams moved that the minutes of the February 2023, meeting of the Board of Trustees be approved as presented.  Dave Woodburn seconds.  Approved.

Financial Report:

Account balances have been reconciled to statements for January.  From Bank Statements as of 2/28/23:

Director Discretionary Fund        $      5,292.13

Line of Credit                                  $    35,628.15

Regular Checking                           $ 165,905.36

Endowment Fund                          $ 744,263.73

Review of the Profit and Loss statement shows no large deviations to expected expenses.  One pleasant entry is in the donation (income) account due to a very generous donation.  The Board at the request of the Financial Committee is requesting a meeting with Chemung Canal Trust regarding our Investment Policy for the Endowment Fund.

Director Report

The amended elevator service contract had not been received by the date of the meeting.  Changes to reflect 5 years service and warranty in initial contract.  Boiler is fully functional; the float assembly finally arrived.  Total cost of project $2,000 dollars over estimate.  The Library has been granted $5000 from the Mildred Faulkner Truman Foundation for the storm windows.  However, It will not be released to the Library until the remaining funding is secured.

Shout out to The Coburn Academy.  An interesting and diverse schedule of presentations on the 2nd and 4th Tuesdays of the month.  There are still some open dates for additional presenters.  Attendance has been very good.

Old Business 

By-Law Review –

Changes to the By-Laws suggested by Sarah Golgowski of the FLLS have been received after our review with her and we will vote on the ByLaws next month.

New Business:

Investment Policy Statement –

Meeting requested with Gregory Stewart of Chemung Canal to establish that both CCTC and CFL Board are in agreement about our investment policy in regards to the Endowment Fund.

The next regular meeting of the Board of Trustees:  Thursday, April 20, 2023 at 10 AM. 

Respectfully submitted,    Ellen C. Keough