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Commission urged to recommend new foundation representative as Wells Fargo transfer proceeds
Summary
Commission members discussed the Thomas Balch Library Endowment Foundation, ongoing transfer of funds from Wells Fargo, board vacancies and a 2013 special act of the Virginia General Assembly authorizing the foundation arrangement.
Commission members discussed the Thomas Balch Library Endowment Foundation, legal steps that created it and a long-running effort to transfer a restricted trust from Wells Fargo into the foundation.
"We had to go to the Virginia General Assembly in 2013 and get them to pass a special act of the General Assembly and get the governor to sign it," a commission member said while describing legal steps the town took to enable the foundation's governance.
The foundation currently needs to fill multiple board positions, the director said, and the commission was asked to recommend a commission representative for the foundation board. The foundation's governing structure, the director said, includes one council-appointed member, a Friends of the Library representative, a commission representative, and the library director (who serves as secretary and treasurer); those members then elect an additional board member.
Commission discussion reviewed the Wells Fargo transfer effort, which staff described as in progress but slow. The director said the original 1922 deed restricts how funds may be spent—historically for building-related items such as shelving or windows—and that the town attorney's office and Wells Fargo counsel are working toward resolving restrictions.
Participants cited the foundation's existing endowment (discussion referenced a figure of about $1,400,000 held under the foundation's investment account) and recent governance housekeeping: a review of bylaws and term limits by Christina Newton from the town attorney's office and requests that the commission recommend a new commissioner to serve as the commission's voting representative on the foundation board.
The commission discussed timing: nominees for the foundation board would be presented to the town council and the commission was asked to prepare recommendations before the March deadline. Members also discussed fundraising and legacy giving materials to promote planned gifts to the foundation.
No formal appointment was made at the meeting; commissioners agreed to return with recommendations and to consult with the town attorney's office as needed.
