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Library delays June financial approval as bank transition complicates reporting; Unicoi County increases funding
Summary
The board delayed approval of the June 2024 financial report because Mountain Commerce Bank’s system change disrupted QuickBooks; Unicoi County approved an additional $10,000 to the library budget while the Town of Erwin and the Town of Unicoi did not approve increases. Foundation distributions were rolled into the new fiscal year.
The Unicoi County Public Library Board tabled approval of the June 2024 financial report on July 25 after Director Morgan Olson said a county fiscal-year transition and Mountain Commerce Bank’s recent system change created unresolved QuickBooks problems.
Olson asked the board to delay the financial report until the accounting issues are resolved. The board agreed to defer action to the next meeting so staff can reconcile bank-system changes with the library’s accounting records.
Separately, Olson reported that Unicoi County approved an additional $10,000 in library funding for the coming fiscal year; however, neither the Town of Erwin nor the Town of Unicoi approved the proposed increases. In addition, the final $20,000 distribution from the UCPL Foundation did not occur before the prior fiscal year closed and will be rolled into the current year’s budget.
President Cathy Griffith reported foundation balances: the Toney Foundation account holds $9,772.90 but faces about $8,000 in roof-related expenses, and the Unicoi County Public Library Foundation has roughly $6,200 in its checking account plus investments held at Raymond James. The board tabled budget amendments related to policy reviews until the accounting issues are cleared.
The delay means the June report will be reviewed at the board’s next regular meeting on Aug. 22, 2024.
