Paul Memorial Library trustees accept $10,000 donation, review trust balances and December finances

The Paul Memorial Library Board of Trustees unanimously approved a motion to accept a $10,000 donation from the Friends at its Jan. 26, 2026 meeting and reviewed the library’s restricted trust balances and December financial statements. Trustees in attendance included Win Fream, Britnney Thompson, Jack Parnham, Brendan Johnston and Steven Yevich.

The board recorded balances for multiple restricted funds: the Isabell Paul Mellon Fund is restricted on principal with quarterly payments of roughly $4,000; the Hellen Copaon–Ewing fund (est. 1969) lists a principal of $1,738 with $556 available and an approximately $100-per-year distribution; the Battles Fund shows a principal of $10,408 with $3,316.14 available and an approximate $500 annual distribution; and the Broad Head fund is an expendable trust with $14,215 in principal and $4,554 available, historically used for library books (about $700 per year noted).

The treasurer reported December account balances: general fund $1,772.39; donation account $5,210.45; petty cash $538.94. The December manifest recorded $4,518.40 in expenses and no income for the month. Trustees noted the constrained general fund balance and agreed they need to identify permitted uses for the donation account; Win Fream said he will consult NHLTA for guidance on allowable uses.

Trustees agreed they require outside accounting assistance to reconcile prior years’ records in Quicken/QuickBooks and asked staff to obtain a line-item budget for Sue (role not specified in the minutes). The board also accepted the meeting notes from Dec. 3, 2025, as recorded.

Next steps include drafting a full line-item FY27 budget for presentation in April and arranging an annual meeting between the Trustees of the Trust and the Board of Trustees to improve communications and reporting on restricted funds.