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Foundation and development update: MOU edits, snack program funds designated restricted
Summary
Development staff reported grant activity and described MOU edits: corrected a numeric error, clarified that the snack program funds are designated restricted (Walder Foundation), and noted city payments to the library follow monthly invoicing (roughly 1–1.5 months behind).
Development staff (Katie, S2) briefed the board on recent grants, an upcoming book sale, and edits to an annual memorandum of understanding (MOU) with the foundation. S2 said the packet version contained a numeric versioning error that was corrected, and the finance committee suggested paring down some detail next year. S2 highlighted that the snack program funds — a grant from the Walder Foundation — are designated restricted funds and updated language to reflect that status.
S2 also said payments from the City of Iowa City to the library are made monthly on invoice and typically arrive about a month to a month-and-a-half later because of the city's invoicing schedule. The finance committee recommended the president sign the MOU once the edits are finalized; the president will sign the document and return it after a board officer handles required delegation during an upcoming vacation period. The board received updates on development work and a large book sale set for Aug. 7–8 with roughly 75 boxes of books ready for sale.
