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Trustees review multiple restricted funds, clarify drawdown timing
Summary
Trustees examined balances in several restricted and expendable trust funds — including the Mellon, Ewing, Battles and Broad Head funds — and agreed to schedule an annual meeting with the Trustees of the Trust to clarify drawdown procedures and payment timing.
Trustees spent a substantial portion of the May 12 meeting reviewing the library's trust funds and available balances.
The minutes list the Mellon Fund (Isabell Paul) as restricted on principal with quarterly payments around $4,000; the Ewing fund (Hellen Copaon, 1969) shows total holdings of $1,738 with $556 available and an annual payment of $100; the Battles Fund (1984) shows $10,408 total with $3,316.14 available and an annual payment of $500; and the Broad Head expendable trust lists $14,215 total with $4,554 available and an allocation guidance of approximately $700 per year for library books. Trustees discussed how to draw on each fund, the time it takes for funds to be disbursed, and the need to send receipts for invoices when requesting money from the trusts.
As next steps trustees agreed to schedule an annual TOT/BOT meeting and to meet with Steve from the TOT in September to improve communications and clarify processes for accessing restricted principals and distributions.
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