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Trustees review restricted trust funds; quarterly distributions and available amounts noted
Summary
Board reviewed several restricted trusts managed by the Trustees of the Trust, listing principals, available balances and annual distributions (Isabell Paul/Mellon Fund ~ $4,000 quarterly; Ewing/Hellen Copaon $1,738 total; Battles Fund principal $10,408; Broad Head expendable trust $14,215). Trustees discussed draw procedures and follow-up with TOT.
Trustees reviewed reporting from the Trustees of the Trust (TOT) on multiple restricted funds that support library operations and purchases. The Isabell Paul (Mellon Fund) account was noted as principal-restricted with quarterly payments around $4,000. The Hellen Copaon (Ewing fund, 1969) is principal-restricted; the transcript lists $1,738 total with $556 available and an annual distribution of $100. The Battles Fund (est. 1984) shows principal restricted of $10,408 with $3,316.14 available and a $500 annual distribution. The Broad Head fund is described as an expendable trust with $14,215 principal and $4,554 available for library books (approximately $700/year).
Trustees discussed the process for drawing on funds, the lag time for transfers and the need to send receipts to the TOT. The minutes direct trustees to follow up with the TOT to clarify principal restrictions, distribution schedules and the mechanics by which funds can be accessed for library needs.
