Report of the Treasurer of the Ashby Free Public Library and the

Ashby Free Public Library Fund

6/1/1999-5/31/2000

The Ashby Free Public Library Fund was formed by the Trustees of the Ashby Free Public Library to assist the Trustees in administering gifts and bequests given to the library for scholarships and other library purposes. The elected Board of Trustees and the Board of Directors of the Ashby Free Public Library Fund are the same people.

The fund is recognized as a non-profit charitable organization under federal law and donations are tax deductible. Additional donations and bequests are gratefully accepted.

Funds can be donated for specific purposes such as scholarships, library renovations or for general library purposes. Regular donations and memorial donations are available immediately to be used at the discretion of the Board of Trustees for the purpose the donor intended. In this fiscal year $4,451 of these funds were used to supplement the Town’s appropriation for architectural drawings for the proposed library renovation and addition.

Larger donations can be given as trust funds with only the principle usable. These funds are invested only in insured accounts preferably at local banks or credit unions. The funds are managed to obtain the best available interest rates within those parameters. Principle is preserved by reinvesting 10% of the income per year

The Board of Trustees of the Ashby Free Public Library determines how the income from trust funds is to be used in accordance with the donors’ requests and stipulations. The majority of the income from these gifts and bequests is used to provide scholarships to any Ashby resident who is attending a full time program of higher education. All students who apply and provide proof of attendance will receive a scholarship for each year of study up to a maximum of 5 years. The amount of the scholarships depends on the number of applicants and the amount of income available.

This year the three Ashby graduates from North Middlesex Regional with the highest ranking will be receiving the following scholarships. The Ashby Alumni Scholarship of $650 was awarded to Krystal Malone, the Ruth Brooks Scholarship of $650 was awarded to Brooke Lagasse and the Lyman-Marston scholarship of $650 was awarded to Cassandra Daley. An additional 40 Ashby students will be receiving $350 scholarships each for a total award of $15,950. Some of these students will be receiving this award for the first time while others have already received over $1000 in aid.

 

 

 

PRINCIPLE RESTRICTED/ TRUST FUNDS- ONLY INTEREST EXPENDABLE

COMBINED BALANCE SHEET 99/2000

 

PRINCIPAL

EXPENDABLE

TOTAL

LIBRARY GROUP

$2,621

$862

$3,483

ALONZO CARR

$5,254

$1,981

$7,235

DR HASKELL

$2,642

$996

$3,638

FREIDA LYMAN LIBRARY

$5,254

$1,860

$7,114

FREIDA LYMAN SCHOOL

$31,057

$1,766

$32,823

RUTH BROOKS

$181,327

$10,311

$191,638

ASHBY ALUMNI

$8,142

$1,530

$9,672

A.A.W. LOCKE

$5,273

$469

$5,743

FRANCIS MARSTON SCH

Int only

$1,582

$1,582

FRANCIS MARSTON GEN

Int only

$918

$918

B LYMAN

$5,093

$673

$5,766

OTHER FUNDS  

$843

$843

 

$246,663

$23,792

$270,455

 

 

EXPENDABLE FUND BALANCES

SCHOLARSHIP FUNDS

BALANCE

6/30/99

INCOME

EXPENDED

TRANSFER TO

PRINCIPLE

BALANCE

6/30/00

FREIDA LYMAN SCHOOL

$2,117

$1,893

$2,055

$189

$1,766

RUTH BROOKS

$12,361

$11,050

$11,995

$1,105

$10,311

ASHBY ALUMNI

$1,409

$496

$325

$50

$1,530

A.A.W. LOCKE

$505

$321

$325

$32

$469

FRANCIS MARSTON SCH

$1,320

$913

$650

$0

$1,582

OTHER FUNDS

$818

$25

$0

$0

$843

 

$18,530

$14,698

$15,350

$1,376

$16,502

 

 

 

 

 

GENERAL LIBRARY FUNDS

BALANCE

6/30/00

INCOME

EXPENDED

TRANSFER TO PRINCIPLE

BALANCE

6/30/00

LIBRARY GROUP

$718

$160

$0

$16

$862

ALONZO CARR

$1,693

$320

$0

$32

$1,981

DR HASKELL

$851

$161

$0

$16

$996

FREIDA LYMAN LIBRARY

$1,971

$320

$399

$32

$1,860

FRANCIS MARSTON GEN

$918

$456

$456

$0

$918

EDWARD & BARBARA LYMAN

$393

$310

$0

$31

$673

 

$6,544

$1,728

$855

$127

$7,290

MEMORIAL/ NON-PRINCIPAL RESTRICTED FUNDS

Income 99/2000

         
Interest

$ 835.00

       
New gifts

$ 670.00

       

Income 99/2000

$ 1,505.00

       

Total balance

7/1/99

INTEREST

OTHER

DEDUCTION

6/30/00

           
Barbara Lyman Fund

$ 3,830.69

$ 171.84

   

$ 4,002.53

Edward & Evelyn Connor Fund

$ 858.08

$ 38.49

$ 640.00

$ -

$ 1,536.57

Other memorials

$13,925.13

$ 624.67

$ 30.00

$ 4,451.00

$10,128.80

Total balance

$18,613.90

$ 835.00

$ 670.00

$ 4,451.00

$15,667.90

Change        

$(2,945.99)

INVESTMENTS

6/30/98

 

6/30/99

6/30/00

 
MONEY MARKET

$ 7,551.93

 

$10,628.61

$ 3,076.10

 
CD WCU

$ 6,000.00

 

$ 7,985.28

$12,591.79

 
CD WCU

$ 4,899.10

       
 

$18,451.03

 

$18,613.89

$15,667.89

 
EXPENSES          
Architectural fees

$ 4,451.00

       

Respectfully submitted,

Judith Kulju, Treasurer

ASHBY FREE PUBLIC LIBRARY

ASHBY FREE PUBLIC LIBRARY FUND INC.