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ASHBY FREE PUBLIC LIBRARY FUND

6/1/1997-5/31/1998

The Ashby Free Public Library Fund was formed by the Trustees of the Ashby Free Public Library to hold and 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.

The Board of Trustees of the Ashby Free Public Library determines how the income 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 amounts of the scholarships depend on the number of applicants and the amount of income available. For the 98-99 year 53 scholarships of $250 are planned and 4 scholarships of $650.00 from specific bequests are scheduled given to the highest-ranking Ashby 1997 graduates. The number of scholarships given has been increasing significantly in the past few years. In order to maintain the level of aid provided the trustees are exploring ways to increase the funds available. They would encourage anyone who has benefited from these scholarships in the past to assist.

Principle is preserved by reinvesting 10% of the income per year. The rest of the income is used for special library needs or scholarships. Occasionally small gifts are given and spent for specific library purposes.

According to the terms of the gifts and bequests the 97-98 income was expended as follows. Was given in scholarships $650.00 each to the three highest-ranking Ashby graduates from NMRS and the remainder given as $200.00 scholarships to Ashby residents attending a fulltime program of higher education. The $650 scholarships were given in the name of Ruth Brooks, the Ashby Alumni and the Francis Marston.

COMBINED BALANCE SHEET 97/98

 

PRINCIPAL

EXPENDABLE

TOTAL

Library Group

2,588.35

571.21

3,159.56

Alonzo Carr

5,189.28

1,398.11

6,587.39

Dr Haskell

2,609.17

702.81

3,311.98

Freida Lyman Library

5,189.28

1,886.37

7,075.65

Freida Lyman School

30,673.82

2,251.17

32,924.99

Ruth Brooks

179,092.31

13,142.17

192,234.49

Ashby Alumni

8,042.03

1,276.90

9,318.93

A.A.W. Locke

5,208.37

534.54

5,742.91

Francis Marston Sch

AT SAFETY FUND

1,166.57

1,166.57

Francis Marston Gen

AT SAFETY FUND

787.64

787.64

B Lyman

5,030.54

407.74

5,438.29

Other Funds  

754.97

754.97

 

243,623.15

24,880.21

268,503.36

EXPENDABLE FUND BALANCES

SCHOLARSHIP FUNDS

 

BALANCE

INCOME

EXPEND

TRANSFER TO

BALANCE

 

6/30/97

   

PRINCIPLE

6/30/98

Freida Lyman Schl

2,453.98

1,862.47

1,879.04

186.25

2,251.17

Ruth Brooks

14,326.31

10,874.25

10,970.96

1,087.43

13,142.17

Ashby Alumni

837.43

488.30

 

48.83

1,276.90

A.A.W. Locke

249.92

316.25

 

31.62

534.54

Francis Marston Sch

825.76

990.81

650.00

 

1,166.57

Other Funds

471.42

283.55

   

754.97

 

19,164.82

14,815.63

13,500.00

1,354.13

19,126.33

GENERAL FUNDS

DS

BALANCE

INCOME

EXPEND

TRANSFER TO

BALANCE

 

6/30/97

   

PRINCIPLE

6/30/98

Library Group

429.77

157.16

-

15.72

571.21

Alonzo Carr

1,114.53

315.09

-

31.51

1,398.11

Dr Haskell

560.23

158.43

-

15.84

702.81

Freida Lyman Library

1,602.79

315.09

-

31.51

1,886.37

Francis Marston Gen

375.52

499.12

87.00

-

787.64

Ed & Barbara Lyman

132.84

305.45

 

30.54

407.74

 

4,215.68

1,750.33

87.00

125.12

5,753.89

In June of 1997, funds in the care and custody of the financial secretary of the Board of Trustees of the Ashby Free Public Library were transferred to the treasurer for reporting purposes. These funds have been generally referred to as the memorial funds. These funds consist of donations, usually in small amounts, made in memory or honor of a person or as donations for books or materials. There are no restrictions on the principal but the wishes of the donors and/or the families of memorial donations are honored when expenditures are made from these funds.

Donations were gratefully accepted from the NEBS company and in the name of the Rivers family. Expenditures were made for books and the printing of checks.

MEMORIAL FUND REPORT 6/30/98

Income 97/98          
Interest

783.85

       
New gifts

75.00

       
NEBS donation

527.00

       
Income 97/98

1,385.85

       
           
Total balance

7/1/97

INTEREST ADDED

OTHER INCOME

DEDUCTIONS

6/30/98

           
Barbara Lyman Fund

3,500.53

159.87

   

3,660.40

Edward Connor Fund

1,464.59

66.89

   

1,531.48

General Fund

12,197.68

557.09

602.00

97.62

13,259.15

Total balance

17,162.80

783.85

602.00

97.62

18,451.03

Respectfully submitted,

Judith Kulju, treasurer

ASHBY FREE PUBLIC LIBRARY

ASHBY FREE PUBLIC LIBRARY FUND INC.