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Pequot Lakes Community Library Board of Directors Meeting Minutes Tuesday, September 27, 2016 Opening The regular meeting of the Pequot Lakes Community Library was called to order at 7:00pm on Tuesday, September 27, 2016 in the Pequot Lakes Library by President Melissa Birch. Present Tom Adams,Melissa Birch, Kevin Olson, Sara Jane Olson, Tern Grimes and Kay Spizzo. Absent: Renee Moodie and City Council Liaison- Greg Karr. Call to Order Melissa Birch, Interim President, called the meeting to order at 7pm. Approval of Minutes On motion made by Tom Adams, seconded by Terri Grimes,and carried,the board approved the minutes written by Sara Jane Olson from the June 21 board meeting. Reports Financial Report Treasurer, Tom Adams distributed accounts summary reports to all board members. The Friend's of the Library checking account, as of August 2016 has a balance of$48,871.37. Tom plans to move part of this balance to the Wells Fargo Endowment Portfolio Shortly. The Pequot Lakes Community Library checking account has a balance as of August 2016 of$5,171.45. Total assets for all accounts - Checking, Savings/CDs, Investments - in August came to $231,633.89. At this time, as the CDs mature Tom has been moving those assets to the Wells Fargo Endowment, as it currently yields a better return. Next Tom discussed revenue and expenditures year-to-date. We have received and spent the $5,000 we receive annually from Kitchigami for the purchase of materials. Also, we have year-to-date interest earnings of$2,832.92 on our investments as of August 31, 2016 (mostly from the Wells Fargo account). This revenue in addition to fees, sales and donations totals $10,615.23 at the end of August. However, we just recently received a new donation of$1,000 from the Pelican Lakes Association to be used towards expenses related to the 2017 kids' reading program that is not included in this report. Fundraising in 2016: Popcorn sales netted $966.28, our annual donation letter has thus far generated $16,950;the annual book sale made $3,304; and brat sales raised$425. Cozy Corner and other miscellaneous donations are not part of this report.