When the Friends of Forest Park Public Library disbanded in the spring of 2017, they donated $10,000 left in their budget to the library.
At the time, the library board of trustees wanted to use those funds for something that would “memorialize” the Friends of the Library and their contributions over the decades. But it had no idea what that would look like – so the board deposited the donation at the Forest Park National Bank and Trust, where it was to be held for a year. The board hoped that it would give them enough time to come up with the plan.
But the plans didn’t materialize in 2018, or the year after that, and the funds get getting rolled over – until now. During its Dec. 11 meeting, the library board voted unanimously not to roll over the funds again, and instead put them back in the general fund. Over the next six months, the library plans to sit down with financial advisers and figure out what to do with it.
The budget for the 2023-2024 fiscal year lists more than $2.23 million in expenses. The $10,000 is roughly what the library currently spends on strategic initiatives. It represents about one-sixth of what the library spends on adult programs, more than a half of what it spends on children’s programming and more than twice what it spends on teen programming.
The library board meeting minutes for the 2017-2018 fiscal year, the farthest back the online archives go, reference the Friends of the Library’s last sponsored event taking place in May 2017. The minutes for the June 19, 2017 meeting mention a discussion about what to do with the donation.
“It was agreed that the funds would be held until next fiscal year, so that plans could be made to use them towards something that would memorialize the Friends of the Forest Park Public Library and their contributions over the years,” the minutes stated.
The library put the money in a certificate of deposit savings account, which meant that they couldn’t withdraw the money without paying a penalty. After the initial one-year term expired, the library kept rolling it over, extending the certificate’s term.
During the Dec. 11 meeting, Deb Harris, the library’s business and technical services manager, said that they kept rolling the funds over “because nobody wants to bother with it.”
“[The Friends of the Library] wanted us to do something with it. We didn’t have anything to do with it,” she said.
Harris added that after “so much time has gone by” and the Friends members “all gone,” there is no reason why the library can’t “just put it elsewhere.”
Vicki Rakowski, who has been library’s executive director for almost a year, felt that the library should do something with the money.
“We got sort of a white elephant hanging out. We were not sure what to do with it,” she said.
The board readily agreed that it makes no sense to leave the money sitting in the bank and after a brief discussion, they broadly agreed that they should consult with a financial adviser to figure out the best use for it. Some of the ideas that were floated were investing the money or holding it just in case a new Friends of the Library organization forms. Because of how much time has passed since the original organization dissolved, it would essentially have to start from scratch.
The library still needs to formally withdraw the CD from Forest Park Bank. Board President Brooke Sievers said that the money will be moved to the general fund.
In the interview after the meeting, board treasurer Eboni Murray told the Review that the fact that the money isn’t tax revenue gave the library some flexibility – but she said she couldn’t give any examples.
“We’re going to take our time, maybe the next six months,” Murray added.