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M 1 oun ion <br /> i <br /> Jack reported that we are at the point where we have to make a decision. Jack said he had a meeting with Brian Garner <br /> of funning,firrane,McNichols&Garner MDKMG law firm and we are at the point where we can file corporate <br /> status and get Foundation established with the IRS. The IRS now gives temporary approval and Foundation can start <br /> fundraising but until finally approved those are held funds. Cost to do this: Brian suggested cost from lav firm would <br /> e$1,500with caveat we pay filing fees...which Jack estimates to be about$500. Next step if approved is Brian will go <br /> ahead and appoint 5 directors for the Foundation board. Chip asked: How does this stand...is it duplicated with Friends <br /> foundation? Jack responded`yes",but strongly recommended we do on our own. we don't know Friends' situation <br /> and for the amount of money involved it is much better with"clean slate". <br /> Sue McGarry noted that with endowment you only get interest on that to work with. Jack said if we do endowment first <br /> that would be safe approach. Jack said the Foundation board would decide whether funds go in endowment versus. <br /> foundation. <br /> Chip asked about the Cape Cod Foundation. Jack said we did look at that but initially we would like to go it alone. <br /> Motion: Patricia Gam he motioned to establish 5 o 1(c)(3)Foundation and.pay Bunning,Kirrane,Mc iehols&Garner <br /> finds.involved not to exceed $2,500. Chip Bishop seconded this motion. <br /> VOTE: Yes-4;No-2. <br /> Roll Call Vote: John Kowalski,yes Jane Bolan,no <br /> Carlo I ' ste,yes Sue McGarry, no <br /> Chip Bishop,yes <br /> Patricia Gaaehe,yes <br /> New Busn� <br /> Board of Lib aay Trusteesr� ati n l sp o it ilities ... Fabled for next meeting. <br /> Review of articles filed for October Town Meet' <br /> Jack reported that Pat,Carlo and he met as the Personnel committee to discuss submitting an Article for Town Meeting <br /> requesting creation of 2 part-time circulation assistant positions. Jack explained they did this in order to meet the July <br /> 9thdeadline for submission of Town Meeting Articles. The Trustees were in total agreement with the submission of the <br /> article requesting the creation of 2 past-tie circulation assistant positions. <br /> Next Me ..Tuesday, August 14, 2012 at 5 p.m. i the Library Conference Room. <br /> AdIournment <br /> Carlo D'Este motioned to adjJourn.the meeting; Patrician Gamache seconded the motion; and it was <br /> u anunously passed. The meeting adjoun at :20 p.m. <br /> Respectfully submitted, <br /> J Giliberti <br /> ording Secretary <br /> 3 <br />