JAMESTOWN – The James Prendergast Library received a clean independent audit for the 2015 fiscal year.
During Thursday afternoon’s meeting the board of trustees reviewed the audit prepared by Michael Correy, which affirmed for the board that funding and overall assets were indeed down for the library during 2015, compared to the previous year.
The audit also readjusted the value of the Library’s Art Collection to reflect the value given by an auction appraisal, rather than by an insurance appraisal. As a result the value of the collect is now listed at $1.7 million on the 990 tax filing form – down $176,000 from what was listed as the insurance value. The auction appraisal was given in 2015 when the board discussed the possibility of selling a large portion of the art collection in order to add money to its endowment fun. However, that plan to auction the artwork is currently on hold until at least 2017, which will give the library time to see if local investors can come forward and purchase the collection to ensure it stays in Jamestown.
After reviewing the report the board acted on approving the audit and 990 tax form – both of which will be made available for public review at the front desk.
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