EagleTribune.com, North Andover, MA

November 27, 2012

Library reports healthy earnings from endowment

By Paul Tennant
ptennant@eagletribune.com

---- — NORTH ANDOVER – The Stevens Memorial Library is in solid financial shape, according to the annual report presented to the trustees by Director Mary Rose Quinn last night.

The library’s endowment fund income balance for the fiscal year ending June 30 was $19,442.17, according to Quinn’s report. Receipts for the endowment fund income account totaled $31,040 for that fiscal year.

The beginning balance, June 30, 2011, was $6,546.72.

The library spent $18,144.56 of the endowment income on books and periodicals, supplies and equipment, building maintenance and community outreach.

The library’s endowment funds totaled $466,570.82 as of June 30. Quinn credited William Hansen, who heads the trustees’ Investment Committee, with obtaining healthy returns on the funds.

Quinn also reported the Friends of the Library raised about $6,900 from the book sale they had a few weeks ago. The Friends buy books and other materials for the library.

The trustees have expressed concerns about the brick walkway that leads to the Greene Street entrance of the library. Some of the bricks have chipped and become loose, they said.

Stephen Foster, the town’s facilities manager, said he was amazed at the way the bricks are laid: Rather than having the broad side of the brick facing down, it rests on the long, narrow side.

During his 40 years in construction, Foster said he has never seen bricks placed in that fashion. He recently learned that the Stevens Estate has a patio with a similar arrangement.

The trustees said they understood Foster’s point, but they pointed out they want to preserve the historic character of the walkway. Trustee Peter Lafond questioned the quality of the bricks.

The trustees agreed to see how the walkway withstands the winter and will reconsider the issue in April.