Summary

Trustees approve major endowment transfer

ChelmsfordFeb 11, 20262 min read

At a glance

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Trustees approved moving $150,000 from the library’s Citizens Bank endowment account into a 35-month certificate of deposit at Lowel Five earning 3.5% APY.

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Library Trustees

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What this means

The approved investment places a substantial portion of the library’s endowment into a long-term account intended to earn interest. Trustees deferred a separate proposal to restore the Amos Adams Fund to $10,000 while they research its restrictions. They also approved a staff day for June 11, when the library will open at 3 p.m.

Key decisions

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Approved transferring the Aaron George Fund, George Fund, and Serlina Richardson Fund from Citizens to the Mass Municipal Depository Trust.
Approved transferring $150,000 from the Citizens Bank Endowment Fund to a 35-month Library Endowment CD at Lowel Five at 3.5% APY.
Deferred a vote on restoring the Amos Adams Fund to $10,000 pending research into the fund’s historical restrictions and account minimum.
Approved a staff day on June 11, 2026; the library will open at 3 p.m.
Deferred discussion and a vote on placing a collection box in the library for the Health Department’s mother-support collection effort until the March meeting.

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