Fayetteville Public Library Board Of Trustees — Fayetteville, AR
Date: 2025-10-20
Time: 16:00

Board of Trustees
 October 20, 2025 4 pm
 AGENDA
 Regular Meeting –Walker Room

Sallie Overbey, President Apr 2028 Rob Qualls Apr 2026
Stan Rodgers, Vice-President Apr 2027 Bret Park Apr 2028
Amy Wilbourn, Treasurer Apr 2027 Carla Davis Apr 2030
 Hope Bradberry Apr 2029


Our mission is to strengthen our community and empower our citizens through free and public
access to knowledge.

I. Call to Order
II. Roll Call
III. Minutes: Approval of minutes from August 18, 2025: pages 1-3
IV. Swearing in of Trustee Hope Bradberry by Judge John Threet
V. Reports
 A. Key Upcoming Events: page 4
 B. Mission Moment
 C. Library Administration
 1. Management Reports
 a. Performance Measures: pages 5-6
 b. Strategic Plan progress August – September 2025: pages 7-10
 2. Financial reports: pages 11-22
 3. Informational
 a. Downtown Master Plan update
 b. Legislation updates
 c. Deli space
 d. Land lease update
 e. True Lit report
 f. Staff & professional development
 g. New staff & recognition
 D. Fayetteville Public Library Foundation monthly report: pages 23-25
 E. Friends of the Fayetteville Public Library
VI. New business
 A. Consent items
 1. Approve scholarship application for Erin Tollet: pages 26-28
 B. Discussion items
 1. 2024 Audit: pages 29-59
 2. Update on 2026 Budget process: pages 60-61
 3. Catastrophic Leave Policy update: pages 62-63
 4. December meeting
VII.  Public Comment
Adjournment

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 Key Upcoming Events

Be(A)ware Allergy-Friendly In Conversation with Dave Eggers
Halloween Extravaganza Tuesday, November 18, 7pm
Saturday, October 25, 10am – 12pm (drop-in)
 Join the bestselling author of What is the What, The
Kids are invited to visit allergy-friendly trick-or-treat Eyes and the Impossible, and The Circle for a moderated
stations, enjoy bounce houses, meet characters and conversation with KUAF’s Kyle Kellams. This event is
more! This event is presented by NWA Daily, Bank of free, but tickets are required.
Fayetteville, and Dempsey Bakery.

 Hot Cocoa on the Plaza
CFI Family: Laser Engraved Pumpkins Friday, November 21, 5:30–6:30pm (drop-in)
Sunday, October 26, 1:30–4:30pm
Wednesday, October 29, 5–7:45pm Grab a free cup of hot cocoa on your way to the Lights of
Thursday, October 30, 5–7:45pm the Ozarks lighting ceremony!

Make an appointment to laser engrave a pumpkin with
the help of our CFI staff and volunteers! Diné Woven Tapestries with the Museum of
 Native American History
 Saturday, November 22, 10am
Burning Through the Basics
Monday, November 3 & 10, 1pm Learn about Diné textiles and the symbolism and stories
Wednesday, November 5 & 12, 1pm woven within. These stunning works of art reflect the
 deep tradition, symbolism, and cultural legacy of
Get hands-on culinary training, develop professional Navajo weaving.
skills, and earn your ServSafe® Food Handler certification
in this four-part series. Registration and attendance at all
four sessions are required for this course. Give the Gift of Reading – Friends’ Book Sale
 Saturday, November 29, 9am – 3:30pm

Mountain Street Stage: Western Swing Shop a selection of premium and gift-wrapped books
RULES Band including fiction, cookbooks, art, history, children’s books,
Sunday, November 16, 2pm and more. All items are priced as marked, and proceeds
 support library programs and services!
This family-friendly performance combines live music
with stories and a visual presentation of the many
Arkansans who helped shape and propel Western Swing
to popularity.




 faylib.org / 401 W. Mountain St., Fayetteville, AR 72701
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 Fayetteville Public Library
 FY 2025 Monthly Financial Update – through September 30, 2025
 (Preliminary: Subject to Audit)


This is a summary report focused primarily on unrestricted activity within Fund 10 (Library Operations) and Fund 85 (Events) through
September 30, 2025.

Budget Threshold: The percentage of revenue recognized, and budget spent should be approximately 75%.

Library Operations (Fund 10) Revenue (Unrestricted):

 • Revenue recognized in September: $316,073
 • Total revenue YTD: $5,334,227; above budget by ~$224k (4%), excluding Use of Reserves budgeted
 o Primary Driver: Unbudgeted insurance proceeds totaling ~$317k
 • Adjusted revenue (excluding insurance proceeds & use of reserves):
 o $5,017,159 recognized YTD; below budget by ~$93k (1%)

Chart 1: Chart reflects actual revenue recognized compared to year-to-date budget.

 $4,000,000
 Local Tax Support, Revenues Recognized: YTD Budget vs. Actual
 $3,407,887 Excludes Transfers, Investment Earnings, & Use of Reserves
 $3,500,000

 $3,000,000

 $2,500,000

 $2,000,000 City Transfers,
 $1,368,051
 $1,500,000
 Charges for Services,
 $113,159
 $1,000,000
 Miscellaneous
 $500,000 State Aid & Grant Contributions & Revenue, $322,811
 Revenue, $0 Donations, $3,669
 $0
 Local Tax City Transfers State Aid & Charges for Contributions & Miscellaneous
 Support Grant Revenue Services Donations Revenue

 YTD Budget YTD Actual


Chart 2: Chart reflects five-year trend of property tax revenue.


 Property Tax Revenue: 5-Year Trend
 2,500,000
 2,000,000
 1,500,000
 1,000,000
 500,000
 -
 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
 2021 374,781 36,810 28,029 86,870 1,370,5 306,837 181,110 123,487 122,157 455,952 1,342,8 355,100
 2022 172,245 109,149 31,826 278,545 1,494,8 167,110 129,381 102,381 125,610 457,275 1,521,0 680,634
 2023 224,095 39,967 38,023 234,450 1,753,6 126,104 111,861 115,608 123,611 469,308 1,751,6 1,199,2
 2024 321,770 13,552 12,186 129,384 1,828,8 318,454 163,559 128,815 146,921 667,315 1,867,6 345,698
 2025 357,073 28,815 24,315 208,369 2,144,6 177,581 209,189 108,675 149,221


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Library Operations (Fund 10) Expenditures (Unrestricted):

 • Expenditures recognized in September: $659,582
 • Total expenditures YTD, including encumbrances: $6,484,553, below budget by ~$1.5m (19%)
 • Primary drivers of lower spending:
 o Personnel costs below budget ~$401k, due to salary contingency budget being front-loaded early in the year, while
 actuals will increase as the year progresses due to timing of COLA & merit increases
 o Services & charges below budget ~$457k due to lower-than-anticipated spending in programming services, training
 & development, travel, building insurance, operating contingency, and contract services
 o Planned transfers to the IT and Facilities reserves (~$506k) have not yet occurred
 o Spending is expected to catch up as the year progresses

Chart 3: YTD Budget to Actuals comparison by category for Fund 10 (unrestricted funds). YTD Actuals include encumbrances.

  $6,000,000
 Expenditures: YTD Budget vs. Actual
 Excludes Transfers
 $4,769,580
  $5,000,000
 $4,368,765

  $4,000,000



  $3,000,000

 $1,627,806
  $2,000,000
 $1,202,091



  $1,000,000 $351,430 $593,775
 $138,150
 $496,134
 $286,625
 $130,939
 $0
 Personnel (excludes Materials & Supplies Services & Charges Maintenance Capital Outlay
 Mgmt fees)

 YTD Budget YTD Actual + Encumbered


Events (Fund 85) Summary:

 Events Performance, through September 30, 2025:

 Month Over Month Comparison:
  Net sales total $35,351, an increase of 43% from August
  Operating expenses total $16,572, an increase of 12% from August
  Net operating income of $18,779, an increase of 90% from August

 Year Over Year Comparison:
  YTD net sales total $252,228, an increase of $61,524 or 32% compared to last year’s YTD net sales
  YTD operating expenses total $125,090, an increase of $36,262 or 41% compared to last year’s YTD operating
 expenses
  YTD net operating income of $127,138, an increase of $25,262 or 25% compared to last year’s YTD net operating
 income




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Chart 4: Events operating revenue and expenses, which do not include interest, transfers, capital outlay, or depreciation.



 Operating Revenue vs. Operating Expenses
 60,000.00


 50,000.00


 40,000.00


 30,000.00


 20,000.00


 10,000.00


 -
 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
 '24 '24 '24 '24 '24 '24 '24 '24 '24 '24 '24 '24 '25 '25 '25 '25 '25 '25 '25 '25 '25

 Operating Revenue Operating Expenses




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 Library Operations
 Fayetteville Public Library
 Budget to Actual (Unrestricted)
 As of September 30, 2025

Preliminary: Subject to Audit
 Year Ending Year To Date Period Ending Month Ending
 12/31/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 ANNUAL BUDGET
 IN-YEAR BUDGET REMAINING
 Adopted Budget ADJ Amended Budget YTD Budget YTD ACTUAL ACTUAL ENCUMBRANCES BUDGET % Used/Rec'd


  Revenue

 Local Tax Support
 4882 - Ext. Transfer from City - Property Tax 6,426,559.00 0.00 6,426,559.00 3,415,837.00 3,407,887.02 149,221.42 0.00 3,018,672 53.0 %
 Rev.
 Local Tax Support 6,426,559.00 0.00 6,426,559.00 3,415,837.00 3,407,887.02 149,221.42 0.00 3,018,672 53.0 %

 City of Fayetteville Transfers
 4880 - Ext. Transfer from City - Operations 1,812,401.00 0.00 1,812,401.00 1,359,299.00 1,368,050.75 148,116.75 0.00 444,350 75.5 %
 City of Fayetteville Transfers 1,812,401.00 0.00 1,812,401.00 1,359,299.00 1,368,050.75 148,116.75 0.00 444,350 75.5 %

 State Aid & Grant Revenue
 4010 - State Library Turnback 169,112.00 (169,112.00) 0.00 0.00 0.00 0.00 0.00 0 0.0 %
 State Aid & Grant Revenue 169,112.00 (169,112.00) 0.00 0.00 0.00 0.00 0.00 0 0.0 %

 Charges for Services
 4202 - Rental Income 34,700.00 0.00 34,700.00 27,228.00 0.00 0.00 0.00 34,700 0.0 %
 4203 - Nontaxable Rental Fees 0.00 0.00 0.00 0.00 48,915.00 5,400.00 0.00 (48,915) 0.0 %
 4205 - Copier & Printer Income 4,150.00 0.00 4,150.00 3,172.00 4,738.03 514.65 0.00 (588) 114.2 %
 4220 - Merchandise Sales 800.00 0.00 800.00 662.00 825.00 126.50 0.00 (25) 103.1 %
 4240 - Discounts 0.00 0.00 0.00 0.00 (2,800.00) (175.00) 0.00 2,800 0.0 %
 4302 - Fees 71,970.00 0.00 71,970.00 47,356.00 61,494.31 7,189.13 0.00 10,476 85.4 %
 4995 - Cash Over and Short 0.00 0.00 0.00 0.00 (13.72) 7.90 0.00 14 0.0 %
 Charges for Services 111,620.00 0.00 111,620.00 78,418.00 113,158.62 13,063.18 0.00 (1,539) 101.4 %

 Contributions & Donations
 4110 - In-Kind Contributions 0.00 0.00 0.00 0.00 2,765.00 1,265.00 0.00 (2,765) 0.0 %
 4650 - Contributions - Undesignated 0.00 0.00 0.00 0.00 903.74 200.99 0.00 (904) 0.0 %
 Contributions & Donations 0.00 0.00 0.00 0.00 3,668.74 1,465.99 0.00 (3,669) 0.0 %

 Miscellaneous Revenue
 4992 - Misc. Revenue 0.00 0.00 0.00 0.00 5,742.83 150.00 0.00 (5,743) 0.0 %
 4993 - Insurance Proceeds 0.00 0.00 0.00 0.00 317,068.50 0.00 0.00 (317,069) 0.0 %
 Miscellaneous Revenue 0.00 0.00 0.00 0.00 322,811.33 150.00 0.00 (322,811) 0.0 %

 Transfers In
 6010 - Int. Transfer In 345,000.00 0.00 345,000.00 185,000.00 72,100.49 0.00 0.00 272,900 20.9 %

This report reflects only unrestricted funds within Fund 10. 14
 Library Operations
 Fayetteville Public Library
 Budget to Actual (Unrestricted)
 As of September 30, 2025

Preliminary: Subject to Audit
 Year Ending Year To Date Period Ending Month Ending
 12/31/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 ANNUAL BUDGET
 IN-YEAR BUDGET REMAINING
 Adopted Budget ADJ Amended Budget YTD Budget YTD ACTUAL ACTUAL ENCUMBRANCES BUDGET % Used/Rec'd
 4899 - Ext. Transfer In 142,386.00 0.00 142,386.00 71,193.00 2,936.57 240.00 0.00 139,449 2.1 %


 Transfers In 487,386.00 0.00 487,386.00 256,193.00 75,037.06 240.00 0.00 412,349 15.4 %

 Investment Earnings
 Investment Income 0.00 0.00 0.00 0.00 43,613.63 3,815.39 0.00 (43,614) 0.0 %
 Total Investment Earnings 0.00 0.00 0.00 0.00 43,613.63 3,815.39 0.00 (43,614) 0.0 %
 Use of Reserves 238,086.00 0.00 238,086.00 238,086.00 0.00 0.00 0.00 238,086 0.0 %
  Total Revenue 9,245,164.00 (169,112.00) 9,076,052.00 5,347,833.00 5,334,227.15 316,072.73 0.00 3,741,825 58.8 %


  Expenditures

 Personnel Services

 Salary & Wages
 5100 - Salaries 2,282,361.00 0.00 2,282,361.00 1,711,764.00 1,721,223.57 184,344.22 0.00 561,137 75.4 %
 5102 - Hourly Wages 2,227,971.00 0.00 2,227,971.00 1,670,986.00 1,454,290.41 166,325.37 0.00 773,681 65.3 %
 5103 - Overtime 0.00 0.00 0.00 0.00 23,448.24 2,922.54 0.00 (23,448) 0.0 %
 5105 - Vacation Pay 0.00 0.00 0.00 0.00 143,332.45 21,788.67 0.00 (143,332) 0.0 %
 5106 - Sick Pay 0.00 0.00 0.00 0.00 70,533.05 10,920.82 0.00 (70,533) 0.0 %
 5112 - Holiday Pay 0.00 0.00 0.00 0.00 87,623.50 11,928.18 0.00 (87,624) 0.0 %
 5113 - Social Security Taxes 345,041.00 0.00 345,041.00 258,784.00 253,348.85 29,017.91 0.00 91,692 73.4 %
 5115 - Unemployment 6,950.00 0.00 6,950.00 5,206.00 7,402.51 119.98 0.00 (453) 106.5 %
 5116 - Workers Compensation 50,000.00 0.00 50,000.00 50,000.00 41,071.54 0.00 0.00 8,928 82.1 %
 Total Salary & Wages 4,912,323.00 0.00 4,912,323.00 3,696,740.00 3,802,274.12 427,367.69 0.00 1,110,049 77.4 %

 Employee Benefits
 5109 - LT Disability 7,592.00 0.00 7,592.00 5,699.00 (82.86) (6.79) 0.00 7,675 (1.1) %
 5110 - Salary Contingency 413,233.00 0.00 413,233.00 413,233.00 0.00 0.00 0.00 413,233 0.0 %
 5120 - Health Insurance 439,740.00 0.00 439,740.00 329,801.00 249,111.13 27,825.32 0.00 190,629 56.6 %
 5121 - Health Savings Account 63,336.00 0.00 63,336.00 47,510.00 42,292.40 4,463.60 0.00 21,044 66.8 %
 5122 - Life Insurance 6,435.00 0.00 6,435.00 4,833.00 10,774.37 1,388.71 0.00 (4,339) 167.4 %
 5125 - AD&D 2,149.00 0.00 2,149.00 1,615.00 (26.62) (1.95) 0.00 2,176 (1.2) %
 5130 - EAP 0.00 0.00 0.00 0.00 1,722.12 0.00 0.00 (1,722) 0.0 %
 5135 - Retirement Saving Plan 360,202.00 0.00 360,202.00 270,149.00 262,699.94 29,927.64 0.00 97,502 72.9 %


This report reflects only unrestricted funds within Fund 10. 15
 Library Operations
 Fayetteville Public Library
 Budget to Actual (Unrestricted)
 As of September 30, 2025

Preliminary: Subject to Audit
 Year Ending Year To Date Period Ending Month Ending
 12/31/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 ANNUAL BUDGET
 IN-YEAR BUDGET REMAINING
 Adopted Budget ADJ Amended Budget YTD Budget YTD ACTUAL ACTUAL ENCUMBRANCES BUDGET % Used/Rec'd

 Employee Benefits 1,292,687.00 0.00 1,292,687.00 1,072,840.00 566,490.48 63,596.53 0.00 726,197 43.8 %
 Total Personnel Services 6,205,010.00 0.00 6,205,010.00 4,769,580.00 4,368,764.60 490,964.22 0.00 1,836,245 70.4 %

 Materials & Supplies
 5200 - Office Supplies & Printing 100,688.00 0.00 100,688.00 80,532.00 59,349.76 10,630.10 0.00 41,338 58.9 %
 5201 - Small Tools & Equipment 28,000.00 0.00 28,000.00 20,300.00 3,820.24 46.38 0.00 24,180 13.6 %
 5203 - Medical Supplies 4,025.00 0.00 4,025.00 4,025.00 285.96 0.00 0.00 3,739 7.1 %
 5210 - Food & Catering for Events 6,150.00 0.00 6,150.00 2,925.00 3,210.46 785.94 0.00 2,940 52.2 %
 5218 - Cleaning Supplies 61,300.00 0.00 61,300.00 45,975.00 47,085.38 6,199.80 249.25 13,965 76.8 %
 5220 - Tech Supplies 20,550.00 0.00 20,550.00 15,200.00 11,111.29 1,616.82 0.00 9,439 54.1 %
 5224 - Landscape Materials 10,000.00 9,947.00 19,947.00 18,747.00 7,592.77 0.00 0.00 12,354 38.1 %
 5226 - Merchandise for Resale 100.00 0.00 100.00 0.00 0.00 0.00 0.00 100 0.0 %
 5230 - Computer Hardware Supplies 53,500.00 0.00 53,500.00 38,250.00 51,370.72 1,827.56 0.00 2,129 96.0 %
 5235 - Signage 9,375.00 4,205.62 13,580.62 12,380.62 6,640.07 759.28 0.00 6,941 48.9 %
 5250 - On-line Database 0.00 0.00 0.00 0.00 1,500.00 0.00 0.00 (1,500) 0.0 %
 5251 - Programming Materials & Supplies 124,282.00 (30,869.69) 93,412.31 70,368.31 49,961.15 3,638.74 0.00 43,451 53.5 %
 5252 - Repair Parts & Damaged Repairs 1,600.00 0.00 1,600.00 1,200.00 1,387.33 0.00 0.00 213 86.7 %
 5255 - Circulating Equipment 28,300.00 0.00 28,300.00 21,550.00 319.88 59.24 0.00 27,980 1.1 %
 5260 - Print Books 0.00 0.00 0.00 0.00 451.68 (108.27) 0.00 (452) 0.0 %
 5265 - E-Book 0.00 0.00 0.00 0.00 18,177.95 0.00 0.00 (18,178) 0.0 %
 5270 - E-Book Consortium 0.00 0.00 0.00 0.00 6,505.55 0.00 0.00 (6,506) 0.0 %
 5287 - Audio 0.00 0.00 0.00 0.00 81.73 0.00 0.00 (82) 0.0 %
 5900 - Miscellaneous Expense 0.00 0.00 0.00 0.00 272.46 0.00 0.00 (272) 0.0 %
 5904 - Incident Repair or Replacement 0.00 19,977.00 19,977.00 19,977.00 17,251.59 0.00 0.00 2,725 86.4 %
 Materials & Supplies 447,870.00 3,259.93 451,129.93 351,429.93 286,375.97 25,455.59 249.25 164,505 63.5 %

 Services & Charges

 5301 - Advertisement 15,100.00 0.00 15,100.00 11,875.00 3,751.04 609.00 0.00 11,349 24.8 %
 5303 - Subscriptions, Publications and Dues 99,610.00 4,756.25 104,366.25 78,516.25 80,865.28 10,538.46 19,845.18 3,656 77.5 %
 5304 - Licenses & Permits 150.00 0.00 150.00 0.00 538.96 35.83 0.00 (389) 359.3 %
 5305 - Postage 20,000.00 0.00 20,000.00 15,002.00 10,064.58 0.00 0.00 9,935 50.3 %
 5346 - Drop Box Services 1,450.00 0.00 1,450.00 1,450.00 1,450.00 0.00 (2,800.00) 2,800 100.0 %
 5350 - Programming Services 180,270.00 43,744.00 224,014.00 213,289.00 126,798.53 (4,648.51) 0.00 97,215 56.6 %
 5358 - Hospitality 1,400.00 0.00 1,400.00 1,100.00 138.47 0.00 0.00 1,262 9.9 %
 5360 - Mileage Reimbursement 4,850.00 0.00 4,850.00 3,327.00 270.80 193.90 0.00 4,579 5.6 %
 5361 - Training & Development 66,375.00 0.00 66,375.00 58,474.00 27,600.09 6,851.12 1.00 38,774 41.6 %
 5362 - Travel 80,940.00 0.00 80,940.00 72,000.00 30,290.57 5,856.78 0.00 50,649 37.4 %

This report reflects only unrestricted funds within Fund 10. 16
 Library Operations
 Fayetteville Public Library
 Budget to Actual (Unrestricted)
 As of September 30, 2025

Preliminary: Subject to Audit
 Year Ending Year To Date Period Ending Month Ending
 12/31/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 ANNUAL BUDGET
 IN-YEAR BUDGET REMAINING
 Adopted Budget ADJ Amended Budget YTD Budget YTD ACTUAL ACTUAL ENCUMBRANCES BUDGET % Used/Rec'd
 5375 - Employee Recognition 26,976.00 0.00 26,976.00 20,601.00 8,892.26 2,052.33 0.00 18,084 33.0 %
 5385 - Board & Volunteer Recognition 4,000.00 0.00 4,000.00 1,000.00 1,297.60 0.00 0.00 2,702 32.4 %
 5390 - Uniform Expense 13,000.00 0.00 13,000.00 9,900.00 12,887.60 1,545.57 0.00 112 99.1 %
 5424 - Equipment Lease/Rental 102,700.00 0.00 102,700.00 75,527.00 76,321.81 8,544.22 0.00 26,378 74.3 %
 5421 - Insurance - Building 255,000.00 0.00 255,000.00 255,000.00 182,659.13 0.00 0.00 72,341 71.6 %
 5422 - Insurance - Liability 27,250.00 0.00 27,250.00 27,250.00 18,939.19 3,176.25 0.00 8,311 69.5 %
 5423 - Other Rental 12,600.00 0.00 12,600.00 9,450.00 13,786.55 1,560.00 0.00 (1,187) 109.4 %
 5394 - Admin & Management Fees 32,200.00 12,281.59 44,481.59 36,431.59 26,205.94 0.00 0.00 18,276 58.9 %
 5395 - Bank Service Charges 28,000.00 0.00 28,000.00 20,998.00 19,689.22 2,141.17 0.00 8,311 70.3 %
 5399 - In-Kind Expense 0.00 0.00 0.00 0.00 2,765.00 1,265.00 0.00 (2,765) 0.0 %
 5500 - Property Tax Expense 600.00 0.00 600.00 600.00 0.00 0.00 0.00 600 0.0 %
 5905 - Operating Contingency 40,000.00 107,425.00 147,425.00 147,425.00 0.00 0.00 0.00 147,425 0.0 %
 Total Services & Charges 1,012,471.00 168,206.84 1,180,677.84 1,059,215.84 645,212.62 39,721.12 17,046.18 518,419 54.6 %

 5340 - Audit 54,000.00 0.00 54,000.00 54,000.00 50,000.00 0.00 400.00 3,600 92.6 %
 5341 - Legal 15,000.00 0.00 15,000.00 11,250.00 22,740.57 802.50 0.00 (7,741) 151.6 %
 5344 - Contract Services 405,840.00 38,179.75 444,019.75 374,101.75 213,236.67 29,523.77 13,853.96 216,929 48.0 %
 Purchased Professional and Technical Ser- 474,840.00 38,179.75 513,019.75 439,351.75 285,977.24 30,326.27 14,253.96 212,789 55.7 %
 vices

 5310 - Telecommunications 53,400.00 0.00 53,400.00 40,050.00 26,463.16 2,787.91 0.00 26,937 49.6 %
 5312 - Natural Gas 27,200.00 0.00 27,200.00 18,500.00 28,210.89 316.41 0.00 (1,011) 103.7 %
 5314 - Electricity 288,000.00 (169,112.00) 118,888.00 50,888.00 170,053.90 24,875.50 0.00 (51,166) 143.0 %
 5316 - Municipal Water 24,600.00 0.00 24,600.00 19,800.00 14,872.81 3,851.42 0.00 9,727 60.5 %
 Utilities 393,200.00 (169,112.00) 224,088.00 129,238.00 239,600.76 31,831.24 0.00 (15,513) 106.9 %
 Services & Charges 1,880,511.00 37,274.59 1,917,785.59 1,627,805.59 1,170,790.62 101,878.63 31,300.14 715,695 61.0 %

 Maintenance
 5401 - Building Maintenance 66,100.00 0.00 66,100.00 49,450.00 66,580.76 12,191.11 0.00 (481) 100.7 %
 5405 - Landscape Maintenance 4,000.00 0.00 4,000.00 2,000.00 36.22 0.00 0.00 3,964 0.9 %
 5410 - Equipment Maintenance 90,100.00 0.00 90,100.00 86,700.00 64,321.62 0.00 0.00 25,778 71.4 %
 Maintenance 160,200.00 0.00 160,200.00 138,150.00 130,938.60 12,191.11 0.00 29,261 81.7 %

 Transfers Out
 6020 - Int. Transfer Out 0.00 505,725.00 505,725.00 505,725.00 0.00 0.00 0.00 505,725 0.0 %
 Transfers Out 0.00 505,725.00 505,725.00 505,725.00 0.00 0.00 0.00 505,725 0.0 %

 Capital Outlay 607,547.00 40,720.60 648,267.60 593,774.60 481,470.53 29,092.20 14,662.97 152,134 74.3 %

This report reflects only unrestricted funds within Fund 10. 17
 Library Operations
 Fayetteville Public Library
 Budget to Actual (Unrestricted)
 As of September 30, 2025

Preliminary: Subject to Audit
 Year Ending Year To Date Period Ending Month Ending
 12/31/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 ANNUAL BUDGET
 IN-YEAR BUDGET REMAINING
 Adopted Budget ADJ Amended Budget YTD Budget YTD ACTUAL ACTUAL ENCUMBRANCES BUDGET % Used/Rec'd

  Total Expenditures 9,301,138.00 586,980.12 9,888,118.12 7,986,465.12 6,438,340.32 659,581.75 46,212.36 3,403,565 65.1 %


  Change in Net Assets (55,974.00) (756,092.12) (812,066.12) (2,638,632.12) (1,104,113.17) (343,509.02) (46,212.36) 338,259 136.0 %




This report reflects only unrestricted funds within Fund 10. 18
 Library
 Fayetteville Public Library
 Summarized Budget to Actual
 As of September 30, 2025

Preliminary: Subject to Audit
 10--Library 15--Expansion - 20--Long Term - 40--Furniture & 50--Technology 70--Bond Debt
 Operations Operations Reserve 30--Facility Reserve Equipment Reserve Equipment Reserve Service Fund 80--Food Services 85--Events All Funds
 Year Ending Year To Date
 12/31/2025 Remaining Budget
 Amended Budget YTD Actual YTD Actual YTD Actual YTD Actual YTD Actual YTD Actual YTD Actual YTD Actual YTD Actual YTD Actual Includes Encumbrance


  Revenue

 Local Tax Support 9,494,559.00 3,407,887.02 0.00 0.00 0.00 0.00 0.00 1,635,783.31 0.00 0.00 5,043,670.33 4,450,888.67

 City of Fayetteville Transfers 2,925,401.00 2,034,300.75 0.00 0.00 278,000.00 0.00 0.00 0.00 0.00 0.00 2,312,300.75 613,100.25

 State Aid & Grant Revenue 417,730.62 362,901.03 0.00 0.00 0.00 0.00 0.00 0.00 22.40 0.00 362,923.43 54,807.19

 Charges for Services 477,880.00 113,158.62 0.00 0.00 0.00 0.00 0.00 0.00 0.00 252,226.50 365,385.12 112,494.88

 Contributions & Donations 26,956.84 27,625.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 27,625.58 (668.74)

 Miscellaneous Revenue 0.00 322,811.33 0.00 0.00 0.00 0.00 0.00 0.00 142.98 1.09 322,955.40 (322,955.40)

 Transfers In 647,386.00 75,037.06 0.00 0.00 0.00 0.00 160,000.00 0.00 0.00 0.00 235,037.06 412,348.94

 Investment Earnings
 Investment Income 0.00 43,613.63 18,263.04 43,593.05 14,979.84 7,326.05 8,249.83 0.00 0.00 904.71 136,930.15 (136,930.15)
 Gain/Loss - Realized 0.00 0.00 0.00 (150.80) (55.84) (22.89) (28.96) 0.00 0.00 0.00 (258.49) 258.49
 Gain/Loss - Unrealized 0.00 0.00 0.00 9,778.94 1,787.17 935.65 2,048.04 0.00 0.00 0.00 14,549.80 (14,549.80)
 Investment Management Fees & Expenses 0.00 0.00 0.00 (3,372.00) (1,095.00) (536.00) (668.00) 0.00 0.00 0.00 (5,671.00) 5,671.00
 Total Investment Earnings 0.00 43,613.63 18,263.04 49,849.19 15,616.17 7,702.81 9,600.91 0.00 0.00 904.71 145,550.46 (145,550.46)
 Use of Reserves 607,331.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 607,331.00
  Total Revenue 14,597,244.46 6,387,335.02 18,263.04 49,849.19 293,616.17 7,702.81 169,600.91 1,635,783.31 165.38 253,132.30 8,815,448.13 5,781,796.33



  Expenditures
 Personnel Services
 Salary & Wages 5,411,857.94 3,976,277.57 0.00 0.00 0.00 0.00 0.00 0.00 0.00 108,633.07 4,084,910.64 1,326,947.30
 Employee Benefits 1,356,638.00 592,740.95 0.00 0.00 0.00 0.00 0.00 0.00 (1,509.76) 8,239.65 599,470.84 757,167.16
 Total Personnel Services 6,768,495.94 4,569,018.52 0.00 0.00 0.00 0.00 0.00 0.00 (1,509.76) 116,872.72 4,684,381.48 2,084,114.46

 Materials & Supplies 1,391,764.19 790,803.65 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,099.52 794,903.17 588,915.79
 Services & Charges 2,232,657.21 1,263,021.02 0.00 0.00 0.00 0.00 0.00 0.00 13.44 4,117.34 1,267,151.80 934,205.27
 Maintenance 167,637.17 137,779.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 137,779.01 29,858.16
 Transfers Out 4,078,725.00 160,000.00 0.00 0.00 0.00 0.00 0.00 1,635,783.31 72,100.49 0.00 1,867,883.80 2,210,841.20
 Capital Outlay 1,065,174.24 577,241.26 0.00 0.00 (9,591.91) 0.00 0.00 0.00 0.00 8,865.12 576,514.47 473,996.80
  Total Expenditures 15,704,453.75 7,497,863.46 0.00 0.00 (9,591.91) 0.00 0.00 1,635,783.31 70,604.17 133,954.70 9,328,613.73 6,321,931.68


  Change in Net Assets (1,107,209.29) (1,110,528.44) 18,263.04 49,849.19 303,208.08 7,702.81 169,600.91 0.00 (70,438.79) 119,177.60 (513,165.60) (540,135.35)




 Filter tab and prompt selections:
As of date: 09/30/2025 ; Department: All; Include subdimensions: Off; Hide inactives: Off ; Fund: Library; Include subdimensions: Off; Hide inactives: Off ; Client or Donor: All; Include subdimensions: Off ; Client or Donor type: All; Include subdimensions: Off ; Vendor: All; Include subdimensions: Off ; Vendor type: All; Include subdimensions: Off ;
 Employee: All; Include subdimensions: Off ; Employee type: All; Include subdimensions: Off ; Item: All ; Product line: All; Include subdimensions: Off ; Restriction: All; Include subdimensions: Off ; Project: All; Include subdimensions: Off ; Project type: All; Include subdimensions: Off ;




Created on 10/08/2025, 10:50 AM CDT Page 1
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 Library
 Balance Sheet
 Fayetteville Public Library
Preliminary: Subject to Audit
 40--Furniture & 50--Technology 60--Capital
 10--Library 15--Expansion - 20--Long Term - 30--Facility Equipment Equipment Construction 70--Bond Debt 80--Food
 Operations Operations Reserve Reserve Reserve Reserve Fund Service Fund Services 85--Events All Funds
 Month Ending Month Ending Month Ending Month Ending Month Ending Month Ending Month Ending Month Ending Month Ending Month Ending Month Ending
 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025
  Assets
 Cash & Investments
 1000 - Undeposited Funds 1,000 0 0 0 0 0 0 0 0 300 1,300
 1003 - Petty Cash 3,074 0 0 0 0 0 0 0 0 0 3,074
 1009 - Bank of Fayetteville - FPL 55,037 0 0 0 0 0 0 0 0 (274) 54,762
 1020 - Arvest - Library Operations 629,435 0 0 0 0 0 0 0 0 0 629,435
 1025 - Arvest - Events 0 0 0 0 0 0 0 0 0 187,200 187,201
 1030 - First Security - FPL 551,710 0 0 0 0 0 0 0 0 0 551,711
 1100 - Schwab FPL - Operating 844,206 0 0 0 0 0 0 0 0 0 844,205
 1105 - Schwab FPL - Expansion O&M 0 667,974 0 0 0 0 0 0 0 0 667,974
 1110 - Schwab FPL - Long Term 0 0 1,833,021 0 0 0 0 0 0 0 1,833,020
 1115 - Schwab FPL - Facilities Replace- 0 0 0 682,660 0 0 0 0 0 0 682,661
 ment
 1120 - Schwab FPL - Furniture & Equip. 0 0 0 0 291,479 0 0 0 0 0 291,479
 1125 - Schwab FPL - Technology 0 0 0 0 0 470,459 0 0 0 0 470,459
 1130 - Schwab FPL - Expansion Capital 0 0 0 0 0 0 4 0 0 0 5
 Total Cash & Investment 2,084,462 667,974 1,833,021 682,660 291,479 470,459 4 0 0 187,226 6,217,286
 Receivables
 1200 - Claims Pending 89 0 0 0 0 0 0 0 0 0 89
 1240 - Accounts Receivable 164,934 0 0 0 0 0 0 0 0 105,952 270,885
 1243 - Grants Receivable 79,799 0 0 0 0 0 0 0 0 0 79,800
 1265 - Sales Tax Rebate Receivable 6,464 0 0 9,592 0 0 0 0 0 0 16,056
 1270 - Due From Other Funds 232,572 0 76,240 30 0 123,082 0 0 0 49 431,972
 1271 - Due From Other Governments 6,995,416 0 0 0 0 0 0 3,357,800 0 0 10,353,215
 (Property Tax & Debt Service)
 1275 - 10 Due From 91 364,475 0 0 0 0 0 0 0 0 0 364,475
 1279 - 10 Due From 80 602,467 0 0 0 0 0 0 0 0 0 602,468
 1280 - 80 Due From 10 0 0 0 0 0 0 0 0 348,004 0 348,004
 1281 - 10 Due From 85 502,913 0 0 0 0 0 0 0 0 0 502,912
 1282 - 85 Due From 10 0 0 0 0 0 0 0 0 0 637,959 637,959
 1285 - 80 Due From 85 0 0 0 0 0 0 0 0 2,361 0 2,361
 1286 - 85 Due From 80 0 0 0 0 0 0 0 0 0 8,920 8,920
 1400 - Interfund (1,232,239) 3,899,883 (1,115,400) 3,787 43,381 365,371 (192,504) (1,772,280) 0 0 0
 Total Receivables 7,716,890 3,899,883 (1,039,160) 13,409 43,381 488,453 (192,504) 1,585,520 350,365 752,880 13,619,116
 Prepaid Expenses
 1500 - Prepaid Expenses 118,085 0 0 0 0 0 0 0 0 0 118,085
 Prepaid Expenses 118,085 0 0 0 0 0 0 0 0 0 118,085
 Fixed Assets
 Depreciable Assets
 1801 - Building 22,132,023 0 0 0 0 0 0 0 0 0 22,132,023
 1802 - Vehicles 91,190 0 0 0 0 0 0 0 0 0 91,190
 1805 - Software 174,237 0 0 0 0 0 0 0 0 0 174,237
 1811 - Books & Publications 2,620,698 0 0 0 0 0 0 0 0 0 2,620,698
 1813 - Equipment 3,697,952 0 0 0 0 0 0 0 0 0 3,697,952
 1815 - Furniture & Fixtures 263,427 0 0 0 0 0 0 0 0 60,681 324,108
 1999 - Accumulated Depreciation (11,940,028) 0 0 0 0 0 0 0 0 (20,950) (11,960,978)
 Total Depreciable Assets 17,039,499 0 0 0 0 0 0 0 0 39,731 17,079,230
 Non Depreciable Assets 1,605,676 0 0 0 0 0 0 0 0 0 1,605,676
 Total Fixed Assets, Net 18,645,175 0 0 0 0 0 0 0 0 39,731 18,684,906



Created on 10/08/2025, 10:48 AM CDT Page 1
 20
 Library
 Balance Sheet
 Fayetteville Public Library
Preliminary: Subject to Audit
 40--Furniture & 50--Technology 60--Capital
 10--Library 15--Expansion - 20--Long Term - 30--Facility Equipment Equipment Construction 70--Bond Debt 80--Food
 Operations Operations Reserve Reserve Reserve Reserve Fund Service Fund Services 85--Events All Funds
 Month Ending Month Ending Month Ending Month Ending Month Ending Month Ending Month Ending Month Ending Month Ending Month Ending Month Ending
 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025
  Total Assets $ 28,564,612 $ 4,567,857 $ 793,861 $ 696,069 $ 334,860 $ 958,912 $ (192,500) $ 1,585,520 $ 350,365 $ 979,837 $ 38,639,393



  Liabilities and Fund Balances

 Liabilities

 Accounts Payable
 2001 - Accounts Payable 178,278 0 0 0 0 0 0 0 0 0 178,278
 2004 - Friends of FPL Pass through 2,002 0 0 0 0 0 0 0 0 0 2,002
 2005 - FDN Designated Pass Through (100,438) 0 0 0 0 0 0 0 0 0 (100,438)
 to FPL
 2007 - FPL CentreSuite (2,440) 0 0 0 0 0 0 0 0 0 (2,440)
 2099 - AR State Library Scholarship 793 0 0 0 0 0 0 0 0 0 793
 Pass Through
 2415 - Security Deposits 5,000 0 0 0 0 0 0 0 0 42,500 47,500
 2414 - Convenience Fee 463 0 0 0 0 0 0 0 0 0 463
 2020 - Accrued Accounts Payable 79,420 0 0 0 0 0 0 0 0 0 79,420
 Total Accounts Payable 163,078 0 0 0 0 0 0 0 0 42,500 205,578

 Salaries & Benefits Payable
 2125 - Accrued Salaries & Wages 94,742 0 0 0 0 0 0 0 0 2,023 96,765
 2130 - Voluntary Vision Insurance 456 0 0 0 0 0 0 0 0 0 456
 2140 - Voluntary Life, STD & AD&D 1,690 0 0 0 0 0 0 0 0 0 1,690
 2145 - Accrued Vacation 282,939 0 0 0 0 0 0 0 0 2,060 284,999
 2148 - Voluntary Supplemental Insur- 93 0 0 0 0 0 0 0 0 0 93
 ance
 2155 - Voluntary Dental Insurance 1,971 0 0 0 0 0 0 0 0 0 1,971
 2160 - Accrued Sick Time 127,948 0 0 0 0 0 0 0 0 0 127,948
 2175 - Health Insurance Liability 13,718 0 0 0 0 0 0 0 0 0 13,717
 2185 - FSA - Medical 375 0 0 0 0 0 0 0 0 0 375
 2186 - FSA - Dependent Care 816 0 0 0 0 0 0 0 0 0 817
 2187 - Health Savings Account Liabil- 12,006 0 0 0 0 0 0 0 0 0 12,005
 ity
 2195 - Capital Campaign Liability 167 0 0 0 0 0 0 0 0 0 167
 2196 - Caring Committee (1,709) 0 0 0 0 0 0 0 0 0 (1,708)
 2197 - Healthy Habits 3,176 0 0 0 0 0 0 0 0 0 3,176
 2198 - Annual Fund Liability 30 0 0 0 0 0 0 0 0 0 30
 Total Salaries & Benefits Payable 538,418 0 0 0 0 0 0 0 0 4,083 542,501
 Other Payables
 2057 - Sales Tax 0 0 0 0 0 0 0 0 0 141 142
 2061 - Short Term Tax 0 0 0 0 0 0 0 0 0 15 14
 Total Other Payables 0 0 0 0 0 0 0 0 0 156 156

 Deferred Revenue
 2410 - Deferred Revenue 475,013 0 0 0 0 0 0 0 0 0 475,013
 Total Deferred Revenue 475,013 0 0 0 0 0 0 0 0 0 475,013


 Due to Other Funds


Created on 10/08/2025, 10:48 AM CDT Page 2
 21
 Library
 Balance Sheet
 Fayetteville Public Library
Preliminary: Subject to Audit
 40--Furniture & 50--Technology 60--Capital
 10--Library 15--Expansion - 20--Long Term - 30--Facility Equipment Equipment Construction 70--Bond Debt 80--Food
 Operations Operations Reserve Reserve Reserve Reserve Fund Service Fund Services 85--Events All Funds
 Month Ending Month Ending Month Ending Month Ending Month Ending Month Ending Month Ending Month Ending Month Ending Month Ending Month Ending
 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025 09/30/2025

 Due to Foundation 3,154 0 0 0 0 0 0 0 0 0 3,154

 Due to Library 0 0 0 0 0 0 0 0 602,468 502,912 1,105,380

 Due to Others 197,770 0 0 68,517 0 84,885 77,580 0 3,160 12 431,923
 Due to Food Services 348,003 0 0 0 0 0 0 0 0 2,361 350,365
 Internal Due To 637,959 0 0 0 0 0 0 0 8,920 0 646,879
 Total Due to Other Funds 1,186,886 0 0 68,517 0 84,885 77,580 0 614,548 505,285 2,537,701
 Total Liabilities 2,363,395 0 0 68,517 0 84,885 77,580 0 614,548 552,024 3,760,949



 Fund Balance 26,201,217 4,567,857 793,861 627,552 334,860 874,027 (270,080) 1,585,520 (264,183) 427,813 34,878,444

  Total Liabilities and Fund Balances $ 28,564,612 $ 4,567,857 $ 793,861 $ 696,069 $ 334,860 $ 958,912 $ (192,500) $ 1,585,520 $ 350,365 $ 979,837 $ 38,639,393




Created on 10/08/2025, 10:48 AM CDT Page 3
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Fayetteville Public Library
A Component Unit of the City
of Fayetteville, Arkansas

Independent Auditor’s Report and Financial
Statements



December 31, 2024




 30
Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Contents
December 31, 2024


  Independent Auditor’s Report ....................................................................................................................... 1

  Management’s Discussion and Analysis ..................................................................................................... 4

  Financial Statements

 Governmental Funds Balance Sheet/Statement of Net Position ................................................................ 9

 Statement of Governmental Funds Revenues, Expenditures, and Changes in Fund
 Balances/Statement of Activities ............................................................................................................. 11

 Notes to Financial Statements .................................................................................................................... 12

  Required Supplementary Information

 Budgetary Comparison Schedule and Notes to Required Supplementary Information .............................. 24

  Report on Internal Control Over Financial Reporting and on Compliance and Other
 Matters Based on an Audit of Financial Statements Performed in Accordance With
 Government Auditing Standards – Independent Auditor’s Report ....................................................... 25




 31
 Independent Auditor’s Report


 Board of Trustees
 Fayetteville Public Library
 Fayetteville, Arkansas

 Report on the Audit of the Financial Statements

 Opinions
 We have audited the financial statements of the governmental activities and each major fund of
 Fayetteville Public Library (Library), a component unit of the City of Fayetteville, Arkansas, as of and for the
 year ended December 31, 2024 and the related notes to the financial statements, which collectively
 comprise the Library’s basic financial statements, as listed in the table of contents.

 In our opinion, the accompanying financial statements present fairly, in all material respects, the
 respective financial position of the governmental activities and each major fund of the Library, as of
 December 31, 2024 and the respective changes in financial position for the year then ended, in
 accordance with accounting principles generally accepted in the United States of America.

 Basis for Opinions
 We conducted our audit in accordance with auditing standards generally accepted in the United States of
 America (GAAS) and the standards applicable to financial audits contained in Government Auditing
 Standards, issued by the Comptroller General of the United States (Government Auditing Standards). Our
 responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit
 of the Financial Statements section of our report. We are required to be independent of the Library and to
 meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our
 audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
 basis for our audit opinions.

 Responsibilities of Management for the Financial Statements
 Management is responsible for the preparation and fair presentation of these financial statements in
 accordance with accounting principles generally accepted in the United States of America and for the
 design, implementation, and maintenance of internal control relevant to the preparation and fair
 presentation of financial statements that are free from material misstatement, whether due to fraud or
 error.

 In preparing the financial statements, management is required to evaluate whether there are conditions or
 events, considered in the aggregate, that raise substantial doubt about the Library’s ability to continue as
 a going concern for 12 months beyond the financial statement date, including any currently known
 information that may raise substantial doubt shortly thereafter.




Forvis Mazars, LLP is an independent member of Forvis Mazars Global Limited
 32
 Board of Trustees
 Fayetteville Public Library

Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance
and, therefore, is not a guarantee that an audit conducted in accordance with GAAS and Government
Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.

In performing an audit in accordance with GAAS and Government Auditing Standards, we:

 • Exercise professional judgment and maintain professional skepticism throughout the audit.
 • Identify and assess the risks of material misstatement of the financial statements, whether due to
 fraud or error, and design and perform audit procedures responsive to those risks. Such
 procedures include examining, on a test basis, evidence regarding the amounts and disclosures
 in the financial statements.
 • Obtain an understanding of internal control relevant to the audit in order to design audit
 procedures that are appropriate in the circumstances, but not for the purpose of expressing an
 opinion on the effectiveness of Library’s internal control. Accordingly, no such opinion is
 expressed.
 • Evaluate the appropriateness of accounting policies used and the reasonableness of significant
 accounting estimates made by management, as well as evaluate the overall presentation of the
 financial statements.
 • Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
 that raise substantial doubt about Library’s ability to continue as a going concern for a reasonable
 period of time.

We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control-related
matters that we identified during the audit.

Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis and budgetary comparison information be presented to supplement the basic
financial statements. Such information is the responsibility of management and, although not a part of the
basic financial statements, is required by the Governmental Accounting Standards Board, who considers
it to be an essential part of financial reporting for placing the basic financial statements in an appropriate
operational, economic, or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with auditing standards generally accepted in the United States
of America, which consisted of inquiries of management about the methods of preparing the information
and comparing the information for consistency with management’s responses to our inquiries, the basic
financial statements, and other knowledge we obtained during our audit of the basic financial statements.
We do not express an opinion or provide any assurance on the information because the limited
procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.




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 33
 Board of Trustees
 Fayetteville Public Library

Other Information

Report on Summarized Comparative Information
We have previously audited the Library’s December 31, 2023 financial statements, and we expressed
unmodified opinions on the respective financial statements of the governmental activities and each major
fund in our report dated August 6, 2025. In our opinion, the summarized comparative information
presented herein as of and for the year ended December 31, 2023 is consistent, in all material respects,
with the audited financial statements from which it has been derived.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated August 6,
2025 on our consideration of the Library’s internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts and grant agreements, and other
matters. The purpose of that report is solely to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion on the
effectiveness of the Library’s internal control over financial reporting or on compliance. That report is an
integral part of an audit performed in accordance with Government Auditing Standards in considering
Library’s internal control over financial reporting and compliance.




Rogers, Arkansas
August 6, 2025




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 34
Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Management’s Discussion and Analysis
December 31, 2024


Introduction
As management of Fayetteville Public Library (Library), we offer readers of the Library’s financial statements this
narrative overview and analysis of the Library’s financial activities for the year ended December 31, 2024. It
should be read in conjunction with the accompanying basic financial statements of the Library. The basic financial
statements of the Library include Fayetteville Public Library Foundation (Foundation), which is a blended
component unit of the Library.

Financial Highlights
Key financial highlights for 2024 are as follows:

 • The assets of the Library exceeded its liabilities and deferred inflows of resources at the close of the most
 recent fiscal year by $56,989,012 (net position). Unrestricted net position of $16,264,714, of which
 $13,681,312 may be used to meet the Library’s ongoing obligations and $2,583,402 is available to meet
 the Foundation obligations.
 • Total net position increased by $3,400,571. The Library’s portion of net position increased by $1,519,496,
 or 4%. The Foundation’s net position increased by $1,881,075, or 10%.
 • As of the close of the current year, the Library’s governmental funds reported ending fund balances of
 $7,337,549 attributable to the Library and $7,602,901 attributable to its Foundation, a decrease of
 $280,276, or 4.5%, for the Library and a decrease of $1,107,792, or 15%, for the Foundation in
 comparison with the prior year.
 • At the end of the current fiscal year, unassigned fund balance for the governmental funds was $7,219,464
 or 36% of total governmental fund expenditures. The Library portion of this amount excluding its
 Foundation was $7,219,464, or 53%, of Library governmental fund expenditures.

Overview of Financial Statements
This annual report consists of three parts: management’s discussion and analysis (this section), the basic
financial statements, and required supplementary information (Budgetary Comparison Schedule). The basic
financial statements include information that presents two different views of the Library.

The Library’s basic financial statements not only include the Library but also its blended component unit,
Fayetteville Public Library Foundation (Foundation). The Foundation, although a legal separate entity, is, in
substance, part of the Library’s operations since its primary function is to raise funds for the benefit of the Library.
The Board of Directors for the Foundation is appointed by the Board of Trustees for the Library. The effect of the
transactions between the Library and Foundation is eliminated in the basic financial statements.

Governmental funds are used to account for essentially the same functions reported as in the government-wide
financial statements (statement of net position and statement of activities columns on pages 9 and 10,
respectively). However, unlike the government-wide financial statements, government fund financial statements
focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources
available at the end of the fiscal year. Such information may be useful in evaluating the Library’s near-term
financing requirements.

Major funds of the Library are as follows:

General Fund – This is the Library’s primary operating fund. It accounts for all financial resources of the general
government.

Fayetteville Public Library (FPL) Foundation Fund – This fund accounts for restricted and unrestricted
contributions and other funds of the Library not included in the General Fund.




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Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Management’s Discussion and Analysis
December 31, 2024


The adjustment column of the financial statements represents adjustments necessary to convert the
governmental fund financial statements to the government-wide financial statements under the full accrual
method of accounting. The adjustments columns provide reconciliations to facilitate the comparison between the
governmental fund and government-wide financial statements.

The fourth column presents the Library’s government-wide financial statements, which are designed to provide
readers with a broad overview of the Library’s finances in a manner similar to a private-sector business.

The statement of net position presents information on all of the Library’s assets, liabilities, and deferred
inflows/outflows of resources with the difference reported as net position. Over time, increases or decreases in
net position may serve as a useful indicator of whether the financial position of the Library is improving or
deteriorating.

The statement of activities presents information showing how the Library’s net position changed during the most
recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the
change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this
statement for some items that will only result in cash flows in future fiscal periods.

Because the focus of the governmental fund is narrower than that of the government-wide financial statements, it
is useful to compare the information presented for the governmental fund with similar information presented for
the government-wide financial statements. By doing so, readers may better understand the long-term impact of
the Library’s near-term financing decisions.

The financial statements also include notes that explain some of the information in the financial statements and
provide more detailed data. The statements are followed by a section of required supplementary information that
further explains and supports the information in the financial statements.

Government-Wide Financial Analysis
As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. In the
case of the Library, assets exceeded liabilities and deferred inflows of resources by $56,989,012 at the close of
the most recent fiscal year.

A portion of the Library’s net position (29%) is unrestricted and may be used to meet the Library’s ongoing
obligations to citizens and creditors.




 5
 36
Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Management’s Discussion and Analysis
December 31, 2024


Table 1: Statements of Net Position
 2024 2023

Current and other assets $ 25,620,039 $ 27,387,253
Capital assets, net 33,149,885 33,126,148

Total assets 58,769,924 60,513,401

Current and other liabilities 1,780,912 6,924,960

Total liabilities 1,780,912 6,924,960

Net investment in capital assets 32,568,538 27,596,672
Restricted 8,155,760 7,610,078
Unrestricted 16,264,714 18,381,691

Total net position $ 56,989,012 $ 53,588,441


An additional portion of the net position (57%) reflects its net investment in capital assets (e.g., land, buildings,
library materials, and furniture and equipment). The Library uses these capital assets to provide services to
citizens; consequently, these assets are not available for future spending. The remaining balance of net position
(14%) represents resources that are subject to external restrictions on how they may be used. Combined
unrestricted net position decreased 12% and total net position increased 6% due to revenues exceeding
expenses in 2024 by $3,400,571.

Table 2: Statements of Activities
 2024 2023
Revenues
 Grants and contributions $ 6,776,562 $ 5,375,493
 Property taxes 9,814,219 9,223,129
 Fines and fees 82,398 102,915
 Investment income 813,864 796,829
 Miscellaneous 654,181 747,165

Total Revenues 18,141,224 16,245,531

Expenses 14,740,653 14,302,006

Changes in Net Position 3,400,571 1,943,525

Net Position, Beginning of Year 53,588,441 51,644,916

Net Position, End of Year $ 56,989,012 $ 53,588,441




 6
 37
Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Management’s Discussion and Analysis
December 31, 2024


In 2024, revenues increased by $1,765,930, or 12%, and expenses increased by $308,884, or 2%, primarily due
to:

 • An increase in property tax revenue of $591,090.
 • An increase in capital campaign contributions of $2,130,420.
 • A decrease of $663,000 of contributions from the primary government.
 • An increase in personnel services of $327,840 due to the Library expansion.

Financial Analysis of the Governmental Fund
As noted earlier, the focus of the Library’s governmental funds is to provide information on near-term inflows,
outflows, and balances of spendable resources. Such information is useful in assessing the Library’s financing
requirements. In particular, unassigned fund balance may serve as a useful measure of a Library’s net resources
available for discretionary use at the end of the fiscal year.

As of the end of the current fiscal year, the general fund of the Library reported ending fund balances of
$7,337,549. Approximately 98% of the Library’s ending fund balance amount constitutes unassigned fund
balance, which is available for spending at the Library’s discretion. The remainder of the fund balance has
spending constraints placed on the purpose for which resources can be used.

As of the end of the current fiscal year, the FPL Foundation fund reported ending fund balances of $7,602,901.
100% of the fund balance has spending constraints placed on the purpose for which resources can be used.

The total fund balance of the general fund of the Library decreased by $280,276 during the current fiscal year. A
key factor in the change is an increase in capital outlay.

The total fund balance of the FPL Foundation fund decreased by $1,107,792 during the current fiscal year. A key
factor in the change is an increase in debt service payments.

Capital Assets
At the end of 2024, the Library had $33,149,885 investment in capital assets, as detailed in Note 4 to the financial
statements, an increase of $23,737. The increase is primarily due to capital assets additions of $2,314,900 and
depreciation expense of $2,220,798.

Long-Term Debt
At the end of 2024, the Foundation had total debt outstanding of $581,347. This is a decrease of $4,871,840 from
2023 mainly due to accelerated principal reduction on the outstanding debt due to amounts received on pledges.

Budgetary Highlights
Differences between the final budget and the actual results (budgetary basis) as reported on page 24 can be
briefly summarized as follows:

 • Total revenues were over budget by 6.7%.
 • Total expenditures were under budget by 15.9%.
 • Overall change in fund balance was a decrease of $260,083.




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 38
Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Management’s Discussion and Analysis
December 31, 2024


Economic Factors and Next Year’s Budget
Economic conditions for the Library continued to show improvement compared to 2024. Assessed value for total
property used for property tax revenue for the Library has shown stable growth throughout the years and
continued to increase by 10.2% in 2024.

The Library’s adopted operating budget for 2025 was decreased to $14.0 million, which was a $2.3 million
decrease from the 2024 budget. Revenues in the 2025 budget decrease approximately $1.7 million from the 2024
budget. These changes were primarily due to 2024 grant revenue and expenditures not expected to be repeated
in 2025 and a decrease in property tax revenues in 2025.

The Library continues to face uncertain economic conditions in 2025. However, even though future economic
conditions remain unclear at this time, the administration of the Library feels confident that the economic future of
the Library remains very bright in the long run.

Contacting the Library’s Financial Management
This financial report is designed to provide a general overview of the Library’s finances for all those with an
interest in them. Questions concerning any of the information provided in this report or requests for additional
financial information should be mailed to the following address:

Office of the Director of Financial Services
Fayetteville Public Library
401 W. Mountain
Fayetteville, AR 72701




 8
 39
Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Governmental Funds Balance Sheet/Statement of Net Position
(With Summarized Comparative Financial Information for the Statement of Net Position
for the Year Ended December 31, 2023)
December 31, 2024


 2023
 FPL Summarized
 Foundation Statement of Statement of
 General Fund Fund Total Adjustments Net Position Net Position
ASSETS
 Cash and cash equivalents $ 3,983,451 $ 1,945,227 $ 5,928,678 $ - $ 5,928,678 $ 5,255,468
 Investments 2,577,626 195,262 2,772,888 - 2,772,888 3,471,226
 Accounts receivable 245,065 - 245,065 - 245,065 87,231
 Property taxes receivable, net 10,353,216 - 10,353,216 - 10,353,216 9,336,343
 Pledges receivable, net - 148,227 148,227 - 148,227 1,636,216
 Grants receivable 47,476 - 47,476 - 47,476 245,517
 Other receivable 16,056 16,056 - 16,056 3,354
 Accrued interest receivable 14,945 1,485 16,430 - 16,430 33,600
 Due from other funds 533,802 - 533,802 (533,802) - -
 Prepaid expense 118,085 10,626 128,711 - 128,711 127,082
 Long-term note receivable - 460,479 460,479 - 460,479 467,408
 Restricted
 Cash and cash equivalents - 1,171,061 1,171,061 - 1,171,061 1,774,705
 Investments - 4,320,314 4,320,314 - 4,320,314 4,938,981
 Accrued interest receivable - 11,438 11,438 - 11,438 10,122
 Capital assets, net - - - 33,149,885 33,149,885 33,126,148

Total Assets $ 17,889,722 $ 8,264,119 $ 26,153,841 $ 32,616,083 $ 58,769,924 $ 60,513,401




See Notes to Financial Statements 9
 40
Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Governmental Funds Balance Sheet/Statement of Net Position
(With Summarized Comparative Financial Information for the Statement of Net Position
for the Year Ended December 31, 2023)
December 31, 2024 (Continued)


 2023
 FPL Summarized
 Foundation Statement of Statement of
 General Fund Fund Total Adjustments Net Position Net Position
LIABILITIES
  Accounts payable $ 160,626 $ 1,636 $ 162,262 $ - $ 162,262 $ 490,812
  Accrued expenses 104,463 9,911 114,374 412,947 527,321 568,121
  Due to other funds - 533,802 533,802 (533,802) - -
  Notes payable - - - 581,347 581,347 5,453,187
  Unearned revenue 504,982 5,000 509,982 - 509,982 412,840

Total Liabilities 770,071 550,349 1,320,420 460,492 1,780,912 6,924,960

DEFERRED INFLOWS OF RESOURCES
 Unavailable revenue – property taxes 9,782,102 - 9,782,102 (9,782,102) - -
 Unavailable revenue – contributions - 110,869 110,869 (110,869) - -

Total Deferred Inflows of Resources 9,782,102 110,869 9,892,971 (9,892,971) - -

FUND BALANCES/NET POSITION
 Fund balances
 Nonspendable
 Prepaid expense 118,085 - 118,085 (118,085)
 Permanent endowment - 1,250,000 1,250,000 (1,250,000)
 Restricted - 3,880,368 3,880,368 (3,880,368)
 Assigned - 2,472,533 2,472,533 (2,472,533)
 Unassigned 7,219,464 - 7,219,464 (7,219,464)

Total Fund Balances 7,337,549 7,602,901 14,940,450 (14,940,450)

Total Liabilities, Deferred Inflows,
 and Fund Balances $ 17,889,722 $ 8,264,119 $ 26,153,841 $ (24,372,929)

NET POSITION
 Net investment in capital assets $ 32,568,538 $ 32,568,538 $ 27,596,672
 Restricted for capital assets
 Expendable 73,864 73,864 52,638
 Nonexpendable 500,000 500,000 500,000
 Restricted for debt service
 Expendable 3,025,392 3,025,392 2,734,041
 Restricted for children’s library
 Nonexpendable 750,000 750,000 750,000
 Restricted for the volunteer program
 Expendable 556,527 556,527 511,612
 Restricted for NEH Grant
 Expendable 3,249,977 3,249,977 3,061,787
 Unrestricted 16,264,714 16,264,714 18,381,691

Total Net Position $ 56,989,012 $ 56,989,012 $ 53,588,441




See Notes to Financial Statements 10
 41
Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Statement of Governmental Funds Revenues, Expenditures and
Changes in Fund Balances/Statement of Activities
(With Summarized Comparative Financial Information for the Statement of activities
For The Year Ended December 31, 2023)
December 31, 2024


 2023
 FPL Summarized
 Foundation Statement of Statement of
 General Fund Fund Total Adjustments Activities Activities
Revenues
 Contributions
 From primary government $ 2,618,401 $ - $ 2,618,401 $ - $ 2,618,401 $ 3,281,401
 Capital campaign – expansion - 3,597,861 3,597,861 (1,016,307) 2,581,554 451,134
 Other 101,251 58,361 159,612 - 159,612 120,118
 Property taxes 8,872,183 - 8,872,183 942,036 9,814,219 9,223,129
 Investment income 242,792 571,072 813,864 - 813,864 796,829
 Fines and fees 82,398 - 82,398 - 82,398 102,915
 Grant revenue 732,022 516,806 1,248,828 - 1,248,828 1,358,378
 State aid 168,167 - 168,167 - 168,167 164,462
 Insurance proceeds - 289,522 289,522 (289,522) - -
 Miscellaneous 473,878 180,303 654,181 - 654,181 747,165
Total Revenues 13,291,092 5,213,925 18,505,017 (363,793) 18,141,224 16,245,531
Expenditures/Expenses
 Current
 Personnel services 5,707,992 205,434 5,913,426 32,667 5,946,093 5,618,253
 Services and charges 1,633,610 - 1,633,610 - 1,633,610 1,815,506
 Materials and supplies 943,062 - 943,062 - 943,062 756,192
 Maintenance 176,064 - 176,064 - 176,064 365,419
 Public relations - 25,940 25,940 - 25,940 15,018
 Depreciation - - - 2,220,798 2,220,798 2,123,030
 Other 66,384 593,633 660,017 - 660,017 695,520
 Loss on fire event 348,920 - 348,920 (219,157) 129,763 -
 Transfers to primary government 2,853,191 - 2,853,191 - 2,853,191 2,658,269
 Capital outlay 2,314,900 - 2,314,900 (2,314,900) - -
 Debt Service
 Principal - 4,871,840 4,871,840 (4,871,840) - -
 Interest - 152,115 152,115 - 152,115 254,799

Total Expenditures/Expenses 14,044,123 5,848,962 19,893,085 (5,152,432) 14,740,653 14,302,006

Excess (Deficiency) of Revenues Over
 Expenditures (753,031) (635,037) (1,388,068) 4,788,639 3,400,571 -

Other Financing Sources (Uses)
 Transfers – internal activities 472,755 (472,755) - - - -

Total Other Financing Sources (Uses) 472,755 (472,755) - - - -

Net Change in Fund Balances (280,276) (1,107,792) (1,388,068) 1,388,068 3,400,571 -

Change in Net Position - - - 3,400,571 3,400,571 1,943,525

Fund Balances/Net Position
  Beginning of the year 7,617,825 8,710,693 16,328,518 38,006,915 53,588,441 51,644,916

End of Year $ 7,337,549 $ 7,602,901 $ 14,940,450 $ 42,795,554 $ 56,989,012 $ 53,588,441




See Notes to Financial Statements 11
 42
Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Notes to Financial Statements
December 31, 2024


Nature of Operations and Summary of Significant Accounting Policies

Nature of Operations and Reporting Entity
Fayetteville Public Library (Library) is located in Fayetteville, Arkansas. The Library is a component unit of the City
of Fayetteville, Arkansas (City). The Mayor of the City appoints all seven members of the Library’s board of
trustees and the City provides the Library with financial assistance and a major portion of the Library’s budget.
The accompanying financial statements present the Library and its component unit, an entity for which the Library
is considered to be financially accountable. Blended component units, although legally separate entities, are, in
substance, part of the Library’s operations.

Blended Component Unit. Fayetteville Public Library Foundation (Foundation) provides fundraising for the
Library and is governed by a board comprised of members appointed by the board of trustees of the Library. The
Foundation is reported as the Library’s other major governmental fund. Complete financial statements of the
Foundation may be obtained from the office of its Director of Development at 401 W. Mountain, Fayetteville,
Arkansas.

Measurement Focus, Basis of Accounting, and Presentation
Government-Wide Financial Statements
The government-wide financial statements of the Library have been prepared on the accrual basis of accounting
using the economic resources measurement focus. Revenues, expenses, gains, losses, assets, and liabilities
from exchange and exchange-like transactions are recognized when the exchange transaction takes place, while
those from government-mandated nonexchange transactions (principally grants and property taxes) are
recognized when all applicable eligibility requirements are met. Revenues and expenses include exchange
transactions and program-specific, government-mandated nonexchange transactions. The Library first applies
restricted net position when an expense or outlay is incurred for purposes for which both restricted and
unrestricted net position are available.

Fund Financial Statements
Fund financial statements provide information about the Library’s funds.

Governmental funds are reported using the current financial resources measurement focus and the modified
accrual basis of accounting. Revenues are recognized when they are both measurable and available. “Available”
means collectible within the current period or soon enough thereafter to pay current liabilities. The Library
considers revenues to be available if the revenues are collected within 60 days after year-end. Expenditures are
recorded when the related fund liability is incurred, except for principal and interest on general long-term debt,
claims and judgments and compensated absences, which are recognized as expenditures when payment is due.
General capital asset acquisitions are reported as expenditures in governmental funds.

Major revenue sources susceptible to accrual include property taxes and grants.

Fund Accounting
The financial activities of the Library are recorded in individual funds. A fund is a separate accounting entity with a
self-balancing set of accounts. The Library uses fund accounting to report on its financial position and results of
operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by
segregating transactions related to certain government functions or activities.




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 43
Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Notes to Financial Statements
December 31, 2024


The Library reports the following major governmental funds:

General Fund – This is the Library’s primary operating fund. It accounts for all financial resources of the general
government.

Fayetteville Public Library (FPL) Foundation Fund – This fund accounts for restricted and unrestricted
contributions and other funds of the Library not included in the General Fund.

Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United
States of America requires management to make estimates and assumptions that affect the reported amounts of
assets, liabilities, and deferred inflows/outflows of resources and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues, expenses, and other changes in net
position during the reporting period. Actual results could differ from those estimates.

Cash Equivalents
The Library considers all liquid investments with original maturities of three months or less to be cash equivalents.
At December 31, 2024, cash equivalents consisted of money market funds with brokers.

Restricted cash equivalents consist of those short-term liquid investments held for use by the Library that have
been limited by donors to a specific time period or purpose.

Property Taxes
Property taxes are levied each November 1 on the assessed value listed as of January 1 for all real and personal
property. The property tax is considered due on the first Monday in February (the lien date) after the levy;
however, the tax is not considered delinquent until October 16 of that year. As a result, the majority of the tax is
not collected within the time frame necessary to finance the liabilities of the current period. Property taxes, which
remain delinquent for a period of three years, are certified to the land commissioner where a lien is recorded and
held on file. If property taxes remain delinquent for a period of seven years, the property will be subsequently sold
by the land commissioner.

In the governmental funds, property taxes are measurable when levied even though not available. As a result, at
December 31, 2024, property taxes receivable of $10,353,216 and related deferred inflows of resources of
$9,782,102 have been recorded in the governmental funds. In the government-wide statement of net position,
property taxes are considered earned at the time levied. In addition to property taxes levied, any delinquent taxes
are recorded net of amounts considered uncollectible. The appraised value of taxable property upon which the
property tax is levied is determined by the county assessor. The assessor estimates full market value of the
property and applies the statutory rate of 20% to arrive at assessed value.

During August 2016, the City of Fayetteville, Arkansas, held a special election related to an increase in property
taxes for the benefit of the Library. An increase of one and one-half (1.5) mills was passed as it relates to the
maintenance and operation of Fayetteville Public Library. In addition, a separate tax of one and two-tenths (1.2)
mills was passed to be pledged to the issuance of bonds not to exceed $26,500,000 to finance capital
improvements to Fayetteville Public Library. These bonds were issued in June 2017. Property taxes of
$3,025,392 for the 1.2 mills are included in the property tax receivable of $10,353,216 and are shown as
restricted for debt service on the statement of net position.




 13
 44
Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Notes to Financial Statements
December 31, 2024


Pledges Receivable
Pledges receivable consist of promises to give made by donors. Pledges receivable are recorded net of estimated
uncollectible amounts and discounted to present value for pledges due in more than one year. The Foundation
provides an allowance for doubtful accounts, which is based upon a review of outstanding receivables, historical
collection information, and existing economic conditions.

Notes Receivable
Notes receivable consist of amounts due from sale of property. Notes receivable are recorded net of estimated
uncollectible amounts. The Foundation provides an allowance for doubtful accounts, which is based upon a
review of outstanding receivables, historical collection information, and existing economic conditions.

Investments and Investment Income
Investments in U.S. Treasury, agency, and instrumentality obligations with a remaining maturity of one year or
less at time of acquisition and in nonnegotiable certificates of deposit are carried at amortized cost. All other
investments are carried at fair value. Fair value is determined using quoted market prices.

Restricted investments consist of those investments held for use by the Library that have been limited by donors
to a specific time period or purpose.

Investment earnings include dividend and interest income, realized gains and losses on investments carried at
other than fair value and the net change for the year in the fair value of investments carried at fair value.

Capital Assets
Capital assets are recorded at cost at the date of acquisition, or acquisition value at the date of donation if
acquired by gift. Depreciation is computed using the straight-line method over the estimated useful life of each
asset. The following estimated useful lives are being used by the Library:

 Film 5 years
 Books and publications 3–10 years
 Software 5–10 years
 Equipment 5–15 years
 Furniture and fixtures 5–20 years
 Buildings 30–50 years


Collections
All collections of works of art, historical treasures, and similar assets are capitalized. Items added to the
collections are capitalized at cost if purchased or at estimated acquisition value on the acquisition date if donated.
Collection items sold or removed are reported as unrestricted or temporarily restricted gains or losses depending
on donor stipulations, if any, placed on the items at the time of acquisition. These collections are considered
inexhaustible and have extraordinarily long useful lives, and as such, these items are not depreciated.

Compensated Absences
Library policies permit most employees to accumulate leave with pay benefits that may be realized as paid time
off or, in limited circumstances, as a cash payment. The Library’s policy is that leave earned in the current year is
used prior to leave earned in a previous period. Expenses and the related liability are recognized when it is more
likely than not that leave will be taken or settled through cash payments. Compensated absence liabilities are
computed using the regular pay rates in effect at the balance sheet date plus an additional amount for



 14
 45
Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Notes to Financial Statements
December 31, 2024


compensation-related payments such as social security and Medicare taxes computed using rates in effect at that
date. The estimated compensated absences liability is included in accrued expenses on the statement of net
position.

Deferred Outflows of Resources and Deferred Inflows of Resources
A deferred inflow of resources is an acquisition of net position by the Library that is applicable to a future reporting
period and a deferred outflow of resources is a consumption of net position by the Library that is applicable to a
future period. Both deferred inflows and outflows are reported in the statement of net position but are not
recognized in the financial statements as revenues and expenditures until the period(s) to which they relate. The
governmental funds report unavailable revenues from two sources: property taxes and contributions. These
amounts are deferred and recognized as an inflow of resources in the period that the amounts become available.
The statement of net position reports unavailable revenue from contributions only due to time restrictions.

Net Position
Net position of the Library is classified in four components. Net investment in capital assets consist of capital
assets net of accumulated depreciation and reduced by the outstanding balances of borrowings used to finance
the purchase or construction of those assets. Restricted expendable net position is noncapital assets that must be
used for a particular purpose as specified by creditors, grantors, or donors external to the Library. Restricted
nonexpendable net position is noncapital assets whose restrictions are permanent in nature as specified by
donors external to the Library. Unrestricted net position is remaining assets and deferred outflows less remaining
liabilities and deferred inflows that do not meet the definition of net investment in capital assets, restricted
expendable, or restricted nonexpendable.

When both restricted and unrestricted resources are available for use, it is the Library’s policy to use restricted
resources first, then unrestricted resources as they are needed.

Fund Balance – Governmental Funds
The fund balances for the Library’s governmental funds are displayed in four components:

Nonspendable – Nonspendable fund balances are not in a spendable form or are required to be maintained
intact.

Restricted – Restricted fund balances may be spent only for the specific purposes stipulated by external resource
providers, constitutionally or through enabling legislation. Restrictions may be changed or lifted only with the
consent of resource providers.

Assigned – Assigned fund balances include amounts intended to be used for specific purposes as specified by
the Foundation’s management or governing board.

Unassigned – Unassigned fund balance is the residual classification for the general fund and includes all amounts
not contained in the other classifications.

The Library considers restricted amounts to have been spent when an expenditure is incurred for purposes for
which both restricted and unassigned fund balance is available. The Library applies restricted amounts first and
then unassigned amounts when an expenditure is incurred for purposes for which amounts in any of those
unrestricted fund balance classifications could be used.




 15
 46
Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Notes to Financial Statements
December 31, 2024


Income Taxes
The Foundation is exempt from income taxes under section 501 of the Internal Revenue Code and similar
provision of state law. However, the Foundation is subject to federal income tax on any unrelated business
taxable income. The Foundation files tax returns in the U.S. Federal Jurisdiction.


Reconciliation of Fund Financial Statements to Government-Wide Financial Statements
Total fund balances and the net change in fund balances of the Library’s General Fund and the FPL Foundation
Fund differs from net position and change in net position of the governmental activities reported in the statement
of net position and statement of activities. These differences primarily result from the long-term economic focus of
the statement of net position and statement of activities versus the current financial resources focus of the
governmental fund balance sheet and the statement of revenues, expenditures, and changes in fund balances.
The following are reconciliations of fund balances to net position and the net change in fund balances to the net
change in net position:

 Total fund balances $ 14,940,450
 Amounts reported in the statement of net position are different
 because:

 Capital assets used in governmental activities are not financial
 resources and, therefore, are not reported in the funds. 33,149,885

 Amounts reported as deferred inflows of resources are not
 recognized at the fund level on the modified accrual basis
 are reported as revenues on the full accrual basis in the
 government-wide financial statements. 9,892,971

 Long-term liabilities are not due and payable in the current
 period and therefore are not reported in the funds.

 Accrued compensated absences (412,947)
 Notes payable (581,347)

 Total net position $ 56,989,012




 16
 47
Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Notes to Financial Statements
December 31, 2024


 Change in fund balances $ (1,388,068)

 Amounts reported in the statement of activities are different because:
 Governmental funds report capital outlays as expenditures.
 However, for government-wide statements, the costs of those
 assets are allocated over estimated useful lives and reported
 as depreciation expense. This is the amount by which
 capital outlays exceeded depreciation in the current period. 23,737

 Contribution revenues that do not provide current financial
 resources are not reported as revenues for the funds but are
 reported as revenues in the statement of activities. (1,016,307)

 Property tax revenues that do not provide current financial
 resources are not reported as revenues for the funds but are
 reported as revenues in the statement of activities. 942,036

 The issuance of long-term debt provides current financial
 resources to governmental funds, while the repayment
 consumes current financial resources. Neither transaction
 has any effect on net position. This amount is the net effect
 of these differences in the treatment of long-term debt. 4,871,840

 Accrued expenses, such as compensated absences reported
 in the statement of activities do not require the use of current
 financial resources and, therefore, are not expenditures in the
 funds. (32,667)

 Change in net position $ 3,400,571




Deposits, Investments, and Investment Income

Deposits
Custodial credit risk is the risk that in the event of a bank failure, a government’s deposits may not be returned to
it.

State law requires collateralization of all deposits of public funds with federal depository insurance, bonds and
other obligations of the U.S. Treasury, U.S. agencies, or instrumentalities of the State of Arkansas. No legal
opinion has been obtained regarding the enforceability of any of the collateral arrangements.

Library
The Library’s deposit policy for custodial credit risk requires compliance with the provisions of state law. At
December 31, 2024, the Library had bank balances of $1,277,174 that were all insured (FDIC) or collateralized
with securities held by the Library or the Library’s agents in the Library’s name. The carrying value of these
deposits as of December 31, 2024 was $1,302,043.



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Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Notes to Financial Statements
December 31, 2024


Foundation
The Foundation’s deposit policy for custodial credit risk requires compliance with the provisions of state law. At
December 31, 2024, bank balances of $547,275 were all insured (FDIC) or collateralized with securities held by
the Foundation or the Foundation’s agent in the Foundation’s name. The carrying value of these deposits as of
December 31, 2024 was $609,794.

Investments
Library
The Library may legally invest in direct obligations of the U.S. Government and agencies, collateralized
certificates of deposit, prerefunded municipal bonds, corporate bonds, collateralized repurchase agreements,
treasury money markets, local government trusts, and savings accounts.

The Library had the following investments and maturities at December 31, 2024:

 Maturities in Years
 Less
 Type Fair Value Than 1 1–5 6–10

 U.S. treasury obligations $ 1,885,365 $ 1,659,307 $ 226,058 $ -
 Money market mutual funds 2,641,499 2,641,499 - -
 Corporate bonds 614,493 317,819 296,674 -

 $ 5,141,357 $ 4,618,625 $ 522,732 $ -


In compliance with GASB Statement No. 72, Fair Value Measurement and Application, the Library categorizes its
fair value measurements within the fair value hierarchy established by generally accepted accounting principles.
The hierarchy is based on the valuation inputs used to measure the fair value of the asset. Level 1 inputs are
quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; and
Level 3 inputs are significant unobservable inputs.

The Library had the following recurring fair value measurements as of December 31, 2024:

 • U.S. treasury obligations of $1,885,365 are valued using quoted market prices (Level 1 inputs).
 • Money market mutual funds of $2,641,499 are valued using quoted market prices (Level 1 inputs).
 • Corporate bonds of $614,493 are valued using quoted market prices (Level 1 inputs).

Interest Rate Risk – As a means of limiting its exposure to fair value losses arising from rising interest rates, the
Library’s investment policy attempts to match investment maturities with cash flow requirements. Money market
mutual funds are used to meet the short-term cash flow needs of the Library. Other investments are allowed
within a range of maturities of 90 days to 10 years and over. Some of the Library’s investments have maturities
over five years to maximize interest earnings.

Custodial Credit Risk – For an investment, custodial credit risk is the risk that, in the event of the failure of the
counterparty, the Library will not be able to recover the value of its investment or collateral securities that are in
the possession of an outside party. The Library’s investment policy does not address custodial credit risk.




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Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Notes to Financial Statements
December 31, 2024


Credit Risk – Credit risk is the risk that the issuer or other counterparty to an investment will not fulfill its
obligations. It is the Library’s policy to invest no more than 20% in corporate debt or in securities of a
management type investment company or investment trust. It is the Library’s policy to limit its investments in
corporate bonds to issues that are rated investment grade by Standard & Poor’s and Moody’s Investors Service
and shall maintain an A- average rating or better for Standard & Poor’s and an A3 average rating or better for
Moody’s Investors Service. Investment in commercial paper will be rated A-1/P-1. At December 31, 2024, the
Library’s investments in U.S. agencies obligations and corporate bonds were rated an average rate of AA by
Standard & Poor rating and an average rate of Aa1 by Moody’s Investors Service.

Concentration of Credit Risk – The Library’s policy states that investments shall be diversified by limiting
investments to avoid concentration in securities from a specific issuer less than or equal to 5% of the cost basis of
the Library’s portfolio at the time of purchase.

Foundation
The Foundation had the following investments and maturities at December 31, 2024:

 Maturities in Years
 Less
 Type Fair Value than 1 1–5 6–10

 Corporate bonds $ 1,036,130 $ 19,845 $ 877,683 $ 138,602
 Money market mutual funds 2,506,494 2,506,494 - -
 U.S. treasury obligations 675,030 412,350 262,680 -

 4,217,654 $ 2,938,689 $ 1,140,363 $ 138,602

 Corporate stocks 2,409,429
 Exchange-traded funds 219,969
 Certificates of deposit 46,846
 Mutual funds 128,172

 $ 7,022,070


In compliance with GASB 72, the Foundation categorizes its fair value measurements within the fair value
hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs
used to measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical assets;
Level 2 inputs are significant other observable inputs; and Level 3 inputs are significant unobservable inputs.

The Foundation had the following recurring fair value measurements as of December 31, 2024:

 • Corporate bonds and stocks of $1,036,130 and $2,409,429, respectively, are valued using quoted market
 prices (Level 1 inputs).
 • Money market mutual funds and mutual funds of $2,506,494 and $128,172, respectively, are valued
 using quoted market prices (Level 1 inputs).
 • Exchange-traded funds of $219,969 are valued using quoted market prices (Level 1 inputs).
 • Certificates of deposit of $46,846 are valued using observable inputs for similar securities (Level 2
 inputs).
 • U.S. agency obligations of $675,030 are valued using quoted market prices (Level 1 inputs).



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Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Notes to Financial Statements
December 31, 2024


Interest Rate Risk – As a means of limiting its exposure to fair value losses arising from rising interest rates, the
Foundation’s investment policy limits its investment fixed income portfolio to maturities of no more than 10 years
or non-public in nature.

Credit Risk – Credit risk is the risk that the issuer or other counterparty to an investment will not fulfill its
obligations. It is the Foundation’s policy to limit its investments in corporate bonds to issues that are rated
investment grade by Standard & Poor’s and Moody’s Investors Service and shall maintain an A+ average rating or
better for Standard & Poor’s and an A1 average rating or better for Moody’s Investors Service. At December 31,
2024, the Foundation’s investments in U.S. agencies obligations and corporate bonds were rated an average rate
of A by Standard & Poor rating and an average rate of A1 by Moody’s Investors Service.

Custodial Credit Risk – For an investment, custodial credit risk is the risk that, in the event of the failure of the
counterparty, the Foundation will not be able to recover the value of its investment or collateral securities that are
in the possession of an outside party. The Foundation’s investment policy does not address custodial credit risk.

Concentration of Credit Risk – The Foundation’s investment policy dictates that except for U.S. Treasury or
agency obligations, the Foundation’s investment portfolio shall contain no more than 5% exposure to any issuer.

Summary of Carrying Values
The carrying values of deposits and investments shown above are included in the statement of net position as
follows:

 Carrying value
 Library
 Deposits $ 1,338,877
 Cash on hand 3,074
 Investments 5,219,126
 Foundation
 Deposits 588,294
 Cash on hand 21,500
 Investments 7,022,070

 $ 14,192,941

 Included in the following statement of net position captions
 Cash and cash equivalents $ 5,928,678
 Restricted cash and cash equivalents 1,171,061
 Investments 2,772,888
 Restricted investments 4,320,314

 $ 14,192,941




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Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Notes to Financial Statements
December 31, 2024


Investment Income
Investment income consisted of the following for the year ended December 31, 2024:

 Interest and dividend income $ 443,161
 Net increase in fair value of investments 370,703

 $ 813,864




Capital Assets
Capital assets activity was as follows for the year ended December 31, 2024:

 Beginning Ending
 Balance Additions Reductions Transfers Balance

 Land $ 2,029,755 $ - $ - $ - $ 2,029,755
 Buildings 33,039,099 - (47,704) - 32,991,395
 Software 359,669 - (137,887) - 221,782
 Books and publications 7,001,438 545,207 (4,925,947) - 2,620,698
 Furniture, fixtures, and equipment 10,290,379 1,769,693 (1,382,608) 93,116 10,677,464
 Library-owned art 1,008,291 - - - 1,008,291
 Film 180,000 - - - 180,000
 Construction in progress 93,116 - - (93,116) 93,116

 54,001,747 2,314,900 (6,494,146) - 49,822,501

 Less accumulated depreciation
 Buildings 8,896,516 660,659 (30,141) - 9,527,034
 Software 179,168 36,459 (136,505) - 79,122
 Books and publications 6,144,444 501,716 (4,925,947) - 1,720,213
 Furniture, fixtures, and equipment 5,475,471 1,021,964 (1,331,188) - 5,166,247
 Film 180,000 - - - 180,000

 20,875,599 2,220,798 (6,423,781) - 16,672,616

 Capital assets, net $ 33,126,148 $ 94,102 $ (70,365) $ - $ 33,149,885




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Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Notes to Financial Statements
December 31, 2024


Long-Term Loan

Foundation
The Foundation had a $7,486,532 promissory note maturing on June 1, 2027, with annual principal payments of
$500,000. At December 31, 2024, there was $581,347 outstanding on this loan. See rollforward below. The loan
is collateralized by all pledges of the Foundation. Interest was 3.95% at December 31, 2024 and is payable
monthly.

 Balance at Balance at
 December 31, December 31,
 Debt Outstanding 2023 Payments 2024

 Generations Bank Loan $ 5,453,187 $ 4,871,840 $ 581,347


The following is a schedule of remaining debt service payments to maturity on an annual basis:

 Year Ending Principal Interest Total

 2025 $ 500,000 $ 19,750 $ 519,750
 2026 81,347 3,213 84,560

 $ 581,347 $ 22,963 $ 604,310




Interfund Transfers
During the year ended December 31, 2024, the following transfers were made between the Library and the
Foundation:

 • $118,246 transfer of funds from the Foundation to the Library for payments relating to investments
 • $64,987 transfer of funds from the Foundation to the Library related to federal grant funds


Pension Plan
The Library contributes to a defined contribution pension plan covering substantially all employees. Pension
expense is recorded for the amount of the Library’s required contributions, determined in accordance with the
terms of the plan. The plan is administered by Bank of Arkansas Wealth Management. The plan provides
retirement benefits to plan members and their beneficiaries. Benefit provisions are contained in the plan
document and were established and can be amended by action of the Library’s governing body. Plan members
were required to contribute, at a minimum, 3% of covered payroll up to a maximum of $19,500 for 2024. The
Library’s contribution is a discretionary 6% to 12% of each participant’s annual compensation and both the
employer and employee contributions are immediately fully vested. Contributions actually made during 2024 by
plan members and the Library aggregated $312,678 and $357,632, respectively.




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Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Notes to Financial Statements
December 31, 2024


Risk Management
The Library is exposed to various risks of loss from torts; theft of, damage to, and destruction of assets; business
interruption; errors and omissions; employee injuries and illnesses; natural disasters; and employee health,
dental, and accident benefits. Commercial insurance coverage is purchased for claims arising from such matters.
Settled claims have not exceeded this commercial coverage in any of the three preceding years.


Foundation Endowments and Similar Funds
The Foundation’s board of directors has established an investment policy with the objective of protecting the
principal of these investments and maximizing total investment return without assuming extraordinary risks. It is
the goal of the Foundation to provide spendable income levels that are reasonably stable and sufficient to ensure
a proper balance between the preservation of corpus and enhancement of the purchasing power of investment
earnings. As of December 31, 2024, the Foundation had a total of $73,864 of net appreciation from investment of
donor-restricted endowments available for expenditure. This amount is reported in restricted fund balance in the
governmental fund balance sheet and in various categories of expendable restricted net position on the statement
of net position. The laws of the State of Arkansas do not currently restrict the Foundation’s ability to spend net
appreciation on donor-restricted endowment funds.




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Required Supplementary Information




 55
Fayetteville Public Library
A Component Unit of the City of Fayetteville, Arkansas
Budgetary Comparison Schedule and Notes to Required Supplementary Information
Budgetary Basis
Year Ended December 31, 2024


 Final Budget-
 Budgetary
 GAAP Budgetary Basis
 Original Final Basis Adjustments Basis Variance
Revenues
 Contributions
 From primary
 government $ 2,618,401 $ 2,618,401 $ 2,618,401 $ - $ 2,618,401 $ -
 From Foundation - - 472,755 - 472,755 472,755
 Other 4,000 - 101,251 - 101,251 101,251
 Property taxes 8,543,097 8,543,097 8,872,183 - 8,872,183 329,086
 Investment income - - 242,792 - 242,792 242,792
 Fines and fees 62,700 62,700 82,398 - 82,398 19,698
 Grant revenue 305,000 499,750 732,022 - 732,022 232,272
 State aid 141,150 141,152 168,167 - 168,167 27,015
 Miscellaneous 725,500 725,500 473,878 20,193 494,071 (231,429)

Total Revenues 12,399,848 12,590,600 14,112,767 20,193 14,132,960 1,542,360

Expenditures
 Current
 Personnel services 5,881,535 5,935,889 5,707,992 - 5,707,992 (227,897)
 Materials and supplies 2,863,447 3,016,599 943,062 - 943,062 (2,073,537)
 Services and charges 1,819,919 2,040,339 1,633,610 - 1,633,610 (406,729)
 Maintenance 157,455 189,088 176,064 - 176,064 (13,024)
 Other - - 66,384 - 66,384 66,384
 Transfers to primary
 government 2,809,000 2,809,000 2,853,191 - 2,853,191 44,191
 Other 270,500 284,489 - - - (284,489)
 Capital outlay 1,884,385 2,013,303 2,314,900 - 2,314,900 301,597
Total Expenditures 15,686,241 16,288,707 13,695,203 - 13,695,203 (2,593,504)
Excess of Revenues Over
  (Under) Expenditures (3,286,393) (3,698,107) 417,564 20,193 437,757 4,135,864

Change in Fund Balances (3,286,393) (3,698,107) 417,564 20,193 437,757 4,135,864

Fund Balances,
  Beginning of Year 7,617,825 7,617,825 7,617,825 - 7,617,825 -
Fund Balances, End
  of Year $ 4,331,432 $ 3,919,718 $ 8,035,389 $ 20,193 $ 8,055,582 $ 4,135,864




Budgets and Budgetary Accounting
The annual budget is prepared on the modified accrual basis for revenues and expenditures and adopted by the
Library board of trustees. Subsequent amendments are approved by the board. Budgetary control is maintained
at the Library program level.

The budgetary basis used for budget purposes excludes the revenues and expenditures of the Foundation since it
is a blended component unit of the Library and does not adopt an annual budget.




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 Report on Internal Control Over Financial Reporting and on Compliance and
 Other Matters Based on an Audit of Financial Statements Performed in
 Accordance With Government Auditing Standards

 Independent Auditor’s Report


 Board of Trustees
 Fayetteville Public Library
 Fayetteville, Arkansas

 We have audited, in accordance with the auditing standards generally accepted in the United States of
 America and the standards applicable to financial audits contained in Government Auditing Standards,
 issued by the Comptroller General of the United States (Government Auditing Standards), the financial
 statements of the governmental activities and each major fund of the Fayetteville Public Library, as of and
 for the year ended December 31, 2024, and the related notes to the financial statements, and have
 issued our report thereon dated August 6, 2025.

 Report on Internal Control Over Financial Reporting

 In planning and performing our audit of the financial statements, we considered the entity’s internal
 control over financial reporting (internal control) as a basis for designing audit procedures that are
 appropriate in the circumstances for the purpose of expressing our opinion on the financial statements,
 but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.
 Accordingly, we do not express an opinion on the effectiveness of the entity’s internal control.

 A deficiency in internal control exists when the design or operation of a control does not allow
 management or employees, in the normal course of performing their assigned functions, to prevent, or
 detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
 combination of deficiencies, in internal control, such that there is a reasonable possibility that a material
 misstatement of the entity’s financial statements will not be prevented, or detected and corrected, on a
 timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control
 that is less severe than a material weakness, yet important enough to merit attention by those charged
 with governance.

 Our consideration of internal control was for the limited purpose described in the first paragraph of this
 section and was not designed to identify all deficiencies in internal control that might be material
 weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any
 deficiencies in internal control that we consider to be material weaknesses. However, material
 weaknesses or significant deficiencies may exist that were not identified.

 Report on Compliance and Other Matters

 As part of obtaining reasonable assurance about whether the entity’s financial statements are free from
 material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
 contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
 financial statements. However, providing an opinion on compliance with those provisions was not an
 objective of our audit, and accordingly, we do not express such an opinion.




Forvis Mazars, LLP is an independent member of Forvis Mazars Global Limited
 57
 Board of Trustees
 Fayetteville Public Library

The results of our tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards.

Purpose of This Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly,
this communication is not suitable for any other purpose.




Rogers, Arkansas
August 6, 2025




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