CALL TO ORDER
The meeting was called to order by President Jane Callahan. Also attending were: Ken Brown, Chris Colby, Randy Demmer, Phil Henoch, John Hunziker, Lois Marris, Mark Neville, Elizabeth Ritman, and Harry Swedlund.
Staff Present: Carrie Farrow, Communications Manager and Kathy Olson, Administrative Assistant.
MINUTES
Motion by John Hunziker, seconded by Elizabeth Ritman, to approve the meeting minutes from August 22, 2007, as submitted. Motion carried.
THIRD QUARTER TREASURER'S REPORT
Kathy reviewed the report. The major sources of revenue were the Karen Moxness and Ruth Polzin bequests. The Endowment Fund balance is now over $1.5 million. The short-term goal was to have a balance of $1 million by 2008.
Phil Henoch stated that we need to be alert and attentive that our success and balance are not deterrents to raising more funds. Chris added that the Board has talked about what to do after we reach our goal. The challenge as we go forward is to decide where we want to go from here. One marketing tool will be what the funds have been used for, which hopefully will generate interest for continued giving.
Jane stated that it doesn't hurt to keep reminding people about the non-funded extras that the Foundation makes possible for the library.
Ken stated that the Foundation is very good at portraying protection of principle. Success means a bigger base which means expansion of services above and beyond what the community (City and County) can afford normally to expend.
Phil suggested developing a simple brochure that could be placed around town.
Jane stated that the annual report does a good job of informing people about the library, but is mainly distributed to people in the database and government officials. Phil's idea for a simple brochure for the general public is good. We will continue to mull around how to proceed in the future.
It was suggested that Steve Thornton from the Rochester Area Foundation be invited to a future meeting to talk about how to continue to generate interest in giving.
Harry Swedlund noted that the time weighted return on the Endowment Fund has been 8.64%. The Finance Committee may want to look at how conservatively the funds are invested. Ken Brown stated that we need to look at how much risk we are willing to take. The past direction from the Board has been a conservative approach to protect principle.
Motion by Chris Colby, seconded by Elizabeth Ritman, to approve the third quarter Treasurer's Report as submitted. Motion carried.
LIBRARY BOARD AND DIRECTOR'S REPORT
Chris stated that the City Council has approved a resolution that money can move directly from the Library Board to the Foundation without City Council action.
Carrie Farrow stated that on September 20th, Council President Denny Hanson sent a letter to Ann Hutton at SELCO as a follow-up to their meeting. No response has been received as of yet. The goal is to find a way that SELCO and RPL can work together more cooperatively.
The Library will be winning a CUED award for the mural in the skyway.
Audrey Betcher and Louise Moe met with University of Minnesota Rochester to talk about cooperation with the new downtown campus and developing a positive relationship.
COMMITTEE REPORTS
Advocacy: The committee will continue to follow-up with SELCO.
Finance: The committee will be meeting to make a recommendation on 2007 Endowment Fund proceeds.
Development: The Judy and Jim Sloan Foundation donated a marquee (flat screen TV monitor) which will hang by the circulation desk and display information about the library. It will be a wonderful communication device to promote events and information.
The Endowment Fund appeal letter has been sent.
Mark stated that he has reviewed legacy gift language and hopes to have something to bring forward at the next meeting.
Special Events: We have ten speakers lined up for Wit, Wisdom & Wine, which will be held on Saturday, January 12, 2008. Home Federal has committed to being an event co-sponsor at the $2,500 level. In addition, we are soliciting $500 sponsors for each of the speakers. We have five lined up so far and have ideas for others.
Invitations will be mailed in early December so sponsors need to be in place by Thanksgiving. The Foundation Builder newsletter will be going out in November and will include a "save the date" reminder.
KTTC will be providing publicity.
We are pursuing airline tickets for a raffle.
Registration check-in has been moved up a half-hour to 6:30, with the first class at 7:00 and the second class at 8:00. This will allow more time after the second class for people to socialize.
The food and silent auction will be moved to the second floor great hall area. Hopefully this will allow for better circulation and does not involve moving as much furniture and equipment.
We need Board members to be thinking of and soliciting donations for the silent auction.
PRESIDENT'S REPORT
We need to recruit new Board members to replace Phil Karsell and Brian Murphy who recently resigned. If anyone has ideas, please contact Jane or Kathy.
Jane Callahan, Mike McNeil, and Lois Marris volunteered to be on the nominating committee for 2008 officers.
National Philanthropy Day is Tuesday, November 13th. The Foundation will pay for members to attend the lunch and afternoon session which is geared toward Board members. Tim Penny will be the featured speaker at the luncheon. Anyone interested in attending, please contact Kathy.
Carrie will be moving to Salt Lake City on October 31, but will coming back to train her replacement. She will be checking e-mail and making phone calls. Jane will be on the interviewing committee for her replacement.
Jane thanked Carrie for all her hard work over the years. She has certainly made Jane's job as president much easier.
The next meeting is scheduled for Wednesday, December 5, 2007, at 4:45 p.m.
There being no further business, the meeting adjourned.
Respectfully submitted,
Kathy Shimek Olson
Secretary Pro Tem