CALL TO ORDER
The meeting was called to order by President Lois Marris, with the following members attending: Tony Benson, Randy Demmer, Phil Henoch, Corey Jordan, Sandy Keith, Mark Neville, Alan Sessler, Jo Sheldon, Harry Swedlund, Judith Taylor, Debbie Westerland, and Bill Wiktor.
Staff Present: John Hunziker, Communications Manager; and Kathy Olson, Operations Manager.
MINUTES
Motion by Sandy Keith, seconded by Judith Taylor, to approve the meeting minutes from October 25, 2010, as submitted. Motion carried.
LIBRARY BOARD AND DIRECTOR'S REPORT
John Hunziker and Audrey Betcher met with County representatives numerous times and have come to a resolution of the issues with the contract for County funding for the library. It appears the County Board will sign the revised contract, which will renew itself every year. The Library Board approved the revised contract at their November meeting.
The County will pay $200,000 that is in arrears; half will go in Equipment Revolving and the other half towards a new bookmobile. Currently there is about $250,000 in the revolving fund for the bookmobile. With the additional $200,000, we will be short about a fourth of the cost of a new bookmobile. We will try to get that shortfall funded by local business(es).
The addition to the library came in about #34 for sales tax funding. The Sales Tax Committee favored items that had a more immediate economic impact. Libraries have never been a money making proposition. The Committee's recommendation has now gone to the City Council and there will probably be on-going discussion. Foundation Board members are encouraged to contact the Council member for their ward and put in a good word for library funding. The Foundation Google site has documents that show the impact the library has on the downtown. A lot of education will need to be done about the importance of the library for the community.
COMMITTEE REPORTS
Advocacy: Debbie stated that we need to raise awareness about what the library has to offer. The committee will meet and put together a plan for 2011. She thanked everyone who wrote a letter or contacted committee members on behalf of the library expansion.
Finance: The committee met and discussed formalizing a policy for the Endowment fund. We have had an informal policy since the inception of the fund. Last year the Board discussed the need to have a stable amount for the library, even during years of economic downturn. The proposed policy formalizes those discussions.
The Foundation's investment objective is to provide a stable annual return, while preserving principal to the extent possible. In December of each year, the Foundation Finance Committee recommends to the Foundation Board the dollar amount of funds that will be available from the Foundation in the coming year. The determination of the amount available is based on the Finance Committee's best judgment. Given the objective of preserving principal to the extent possible, the target is 1-5% of the market value of the Endowment Fund as of September 30, averaged for the prior three years.
The Board discussed the proposed policy. Concerns were expressed about invading principal.
Mark noted that a charitable foundation is legally required to disburse earnings equal to 5% on an annual basis. The proposed policy gives a lot of flexibility.
While there may be differences of opinion on the best policy, everyone on the Board has the same basic goal which is to provide funding for the library. The policy can be reviewed in future years if there are problems.
Motion by Mark Neville, seconded by Phil Henoch, to accept the proposed policy as written.
Judith asked if the Book-A-Year and memorial funds have any restrictions. Each of the memorial funds had different restrictions of how much could be used and for what. Are those restrictions still in effect? Kathy will check into the matter.
Motion carried. Jo Sheldon opposed.
The Board reviewed the proposed 2011 budget.
Mark noted that the purpose of the Foundation is to provide funding for complementary or enhanced library services that does not diminish the need for strong public funding. If the service becomes on-going, it needs to get in the library's operating budget. For example, the online homework assistance program was initially funded by the Foundation. As this has become an important on-going service, the library has gradually begun including funding for this service in its operating budget.
Motion by Phil Henoch, seconded by Alan Sessler, to approve the 2011 budget as proposed. Motion carried.
Development: The committee has been having monthly meetings. One of the items they are working on is a DVD on how to use the library with script in various languages. The goal is to have the various components laid out by March. They are also working on the possibility of hosting birthday or other types of parties at the library and developing printed materials for planned giving, and honorary/memorial gifts.
Events: The Celtic Evening fundraiser on November 30 was very successful and raised about $6,000. This event was mainly possible through the efforts of Helen McIver. The committee will discuss expanding on the idea by doing similar events based on other cultures/nationalities.
Planning continues for Wit, Wisdom & Wine which will be held on Saturday, January 15. Invitations should be going out in the next week or so. Board members are encouraged to submit names for the invitation list.
Included in the Board packets were ten raffle tickets. The raffle is an important part of the fundraising and Board members are asked to sell ten tickets each. Ticket stubs and money need to be turned in no later than Friday, January 14.
Board members are also asked to either solicit or donate two items for the silent auction.
Executive: The committee will be meeting January 10 or 11.
PRESIDENT'S REPORT
Motion by Mark Neville, seconded by Alan Sessler, to approve the proposed slate of officers for 2011: Bill Wiktor, President; Debbie Westerland, Vice-President; Harry Swedlund, Treasurer; and Ann Sand, Secretary. Motion carried.
The Board packet included proposed 2011 meeting dates.
Phil Henoch congratulated the Board on doing things in the right way. There will be different people sitting on the Board in the future and the Board's actions have provided direction for them.
Motion by Phil Henoch, seconded by Alan Sessler, to adjourn the meeting at 6:00 pm. Motion carried.
Respectfully submitted,
Bill Wiktor,
Secretary
The next regular meeting of the Foundation Board will be Monday, January 24, 2011, at 4:45 pm in Meeting Room B.