CALL TO ORDER
The meeting was called to order by President Frank Iossi. Also attending were Chris Colby, Cynthia Daube, Ed Haskell, Chuck Hazama, John Hunziker, Dave Nelson, Sue Reinke, Joanne Swenson, and Joyce Wenz.
Others Present: Audrey Betcher, Library Director; Tom Dyer, Communications Manager; and Kathy Olson, Administrative Assistant.
MINUTES
Ed Haskell moved, Joanne Swenson second to approve the meeting minutes from May 22, 2002. Motion approved.
DIRECTOR'S REPORT
Audrey reported that the Library Board gave the Youth Advisory Board the task of coming up with a concept for naming the young adult area. The concept they proposed is: Teen Space sponsored by the Mayo Clinic. Library staff will work with Mayo to further refine this concept.
Staff have been working on preparing a 2003 budget request.
COMMITTEE REPORTS
Advocacy Committee
The committee has not met since the last Board meeting. They may want to discuss how the committee can help in the budget process.
Finance Committee
Frank reviewed the recommendation on the selection of an investment firm. The committee took its charge extremely seriously and tried to reflect the wishes of the Board. There was unanimous endorsement of the recommendation by the committee members.
The Finance Committee interviewed five firms, all recommended by Board members, and then re-interviewed two of the firms. The committee's recommendation is to engage the Windsor Financial Group as the Foundation's financial advisor.
The decision came down to the fiduciary responsibility that would generate the best return for the endowment.
The Finance Committee recommends engaging Windsor Financial as the Foundation's investment advisor. Motion approved.
Frank may appoint several people not on the Board to the Finance Committee to give input in the discussions about the Foundation's investment policy.
Development Committee
The committee is in the process of recruiting new Board members. One criteria is people willing to go out and ask for donations. The committee will not be working on a fundraising campaign strategy until the fall.
Former Board members may also be called upon for purposes of the fundraising campaign.
Special Events
Tom reported on a preliminary planning meeting for Wit, Wisdom and Wine 2003. We will use the same basic format as 2002, but do some fine-tuning. We are trying to narrow down a date in January-March that does not have a conflict with other major events/functions.
The next meeting is scheduled for Wednesday, August 28, at 4:45 p.m.
There being no further business, the meeting adjourned.
Respectfully submitted,
Kathy Olson
Secretary Pro Tem