CALL TO ORDER
The meeting was called to order by President Frank Iossi. Also attending were Chris Colby, Cynthia Daube, Ann Farnell, John Hunziker, Phil Karsell, Jean Michaels, Barbara Porter, Joyce Wenz, Trevor Westrom.
Others Present: Audrey Betcher, Library Director; Tom Dyer, Communications Director; Kathy Olson, Administrative Assistant.
MINUTES
Joyce Wenz moved, Ann Farnell second to approve the meeting minutes from September 25, 2002. Motion approved.
LIBRARY BOARD AND DIRECTOR'S REPORT
Audrey reported that the Library Board is in the process of reviewing their by-laws.
The Library Board is also reviewing whether to participate in a new automation system with SELCO, or to go with a stand alone system. Even if RPL decides to go with a separate system, we would still share resources with other libraries.
COMMITTEE REPORTS
Development Committee
The Development Committee has been recruiting new Board members. The Library Board has approved two new recent Board members. The Development Committee has two more potential members to meet with, plus one person who has not decided whether they have time to be on the Board.
Finance Committee
The Finance Committee met and reviewed the Investment Policy Statement and Asset Allocation, Disbursement Procedures, and Gift Acceptance Policy, and is bringing forth those policies for Board approval.
The Investment Policy Statement and Asset Allocation document is meant to provide direction to investment counsel. The committee has discussed whether the proceeds to be used each year would include principal or just return. The goal will be to give to the library 5% of the endowment's fund balance every year, without dipping into principal.
Money that is given to the endowment would go towards building up the principal of the endowment.
>Proceeds from Wit, Wisdom, and Wine will be determined each year.
Frank reviewed the timeline for the library's budget preparation and the disbursement of endowment proceeds.
| Library Board | Foundation Board | |
| summer | budget preparation | |
| December | Council sets city budget | Finance Committee recommends funds available Board sets amount |
| Jan-Feb | Bd calculates unfunded priorities (within Foundation priorities and requests dollars from Foundation Bd | Board dispenses funds to the Library Board |
As long as the library spends the money for the initiatives contained in the case statement, the Foundation Board will not have authority over how the funds are spent.
The Board discussed concerns that we need to spell out how to handle receipt of gifts, investment, and use of earnings.
Gift Acceptance Policy
Directed or restricted gifts would need specific Board approval. Other gifts would be handled as a consent agenda item.
The Board discussed where unrestricted gifts would go; consensus seemed to be they would go to the endowment. Other activities such as Wit, Wisdom and Wine could be used for operational expenses.
Phil proposed a line that says "in general, for unrestricted gifts and bequests a set percentage will be invested in the endowment, with the remaining percentage used for operational expenses." A determination would need to be made on what those percentages should be.
The Finance Committee will review the redrafted language.
Barbara Porter moved, Chris Colby second to table action on the three policy items. Motion approved.
Advocacy Committee
The committee has not met since the last meeting.
Special Events: Wit, Wisdom & Wine 2003
The goal for underwriting will be $7,500. The underwriting committee would like a description of the program to give to potential contributors.
Tom distributed a list of potential speakers and ideas for items for the silent auction. 6 speakers have already committed to the event. If any Board members has contacts to obtain items for the silent auction, please notify Tom.
We are working on obtaining dram shop insurance.
UPCOMING MEETING DATES
The next meeting will be Wednesday, November 13. The December meeting will be on Wednesday, December 11.
There being no further business, the meeting adjourned.
Respectfully submitted,
Jean Michaels
Secretary