CALL TO ORDER
The meeting was called to order by President Chris Colby. Also attending were Muhammad Babur, Cynthia Daube, Phil Henoch, John Hunziker, Frank Iossi, Phil Karsell, Jean Michaels, Dave Nelson, Sue Reinke, Joyce Wenz
Others Present: Audrey Betcher, Library Director; Tom Dyer, Communications Director; and Kathy Olson, Administrative Assistant.
REPORT FROM WINDSOR FINANCIAL
Chris Colby introduced David Koch, Windsor Financial, who gave an update on the Foundation's investment.
David stated that it has been a challenging investment market, but he is generally pleased with the performance of the portfolio. A substantial amount of cash has been added to the account this year and the challenge is to put it to work in a rational manner. The portfolio is monitored on a regular basis and they try to meet with clients quarterly or semi-annually.
The account is strategically set up on an asset allocation basis that best fits the Foundation's income needs and preservation of principal. If he thought that market conditions dictated a change in the asset allocation targets, he would bring it to the Foundation for discussion.
Frank Iossi added that the Foundation charged Windsor with an approach to protect the principal and, within the ranges in the Investment Policy, they are free to buy and sell as needed without having to come back to Board.
The net return from 11/30/02 thru 10/26/04 before fees is 13.75%.
Phil stated that Windsor is doing a super job. The Board expressed their appreciation for the good work that Windsor is doing.
APPROVAL OF MINUTES
Motion by Sue Reinke, seconded by Dave Nelson, to approve the minutes of the September 22, 2004, meeting. Motion carried.
TREASURER'S REPORT
Kathy Olson reviewed the 3rd quarter Treasurer's Report. The majority of income is from the annual fund drive. There was also a $2,100 grant from the Minnesota Library Association Foundation which was passed directly to the Library. Expenses were mainly from the annual fund drive, yearly tax preparation, and the first newsletter mailing.
Motion by Frank Iossi, seconded by Sue Reinke, to accepted the 3rd Quarter Treasurer's Report as submitted. Motion carried.
LIBRARY BOARD AND DIRECTORS REPORT
Audrey Betcher reported that Storytime kits have just started circulating to daycare providers. 20 kits, at an average price of $350, were purchased with the 2003 proceeds from the Foundation to the Library. There is a sign on each kit giving credit to the Library Foundation. There were 93 bookings in the first week the kits were available. An evaluation form has been included in each kit for feedback.
The Library Board has several people whose terms expire at the end of year; one City and one County representative are needed.
COMMITTEE REPORTS
Finance: Phil Henoch reported that the committee has met and reviewed anticipated budgets for 2004/2005. The budgets are basically a planning tool to anticipate expenses.
The committee also reviewed the Endowment Fund and discussed the amount to be turned over to the Library in 2005. The committee recommends that 4% of the fund balance, $21,944, be turned over to the library in 2005.
Motion by Jean Michaels, seconded by Phil Henoch to accept the Finance Committee's recommendation.
Audrey stated that the Disbursement Policy sets forth that based on their best judgment, the Foundation Finance Committee will recommend to the Foundation Board the dollar amount of funds that will be available from the Foundation.
The Library Director, administrative staff, and Library Board determine funding priorities and approve a report to the Foundation on how the funds will be used and how this meets the Foundation's goals.
Motion approved.
Development: John Hunziker reported that a subcommittee has met to review donor recognition systems. The donor recognition will be placed on the first floor where the bench/community bulletin board is currently located.
The subcommittee approved the concept of the artwork and recommends that staff continues with finalizing details. A more detailed design will be finalized and come to Foundation Board for review and ultimately to the Library Board for final approval.
It was suggested that at a minimum, a mock up should be available by Wit, Wisdom & Wine.
Further discussion is needed on details such as levels of giving, how long the plaques stay up, how many plaques, etc.
The consensus of the Board was to proceed.
Special Events/Wit, Wisdom & Wine 2005: Tom Dyer reported that the speakers are lined up. We have secured approximately $2,500 in either cash or in-kind underwriting and are pursuing other possibilities for underwriting. There will be a meeting on Friday to discuss promotion/publicity.
The goal is for invitations to be mailed right after Thanksgiving. It was suggested that the mailing list be submitted to the Board so that members can follow-up with personal phone calls encouraging people to attend.
We are looking for ideas/items for the silent auction. If anyone has anything to donate, they should contact Tom.
PRESIDENT'S REPORT
Because of the Thanksgiving and Christmas holidays, the next meeting is scheduled for Wednesday, December 1, 2004, at 4:45 p.m.
There being no further business, the meeting adjourned.
Respectfully submitted,
Cynthia Daube
Secretary