MINUTES
INVESTMENT COMMITTEE
ELISHA D. SMITH PUBLIC LIBRARY BOARD OF TRUSTEES
AUGUST 26, 2015
Called to order at 9:01am by Murray
Present: Murray, Golz and VanderHeyden
Absent: None
Also Present: Director Lenz and K. Dreyer (Administrative Assistant)
Public Comment/Communication: None.
Approval of Minutes
Motion made by Golz to approve the Investment Committee meeting minutes from September 8, 2014, seconded by VanderHeyden. Last year, the board voted that annual withdrawals from the Graves, Vollmer, Howe and Loescher Funds be based on the same percentages as those laid out in the minutes, with Board approval. Motion carried unanimously.
Endowment Budget 2015-2016 / Endowments Investments
• We received the annual disbursement of $7,254.59 from the endowment pool at the Community Foundation for the Fox Valley Region.
• Proposed changes to the pass through funds include:
- Put the funds from the Chili Cook Off into the Friends of the Library.
- Disburse 10% ($440.43) from the Graves Fund, 5% ($359.84) from the Howe Fund, 5% ($552.07) from the Vollmer Fund and 5% ($629.04) from the Loescher Fund at the Community Foundation at add them to the pass through funds. These funds should be spent first.
- Zero out the Bounce into Books ($65.50), Brich Literacy Fund ($17.21) and Target Grant ($73.68) and add them into the Summer Reading Program.
- From the $7,254.59 Community Foundation disbursement, add $1,426.71 to the Summer Reading Program and $5,827.88 to the General Fund.
Motion made by Golz to recommend the proposed changes and distributions from the Community Foundation Funds to the Board of Trustees, seconded by VanderHeyden. If more monies are needed for a particular project, then a request can be brought to the Board. The donors wanted these funds to be spent. Motion carried unanimously.
• Proposed expenditures for 2015-2016 were reviewed.
- Lenz and Kathy Wicihowski talked to John Bergstrom about a possible statue in place of the Veterans Memorial. Dave Powell, Custodian, asked for funds for annual flowers for the planter. The piano is in need of work.
- Currently, Friends monies are for programs and materials for children, teen and adults. Lenz suggested changing it to programs, services and equipment.
- An AED defibrillator for the lower level is needed.
- The Board seemed to be interested in a 3D printer. Would need to do some research first to see since there are mixed reviews for general use.
-The materials expenditures reflect increasing large print books, classic film collection, children’s books and teen materials.
- We would like to make grants available to elementary schools for bus trips to the library.
- It was agreed to leave monies in the General Fund instead of putting into a fund at the Community Foundation. Golz will talk to First National Bank about a possible interest bearing account.
Motion made by VanderHeyden to recommend the proposed expenditures to the Board of Trustees, seconded by Golz. Motion carried unanimously.
Adjournment
Motion to adjourn the meeting at 9:25am was made by VanderHeyden and seconded by Golz. Motion carried unanimously.
Respectfully submitted,
Kathy Dreyer, recording secretary
