March 18th, 2004 Minutes
Foundation Minutes- Board Meeting
Call to order- 3:37PM
Roll call- Lorna Frahm, Bill Zollmann, Tim DeGhelder, Stuart Lercher, Joe Krebs, Mark Rudolph (arrived 3:42pm), Bob Houck, Carl Sandstedt,
Motion by Motion by Bill Zollmann to accept minutes from January 15th, 2004 Foundation Board Meeting as presented
Second Stuart Lercher
Motion Passed
Public comments- none
Financial Report given by Bob Houck
Bob circulated balance sheet. Bob Houck supplied all information related to investments. The summary indicates current assets of $209,724.99
Motion by Bill Zollmann to accept financial report
Second Stuart Lercher
Motion Passed
Staff Liaison's report- see Director's report
Director's report- Carl Sandstedt
As reported in the January meeting- The District is still looking to land bank some property for development in eight to ten years. The library district is willing to pay a reasonable price for property. With western growth, the District may have to have two facilities, one north, and one south of I-70. Possible location West of Wentzville on beltway. The district is getting some response from the public and several people have contacted the district about purchasing land.
The District is still considering the possibility of working with Whittaker toward the possible location of a library express operation in New Town. The district wants property and a building donated. This could be done through the foundation.
Bob mentioned the MK expansion is to take place FY05. They are currently working on parking issues. This could be done through the foundation. Bob also was a guest speaker at Vision 2004 and explained why the library district has a Foundation and a Friends group.
Old Business-
04-01 Householder Scholarship Fund- There is currently $472.65 left to disburse for the FY04 budget. During the May 20th meeting the board will once again look at applications.
Old Business- Trivia Night Fundraiser
Tim DeGhelder gave a short update on tables reserved. Everything is on schedule. There should be more people attending this year. Goal is set to raise over $3000 this year.
Old Business- Development Activities- Future Expansions
It was reiterated by Carl and Bob that the district is willing to buy land at a reasonable price for expansion. It was also noted that the library district is willing to be flexible and consider all kinds of funding options.
MK is still on schedule for expansion. It is possible to add space for a coffee shop with separate entrance.
Old Business- Missouri Prudent Investor Act (RSMo 456.900-456.913) and New Development Policy
Motion made by Mark Rudolph to follow and recognize and follow Missouri Prudent Investor Act with recognition of new development policy.
Second Stuart Lercher
Motion Passed
Links to Missouri Prudent Investor Act
| 456.900. | Citation of law--definitions. |
| 456.901. | Trustee duties, settlor may restrict or expand. |
| 456.902. | Trustee duties and powers--decisions to be evaluated in context of |
| trust. |
| 456.903. | Diversification required, exception. |
| 456.904. | Trust assets, retention and disposition. |
| 456.905. | To whom duty owed. |
| 456.906. | Multiple beneficiaries, duty owed to whom. |
| 456.907. | Restriction on costs. |
| 456.908. | Prudent investor rule, standard. |
| 456.909. | Trustee powers, delegation--agent duties--liability of agent--agent |
| submits to jurisdiction, when. | |
| 456.910. | Trust terms and phrases, definition. |
| 456.911. | Applicability of certain sections. |
| 456.912. | Interpretation of certain sections. |
| 456.913. | Specific statutory standards to control. |
New Business
04-13 Reimbursement to Friends of the Library- 2003 IRS Form 990
Motion by Bill Zollmann to reimburse $250 to the Friends of the Library for costs covering IRS expenses.
Second Tim De Ghelder
Motion Passed
New Business
04-14 Benyon Trust Fund
The St Charles City-County Library Foundation has been chosen to be a beneficiary of the Harry Benton Trust Fund. After legal fees and expenses are paid- possible donation of over $80,000.
Motion made by Joe Krebs to accept the Harry Benton Trust Fund.
Second Mark Rudolph.
Motion Passed.
Motion made by Bill Zollmann to adjourn at 4:28pm
Second Stuart Lercher
Meeting Adjourned
Next Meeting set for May 20th at 3:30pm in Foundation Meeting Room. (Administration Building)
