May 15th, 2008 Minutes
Foundation Minutes- Board Meeting
Call to order- 3:40pm
Roll Call- Larry Shroth, Tim DeGhelder, Joe Krebs, Barb Griffith, Kyle Gaines, Mark Rudolph Staff members- Lisa Dunham, Carl Sandstedt, Rick Schultz
Public comments-
Secretary's report- Minutes from meeting-
Motion made by Larry Shroth to accept the minutes from the March 20, 2008.
Second-Kyle Gaines
Motion- Passed
Financial Report
Robert Disterhaupt from Charles Schwab went over the foundation's portfolio.
This included going over the current amounts in the account and showing the percentage invested within our investment policy. The current recommendation (page 4 of handout) was in increase Large Cap Equity and decrease Small Cap Equity with a slight increase in Cash & Equivalent.. Current Schwab investment holdings had a market value of $353,475.22 as of May 14 2008.
The foundation also needs new signatories for the Schwab account. This will include replacing up to two or more people to have access to the account. The foundation will draft a letter which will show the board is endorsing adding new signatories to the account. This information will also be kept on file for future needs.
Motion by Tim DeGhelder to accept the financial report with the new signatories requests.
Second by Barb Griffith
Motion passed.
Comments from the Foundation Board-
Staff Liaison's Comments- Lisa Dunham
Deferred comments related to items on agenda.
Director's Comments- Carl Sandstedt
KL branch remodeling is moving at a good pace. The foundation board members will be welcomed to tour the new branch when completed.
Old Business
07-27 Webpage Redesign
This has been moved to the July 08 meeting. Lisa has scheduled a web designer and a representative from a local non profit to share their experiences in website redesign from the non profit and marketing perspective. This would help give us some insight on the redesign process and provide some information on how to move forward with this process.
Old Business
08-06 Trivia Night 2008-
Event went extremely well. A quick summary was given for trivia totals. Initial estimates show that the event raised close to $8700 after expenses.
We will look into a new location for next year so the event can grow. That will be something to do over the Summer. This would allow the foundation to reserve the building for a Spring date in 2009.
Old Business
08-15 Development Software
The library foundation is going to make a decision on the development software when the new director of development is hired for the library district.
Old Business
08-16 Audit and IRS Form 990
The library foundation has not yet received confirmation of acceptance of
the Foundation’s Form 990 from the
Motion made by Larry Shroth for Rick Schultz and Brad Smith to help advise
the library foundation on possible CPA or tax firms with significant
experience working with non profit organizations. Joe
Krebs added that this information could be shared with the friends of the
library.
2nd by Kyle Gaines
Motion passed
Old
08-21 Reaffirmation of the Foundation's Conflict of Interest Policy
Motion made by Larry Shroth to reaffirm the Conflict of Interest Policy and for each board member to fill out a profile and give the information to Lisa Dunham for record keeping.
2nd by Kyle Gaines
Motion passed
Old Business
08-22
Expansion of Foundation Board
A short discussion about recruitment of new board members. Several need to be replaced in the FY09 year that begins in July.
New Business
08-23 Community Coffee Sponsorship and Release of Funds- Remainder of Branches
Motion
made by Tim DeGhelder that the Foundation board, upon receipt of a written
request from the library district, authorize sponsorship of coffee service as
an amenity at the remainder of library branches and release of funds to
implement the service. Motion
included approval of service requests for the Kathryn Linnemann,
2nd by Barb Griffith
Motion passed
New Business
08-24 Acknowledgement & Commitment to Houck Trust Conditions
Motion
by Joe Krebs to use the funds from the Houck Trust with the following
conditions:
- Fund the establishment of the
Center for Business and Government at the newly built Spencer Road Branch
with the naming to include "Bob and Jackie Houck".
- Acknowledge the center with a
display recognizing the benefactors
- Agree to restrict the
necessary funds for use in establishing the center
- Agree that all remaining funds
will be unrestricted and designated/used at the discretion of the
Foundation Board.
With
the following criteria agreed upon, included in the motion is also to accept a
check for a partial distribution of $250,000 by Richard Schultz (trustee for
the Houck Trust) and allow the assets to be invested until they are needed to
meet the trust fund conditions.
2nd by Larry Shroth
Motion passed
New Business
08-25 General Liability Insurance- Policy covering Foundation events
Motion made by Joe Krebs to release funds for payment of insurance policy.
2nd Tim DeGhelder
Motion Passed
New Business
08-26 Scoping and Target amount for FY2009- Householder Scholarships
Motion made by Larry Shroth for the amount of up to $2500 be used for Householder Scholarships in FY2009.
Second- Tim DeGhelder
Motion Passed
New Business
08-27 Contribution to Kathryn Linnemann Branch Library Renovation
Line item was tabled for the July 2008 meeting.
Comments for the Good of the Foundation
Lisa Dunham asked that the Library Foundation think of materials or programs it could sponsor the FY2009. She shared an example of sponsoring a tutoring database. The board will have to determine the long range goals with a development plan to include yearly goals for sponsoring projects.
Kyle Gaines moved
to adjourn. Joe Krebs seconded. Meeting adjourned at
Next Meeting set for July 17, 2008
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