July 20th, 2006 Minutes- Annual Meeting

 

Foundation Minutes- Board Meeting

Call to order- 3:35

Roll Call- Bill Zollmann, Mark Rudolph, Joe Krebs, Lorna Frahm, Kyle Gaines, Warlene Reed, Ralph Garzia. Staff members- Bob Houck, Carl Sandstedt

Secretary's report- Minutes from meeting- May 18, 2006

Motion made by Mark Rudolph accept the minutes from the May 18, 2006 .

Second-Warlene Reed

Motion- Passed

Public comments- none

Market report on assets- Bob went over investment spreadsheet:  Total asset value- $333,195 as of 07/20/2006 .  Distributions of $5,000.00 to the Library District and $7,500.00 to the Friends of the Library were made in June, reducing cash by $12,500.00.  The market has been sluggish, shedding nearly 800 points since early May.  The investment mix is still within the Investment Policy.  The report distributed shows both the current assets, and the FY2006 year end summary.

Motion by Mark Rudolph to accept the financial report as presented.  

Second by Ralph Garzia

Motion passed

Comments from the Foundation Board -

            Joe Krebs expressed appreciation to the Foundation’s reimbursement of $7,500 to offset the Friends of the Library extraordinary expense for customer parking at the annual Book Fair.  The Friends redeemed 1,812 parking refund coupons so the actual subsidy paid back to customers exceeded $9,000.00.  The Friends of the Library are looking for alternate locations, including the Family Arena, but there are advantages to having the Book Fair at the Convention Center that have to be weighed before committing to any particular location.  The left over books were recycled.  Bill Zollmann expressed the Foundation Board’s compliments to the Friends of the Library for a well-run and financially productive event.    

Staff Liaison's Comments- Bob Houck

            The annual audit will likely take place in late August or early September.  Bob hopes to have the formal audit report available at the November Foundation Board Meeting.  The Foundation is audited as a discreet subcomponent of the St. Charles City-County Library District. 

Director's Comments-

            Carl reported that the Library Express at Discovery Village is ready to open within the next week or so.  There are a few problems with shelving and infrastructure, but the facility can still open.  The Express is in leased space that the District expects to occupy for five years before building a general purpose branch less than a mile away.  The Middendorf-Kredell Branch is closed until September 30 for renovation.  The expansion will make considerable difference in the branch’s appearance and function.  We are also following up on contacts for a potential library express in the Foristell in conjunction with development in Warren County .

            The District is pursuing a contract on five acres of land at Morrison Lane and Meinershagen Road .  The plat is at the corner of the two roads, both of which are in the County’s master plan as three to five lanes.  The District’s intent is bank the land as a future library site, probably between 2012 and 2015.  Bill Zollmann reiterated previous comments that the location is not as good as one at Morrison and Highway N.  The commercial potential of that location, and its proximity to a larger site that the Wentzville School District owns, makes it a more desirable location.  Bill also expressed concern that the site further south might be in a flood plain.  Carl responded that a location on Highway N would be too close to the branch planned for an area close to the current Discovery Village .  The maps available through FEMA indicate that the planned purchase is above the 500 year flood plain.  Carl will consider the Foundation’s concern and will pass those on the Library Board.

            Carl also noted that Larry Shroth of Ameren UE is interested in joining the Foundation Board.

Old Business-  

            None -- First meeting of Fiscal Year 2007.

New Business

  07-01 FY2006 Year End Financial Statement (unaudited)

            Bob presented the FY2006 year end balance sheet and income statement.  He noted that the statements are the same as those that will be presented to the auditors, and that the report is informational to the board and is not an action item.  Bill Zollmann directed that the minutes reflect that the un-audited financial report for the fiscal year was received by the Board.

07-02 Nominations and Elections of Officers for FY2007

            Bob gave the report for Officers for FY2007.

            Motion by Lorna Frahm to elect Mark Rudolph as President; Joe Krebs as Vice President; Tim DeGhelder as Secretary; and Warlene Reed as Treasurer by acclaimation.

            Second by Ralph Garzia

            Motion Passed

07-03 Authorization for the Registered Agent to file corporate registration report with the Secretary of State of Missouri, and to incur charges for filing.

            Motion by Mark Rudolph authorize Bob to file the annual registration with the Secretary of State and incur charges for that registration.

            Second by Joe Krebs

            Motion Passed

07-04 Householder Scholarships - Scoping and Target Distributions for FY2007

            Bob explained the purposes and history of the Householder Scholarships.  The Board sets an annual target distribution.  In the past, the Board considered applications in November.  This year, the District will have a Staff Development Day in October, so it would be beneficial if the review took place in September so scholarships could be awarded at the Development Day.

            Motion by Lorna Frahm to set a target for Householder Scholarships of $2,000.00 and consider applications at the Foundation’s September meeting.

            Second by Warlene Reed.

            Motion Passed

07-05 Funding Request - Community Council of St. Charles County

            Bob referred to a proposal from the Community Council to donate $1500.00 to sponsor the community directory.  The Foundation sponsored a portion of the 2005 Community Networking Forum, but has made no pledge of continued support for the event.

            Motion by Lorna Frahm to allocate $1,500.00 to the Community Council as requested in their proposal to the Foundation Board.

            Second by Kyle Gaines.

            Motion Failed.

07-06 Asset Management - Placement of Funds

            Bob reviewed the problems encountered with opening a Vanguard Account.  At the same time, when Midwest Bank terminated their contract with the holding company it became urgent to transfer the Foundation’s assets from Midwest .  Bob was not certain that Vanguard could open an account and do the transfer in time to meet Midwest ’s deadline, so he arranged an in-kind transfer of the mutual fund investments to the Foundation’s existing Schwab Account.  Kent Reynolds of Midwest and Rob Disterhaupt of Schwab worked masterfully together to effect the transfer and showed this highest in professional cooperation and mutual support. The assets are the same as they have been, the only difference being that they are now deposited with Charles Schwab instead of Midwest BankCentre.  Schwab charges no fees for the account.  Kent will work with the Foundation Board as an independent consultant unless his future employment prohibits him from doing so.

            Lorna Frahm noted that the Board wants the advice of financial professionals, and sees no reason to change the previous decision to deposit the investments directly with Vanguard.  Bill Zollmann expressed the will of the Board to open the Vanguard account as planned.

07-07 Asset Management - Investment Mix

 

            Bob referred to copies of Vanguard investments that might be available to the Board if the members wish to change the allocations from those currently held.

           

            Lorna Frahm noted that the issue is moot until the Vanguard account is open and the company’s advisors comment on their recommendations.

 

07-08 Date change, September Foundation Board Meeting

            Bob reported that he will be on vacation on the Third Thursday of September 21, and requested that the Board approve changing the September meeting to the Fourth Thursday, September 28.

            Motion by Lorna Frahm to change the Foundation Board meeting date to September 28, 2006 .

            Second by Kyle Gaines.

            Motion Passed.

Comments for the good of the foundation:  None

Mark Rudolph  moved to adjourn.  Warlene Reed seconded.  Meeting adjourned at 5:10 p.m.

Next Meeting set for September 28, 2006 at 3:30pm in Foundation Meeting Room. ( Administration Building )

 

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