September 22nd, 2005 Minutes

Foundation Minutes- Board Meeting

Call to order- 3:32PM

Roll Call- Tim DeGhelder, Warlene Reed, Bill Zollmann, Cindy Ostmann, Joe Krebs, Lorna Frahm (3:34)   Staff members- Bob Houck, Carl Sandstedt

Secretary’s report- Minutes from meeting- July 21, 2005

Motion made by Cindy Ostmann to accept the minutes from the July 21, 2005 meeting.

^{Second by Joe Krebs}

^{Motion passed.}

Public comments- none

Special Report- Report of the Financial Advisor

Kent Reynolds, Midwest BankCentre, Todd Grizzle- Fiduciary Advisors.

Kent Reynolds gave information pertaining to the past 14 month period on assets of the Library Foundation.  (July 05 to Sept 06)  Information includes total asset holdings with market earnings and costs.  Kent also showed a comparative analysis to other markets.  (Dow Jones, S&P 500, Lehman).  Kent went into detail showing each individual holding in the portfolio and how well they performed.  (three page handout)  Kent also explained that all funds are within our investment policy guidelines.

Explained the pros and cons for having a professional service take care of long term investments.  

Board members seems happy with the job Midwest BankCentre is doing.

Todd Grizzle gave an example of how some of the analysis is done when picking investments for the Library Foundation.  Todd also talked about watch-list procedures for fund management.  Todd also explained how he and Kent worked together.  Todd is mainly a market analysis and gives advice to Midwest BankCentre.

Market report on assets- Bob went over investment spreadsheet:  Total asset value- $320,813.89 as of 9/22/2005.

^{Motion by Joe Krebs to  accept financial statement.}

^{Second by Warlene Reed}

^{Motion passed.}

Comments from the Foundation Board- Bill Zollmann attempted to contact Dana Demien as a potential board member.  Dana was unable to be contacted before the meeting.

Staff Liaison's Comments- Bob Houck

Deferred comments to old/new business.

^{Director's Comments - Carl Sandstedt}

^{Shared layout plans for MK expansion.  Projected cost 1.8 million.  Project open for bidding until 9/30/2005.}  

^{Strategic Planning sessions- Library District is doing an open planning session the first Wednesday of each month.  Each session will focus on an area that might need to be addressed in the SCCCLD future strategic plan.  All foundation board members are welcome to attend the strategic planning session.  Contact Bob for dates and speakers.}

^{Board Orientation moved from September 28 to a new date.}

Old Business-

06-01- FY2005 Year End Financial Statement (unaudited)

^{Financial Report- Bob Houck gave corrected financial statement- amount of assets  FY05 $316,291.04}

^{Motion Cindy Ostmann to accept financial with the corrected adjusted lines.} 

^{Second- Lorna Frahm}

Motion Passed

Old Business-

06-06 Expansion of the Foundation Board

Foundation still looking for possible new board members.

New Business

06-07 Expansion of the Foundation Board

Motion by Lorna Frahm to accept Ralph Garzia to a three year board term.

Second- Cindy Ostmann

Motion Passed

New Business

06-08 FY05 Independent Audit

Motion by Cindy Ostmann to receive audit with title adjustments to reflect St. Charles City-County Library Foundation as a separate organization.

Second- Lorna Frahm

Motion Passed

New Business

06-09 Joint Sponsorship- St. Charles International Trade Forum

Motion made by Lorna Frahm to accept and disperse money raised for the St. Charles International Trade Forum.

Second- Warlene Reed

Motion Passed

New Business

06-10 Barnes and Noble Grand Opening Preview- Authorization

Motion made by Lorna Frahm to accept invitation from Barnes and Noble and allow Foundation to work with outside business.

Second- Cindy Ostmann

Motion Passed

06-11 Scoping and Target Distribution for FY2006 Householder Scholarships

Motion made by Warlene Reed to target up to $2000 for scholarships funds.  Scholarship recipient  must still be employed by the district when there is a distribution of funds.

Comments for the good of the foundation: 

Ralph Garzia made it to the meeting at 4:25pm.  Ralph was welcomed as a new member.

^{Joe Krebs moved to adjourn. Tim De Ghelder seconded. Motion passed.}

^{The meeting adjourned at 4:40 PM.}

Next Meeting set for November 17th at 3:30pm in Foundation Meeting Room. (Administration Building)