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HomeMy WebLinkAboutMinutes 08 20 09 Foundation Library Foundation Board Meeting August 20, 2009 Members Present: Donna Barnes, Patricia Bell, Charles Boney, Mary Hatcher, Bob Mayo, Joe McIntosh, Frances McMillan, Elizabeth Stanfield-Maddox, Karen Traina, Virginia Walker, Ronna Zimmer Staff Members: Harry Tuchmayer, Library Director Friends of the Library: Anne Langan Absent Members: Rhonda Bellamy, Keith Betts, Margaret Hamilton, Linda Lawson The meeting was called to order by the presiding officer, Ronna Zimmer at 12:05 PM. Welcome Ronna Zimmer welcomed the board and requested that board members be thinking of nominees of people who could be on the Board. Please submit your requests directly to Ronna. We are looking for 3-4 people who can contribute their time and ideas. Board member Joe McIntosh announced that his term is up and will not be seeking reappointment to the board. Approval of Minutes The May 21, 2009 minutes were accepted and approved. Bob Mayo moved to approve and Mary Hatcher seconded the motion. Treasurer’s Report Mary Hatcher, Treasurer, submitted the following information for review and discussion: BUSINESS CERTIFICATE, *29-1 Matures 09/09/2009 Current balance: $58,145.22 Original balance: $56,168.48 Issued on: 09/08/2009 Interest rate: 3.780000% Interest YTD: $1,444.92 BUSINESS CERTIFICATE, *68-1 Matures 01/02/2010 Current balance: $28,451.02 Original balance: $27,998.58 Issued on: 01/02/2009 Interest rate: 2.760000% Interest YTD: $452.44 BUSINESS MONEYMAKER, *1285 Current balance: $157,285.35 Available balance: $157,285.35 Last statement date: 07/31/2009 Last statement balance: $157,035.35 Interest rate: 1.040000% Interest YTD: $1,354.54 Small Business Checking: Balance of $48.05 Library Foundation of New Hanover Co Inc. Account – 1 Endowed Book Fund Subtotal $19,449.11 Library Foundation of New Hanover Co Inc. Account – 2 General Fund Subtotal $8,214.34 Vanguard Portfolio Total $27,663.45 Grand Total $271,593.09 to date after expenses After review, Mary asked the Board if they had any format change ideas. Bob Mayo requested that future reports show the change from the prior report. Finance Committee Report Donna Barnes presented the Minutes of the Foundation’s Finance Committee. The Finance Committee consists of Donna Barnes, Bob Mayo, Mary Hatcher & Ronna Zimmer. The Foundation Finance Committee met on June 10 & 19, 2009 to implement its Investment Policy Statement. The committee considered investments with the following mutual fund companies: 1. Capital Research and Management’s Endowments Funds 2. Vanguard Funds 3. Fidelity Investments The following decisions were made: 1. Investment decisions require 100% agreement of all Finance Committee members. 2. All investments will be made with one mutual fund Company. 3. Investment decisions will be implemented & communicated to the selected fund company solely by Bob Mayo. 4. Two investment accounts will be opened; one for the Endowed Book Fund and one for General Fund. 5. Dividends and Capital Gains: a. Endowed Book Fund – Sweep into Money Market for use in purchasing books each year. b. General Fund – Reinvest both dividends and capital gains. 6. Leave $20,00 in bank Money Market account which includes $7,520 for the David Paynter Fund. 7. Initiate investments from bank Money Market account using dollar cost averaging over six month period with the goal to own the same funds in each investment account. Donna also reviewed the Foundation’s Investment Policy Statement. A copy of the signed Investment Policy Statement will be included with the minutes. Investment Report Bob Mayo presented and reviewed the following Investment Plan for the Foundation. The Vanguard fund types selected were reviewed and discussed. June 2009, Investment Plan for the Library Foundation of New Hanover County, Inc. Foundation Holdings 6/19/2009 Bank Money Market $183,480. Checking Acct $ 48. CD exp 9/09 $ 57,799. CD $ 28,320. Total Holdings $269,617. Investment Plan ($000) Hold CD’s until Maturity $ 86 Retain-Money Market/Checking 20 Remainder-invest in Vanguard 164 Total $270 Holding Allocation Approx. 60% Fixed Income $270 x .6 = $162 Less Existing money market & CD’s 106 Approx. fixed income allocation – Vanguard $ 56 Approx. 40% equities invested – Vanguard $108 Vanguard 6 month Investment Plan & Schedule ENDOWED BOOK FUND PLAN Monthly Investment Mutual Fund & monthly ($000) 1 2 3 4 5 6 Fixed Equity Wellington (VWELX) $20 10 --3 4 3 8 12 Total Bond Index (VBMFX) $30 3 7 5 5 5 5 30 -Int. Bond IG (VGICX) $18 3 3 3 3 3 3 18 -S & P 500 Index (VFINX) $22 3 3 4 4 5 3 -22 Ext. Market Index (VEXMX) $10 -3 3 2 -2 -10 Total $100 19 16 15 17 17 16 56 44 GENERAL FUND PLAN Monthly Investment Mutual Fund & monthly ($000) 1 2 3 4 5 6 Fixed Equity Wellington (VWELX) $18 --10 2 3 3 7 11 S & P 500 Index (VFINX) $35 5 7 2 7 7 7 -35 Ext. Market Index (VEXMX) $11 3 3 -3 -2 -11 Total $100 8 10 12 12 10 12 7 57 Total Vanguard Investment ($000) 27 26 27 29 27 28 63 101 Director’s Report Harry Tuchmayer reported that the new automation system began installation yesterday, requiring the Library to close the catalog. We will not be able to add books to the catalog during this time. Tammy Baggett, Asst. Director, is working on a program to train volunteers as Ambassadors to assist patrons in using the new catalog and explaining its features. The Library has been awarded an LSTA Planning grant to write a 5 year plan. We will be interested in having Foundation Board member’s input in this plan. Mark Livingston is the consultant on this project; he has worked in assisting other boards with fundraising events. The North Carolina Room is moving ahead on their digitalization program. We’ve been fortunate in finding Interns to assist us. This semester, Interns have worked on our Postcard Collection. However, there is so much to do in Local History that we will need ongoing assistance and more Interns. Many other Libraries have used digitalization as a fundraising project. On July 1st, Library hours were reduced due to budget cuts. Despite the reduced hours, the Library has seen an increase in foot traffic vs. July of last year. Parking lot concerns at the Main branch continue to be an issue. Since CFCC classes have begun the lot has been full every day. To allow patrons parking access, we’ve just been granted permission for our guards to begin ticketing in the one hour lot. We’ve also requested that the local film crews not be allowed to rent the deck. The parking deck holds approx. 630 cars. Pat Bell commented that the parking at the Northeast Branch is also over-crowded. This is especially an issue when UNCW holds large conferences. Harry stated that we’ve asked that the County does not renew UNCW’s rental contract once it is up for renewal. He also added that parking expansion projects at Northeast were cut due to budget reductions. Old Business Fundraiser Mary Hatcher suggested that the Foundation not hold an event this year year due to the economy and that Thalian Hall is closed for renovations until the spring. She suggested that the Board draft a Solicitation Letter to raise funds for the Endowed Book Fund. Harry suggested that we create a brochure on how to donate money to the Endowed Book Fund and other donation possibilities to include with the letter. He will create a draft and forward it to the Board. Mary Hatcher & Elizabeth Stanfield-Maddox volunteered to compose the Solicitation Letter. Ronna approved of the ideas and suggested that Board members meet prior to the November meeting. It was determined to meet on September 3rd at 1:00 at the Northeast Branch (following the Finance Committee’s meeting) All Board members are welcome to attend. Harry Tuchmayer stated that the Library has three main areas where fundraising is needed. 1. Programming Fund 2. Internship (Digitalization projects) 3. Physical Improvements (Teen area, etc) Harry was asked by the board at the last meeting to find a speaker for the Foundations Fundraiser. Although the decision to forgo that event this year was decided, he was able to share his findings. The author Jacqueline Novagrantz wrote The Blue Sweater and is founder of the Acumen Fund, a non-profit that aims to reduce poverty. Novograntz encourages others to change their way of thinking about giving aide to small countries. Her message fits into the theme of renewability. This type of event would not be a fundraiser, but more of a community event like the John Bul Dau program. Joe McIntosh made a motion that the board only does a Solicitation Letter and no other programs. This was seconded by Bob Mayo. New Business No new business Meeting adjourned at 1:10 p.m. All Board Members are welcome to attend a meeting on September 3rd at 1:00 at the Northeast Branch. Members will be creating the Solicitation Letter at this meeting. The Finance Committee will be meeting prior to this meeting. The November Board meeting will be held at noon on the 19th.