January 15th, 2004 Minutes
Foundation Minutes- Board Meeting
Call to order- 3:40PM
Roll call- Lorna Frahm, Bill Zollmann (arrived 3:58 PM), Warlene Reed, Tim DeGhelder, Jim Ottomeyer, Floyd Hoffman, Stuart Lercher, Bob Houck, Carl Sandstedt,
Motion by Stuart Lercher to accept minutes from November 20, 2003 Foundation Board Meeting as presented
Second Warlene Reed
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 $207,924.28
Motion by Floyd Hoffman to accept financial report
Second Stuart Lercher
Motion Passed
Staff Liaison's report- see Director's report
Director's report- Carl Sandstedt
Report on Kisker Road flood damage. Gave details of sprinkling system freezing in the cold weather.
The District is 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 still considering the possibility of working with Whittaker toward the possible location of a library express operation in New Town.
Old Business-
04-01 Householder Scholarship- Board spent time viewing applications.
Motion made by Lorna Frahm to fully fund the scholarships. Four scholarship winners with funding equals a grand total of $527.35
Second Tim DeGhelder
Motion Passed
Old Business- Trivia Night Fundraiser
Tim DeGhelder gave a short report on date, time, and place. The board discussed potential income from table and round sponsorship. Tim will post detailed information on the foundation webpage.
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.
New Business- Missouri Prudent Investor Act (RSMo 456.900-456.913)
View the following links
| 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. |
04-11 Motion made by Bill Zollmann to receive the information. The board will study it and make a decision during our next meeting.
Second Lorna Frahm
Motion Passed
New Business- Investment Policy- Adjustments recommended by Financial Advisor
04-12 Motion made by Bill Zollmann to receive the information. The board will study it and make a decision during our next meeting. (Policy to be reviewed- link)
Second Lorna Frahm
Motion Passed
Motion made by Lorna Frahm to adjourn at 4:30pm
Second Stuart Lercher
Meeting Adjourned
Next Meeting set for March18th at 3:30pm in Foundation Meeting Room. (Administration Building)
