May 18th, 2006 Minutes
Foundation Minutes- Board Meeting
Call to order- 3:52PM
Roll Call- Tim DeGhelder, Kyle Gaines, Warlene Reed, Cindy Ostmann. Staff members- Bob Houck, Carl Sandstedt
Secretary's report- Minutes from meeting-
Motion made by Cindy Ostmann to accept the minutes from the March 16, 2006.
Second-Kyle Gaines
Motion- Passed
Public comments- none
Market report on assets- Bob went over investment spreadsheet: Total
asset value- $349,115.29 as of
Motion by Warlene Reed to accept the financial report as presented.
Second by Cindy Ostmann
Motion passed
Comments from the Foundation Board- none
Staff Liaison's Comments- Bob Houck
Working with Friends of the Library and Foundation sponsorships- Reminder of the Foundation Sponsorship for the book fair. The Library Foundation is going to help with the five dollar parking reimbursement, up to $7500.
At this point the Friends of the Library are going to analyze the event for 2007. They are hoping to look at other locations dealing with the growth of the event. The Friends does not want to make this event smaller.
The "Strategic Plan" for the library district has included a new staff position of external fund-raiser. This position will help develop long term goals for district funding. This library district is hoping to find an experienced person in the field of fundraising. This new position has the potential to help the Library Foundation with future roles of library district funding projects. The Library Foundation will be in a position to look at long-term funding projects and funding goals.
Director's Comments-
MK expansion is in progress. The building should have an extra 10,000 sq. ft when complete. The branch will be closed throughout the summer. The construction process can take up to 90 days for completion. The district is looking possible temporary services at this location. (trailer or bookmobile on parking lot). There will be other branches that will be able to handle the MK customers while the branch is closed. Sometimes it is good for customers to go to different library locations and experience a new atmosphere.
Discovery Village- DE, Drywall is up and the workers are finishing up the inside. This express location will try to open in July 07. This location is to be upgraded to a larger building and collection after a five year period.
Also KL is going to be expanded an additional 10,000 sq. ft. this will be done by the firm that did the first expansion. Plans have been drawn and can be viewed after the meeting. This project would likely occur in the FY07 budget year.
St. Charles County is also looking at riverfront developments. This might have a possible express location in the future.
The library board is in the process of looking at long-term building projects (strategic plan). The library board will try to visit property of interest in the western part of St. Charles County.
Old Business-
06-12- 2006 Trivia Night
2006 Trivia Night Fund Summary
Tim De Ghelder gave a total of event expenses and income. The total amount raised was $4140.50 It was noted that there were quite a few different games and other fundraising opportunities going on at the same time.
Bob Houck said the total deposit for the event was an extra $578
This brings are total to $4618.50
The event will be at a different location in 2007.
New Business-
06-21 Asset Choices with Vanguard- Allocation of investments-
As related to our May 18th, 2006 meeting- the following decision was made with regard to long-term investments and the foundation. The motion passed option number 4- listed below.
4. Open an institutional account with Vanguard, liquidate the current holdings and roll the entire investment into Vanguard Balanced and let Vanguard's investment managers manage the Foundation's assets as part of their day-to-day operations. This would qualify the investment for Admiral share benefit.
As related to our previous decision, for discussion purposes Bob Houck passed out three Vanguard options for the foundation board to look at. The board will choose one that fits in our current investment policy at a later date.
The board will make a decision in the annual meeting in July 2006. This will be implemented after the audit process.
New Business
06-22 Gift Acceptance Policy
The foundation decided to adapt the following Gift Acceptance Policy. This will give the board some guidance as to what type of donations the foundation will accept.
St. Charles City-County Library Foundation
Gift Acceptance Policy
The Board of Directors of the
1. Gifts,
Bequests, and Contributions
The Board of Directors shall the authority to determine, by majority vote, whether acceptance of any contemplated gift, bequest, devise, beneficial interest in trust, or other contribution of property to the Foundation would be in the best interest of the Foundation and consistent with its purposes and mission.
In the event that the Board should determine that such contemplated gift is not in those best interests, the Board may refuse acceptance and execute and deliver such instruments or other documents deemed necessary to effect the refusal and / or return the contribution to its owners or owner’s agents.
Without limiting its own power of acceptance, the Foundation Board may adopt or modify this policy by majority vote, and shall be empowered to consider contemplated contributions on a case-by-case basis should it be deemed so advisable.
2. General Policy
on Acceptance of Gifts
A. Gifts of “Qualifying Assets” as defined below, do not require the Board’s Prior review, nor formal acceptance, unless mandated by provisions of certain gifts, bequests, or distributions. The Director, Deputy Director, Coordinator of Finance, or Planning and Development Coordinator of the St. Charles City-County Library District may accept gifts of Qualifying Assets on behalf of the Library Foundation without prior notice or approval of the Foundation Board.
B. Qualifying Assets - Defined
Qualifying Assets shall include any of the following asset types, which the Foundation is to receive without restriction as to use or continuing obligation or liability of any kind to any donor or third party.
a. Cash
b. Checks
c. Marketable Securities (stocks or bonds traded on a national exchange,
mutual funds comprised of stock or bonds traded on an exchange)
d. Precious metals where the value is readily ascertainable
e. Tangible personal property for programs sponsored or supported by
the Library Foundation
C. Gifts of “Unique Assets,” as defined below, and which shall generally include all types other than Qualifying Assets, shall require formal review and acceptance by the Foundation Board, unless otherwise specifically directed by the Foundation Board
D. Unique Assets - Defined
Unique assets are those other than Qualify Assets, including, but not necessarily limited to:
a. Any asset which, by the terms or conditions of the gift would 1) restrict the use and / or expenditure of the asset; or 2) create any liability
of the Foundation Board to the donor or any third party.
b. Real Estate
c. Stock or other security of a closely held (non-public company)
d. Works of art, jewelry, or other tangible personal property (except as noted in Section B, Paragraph e above)
e. Limited partnership interests
f. Working mineral interests
g. Life insurance
h. Promissory notes or other installment obligations
i. Deferred gifts or split-interest gifts
j. Other property which is unusual, or whose value is not readily ascertainable, or is not readily marketable, or is of a type not
usually acceptable to the Foundation.
Motion by Cindy Ostmann is accept the Gift Acceptance Policy.
Second by Warlene Reed.
Motion Passed
New Business
06-23- Appointment of Independent Auditor FY2006 (Schowalter and Jabouri)
Motion made by Kyle Gaines to accept Schowalter and Jabouri as the independent auditor for the FY 2006 and also allow Bob Houck to sign informational documents related to the audit.
Second- Cindy Ostmann
Motion Passed
Comments for the good of the foundation: None
Tim DeGhelder moved to adjourn. Warlene
Reed seconded. Meeting adjourned
at
Next Meeting set for
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