RENSSELAERVILLE LIBRARY BOARD MEETING MINUTES – June 16, 2014
Present: Donna Barlett, Mary Carney, Dale Dorner, Jim Hutchins, Connie Kudlack, Scott Kunkler, Mark Lewis,
Kristinna Tanner; Director- Kim Graff; Investment Banking Representative from the Bank of Greene CountyTim Bartholomew; Guest- Tom White
Absent: Deb Davitt, Shannon Hostash
Investment Banking Presentation
- Various signature needs addressed.
Tim Bartholomew presented the following- Investment services is provided to TBOGC by Essex National Securities. Our account is low-maintenance
and low-cost. Current dividends are being kept in cash and not being reinvested.
- Tim offered simple sample letter of instructions for people wanting to donate to brokerage account.
- Currently the Board only knows about donations when the amount changes on the balance statement. Tim
said we should be able to track it via on-line access. Kim pointed out that it can be difficult to determine
amount of original contribution from statement. E-mail notifications of activity not possible. From any
notification we may need to research the value of the shares at the time they were donated. (Tim
suggested that we use yahoo finance.)
□
Requested that Tim will look to see if account is configured so that we receive snail-mail notifications of
activity.
Scott asked about how to split our funds between different investment tools (checking, savings, CDs,
brokerage). Tom discussed how library has historically had at least a year’s worth of expenses in cash assets,
but the “excess” should be invested into long-term investment. Tim suggested “dividend producing portfolio”
mutual funds that generates about 6-7%. (AmeriFunds, Franklin-Templeton Income Fund, Oppenheimer)
Growth is generated by using the income to purchase more shares. Tim could provide a presentation on
possible different investments.
Case-by-case analysis of whether to sell donated stock and purchase shares in our mutual fund OR
retain the donated stock. Can ask Tim for advice on what to do with donated stock.
□
Library will provide possible investment amount and ask Tim to come back to present on an Asset
Allocation Model including costs (and possible use of index funds)
□
Library needs policy on investments.
□
Any questions for Tim should be directed through Scott.
Finance Committee
Financial Review
- Scott met with Dan Greendale on Saturday and gave him the paperwork; Dan will start on it (about 1-2
days/week).
Building Committee
Construction Update
- Kim reported that all paperwork has to be done by end of month.
- Money will be moved from Grant account to Operating account.
- Some cosmetic still needs to be done; roof/snow work still needs to be done.
- Penny and Kim are working on landscaping.
New Construction Grant Application
- New grant application has to be submitted to UHLS by end of August
- A/C, solar power, fire doors, replacing wooden floors
- Not taking on front windows at this time
- Kim is going to start working on getting prices (75%/25% split)
MOTION- Jim moved that Kim move forward with new construction grant application; Mark seconded; all in
favor
Fundraising/Programming Committee
Cocktail Party, May 24th
- Initial numbers from financial reports has a net income of $2,641.87. Approximate $1,000 increase in net
revenue over last year. Speculation that increase is due to better venue (Stonecrop over Guggenheim).
No comments/complaints about cost or lack of live music. (Connie suggested that sodas be half-the-cost
of alcohol.)
□
Dale will handle thank you notes including Bill Benson and raffle items; Donna had sent Dale an e-mail
regarding this.
FOW Update
- Next meeting is on 6/21st at 10 AM.
□
Kris will review additional details at next Board meeting. Question of venue for the board-hosted
reception. Will need Board members to attend, bring appetizers, or make cash donation.
Financial Report
□
Kim will tell Patrick to reclassify Kim’s Annual Dinner cost from “Good Neighbor” to
“Conference/Meeting”.
MOTION- Jim moved to accept the May 2014 Financials; Mark seconded; all in favor.
Director’s Report
Kim presented report and highlighted the following- We have gotten money again from David Bryan. Kim will continue to follow-up.
- Kim still following up with lawyer.
- Mid-Hudson Cable is almost done.
- Kim obtained a new filing cabinet.
□
Cycling Festival at end of September will allow for participants to donate money to library but library has
to have 10 people volunteer at least 4 hours. Mark will take charge of organizing volunteers.
□
Kim will bring shirt and tote proposals to next Board meeting
MOTION- Jim moved that we accept the Director’s Report; Dale seconded; all in favor.
Secretary’s Report
Kim noted the following corrections:
- Rensselaerville spelled wrong at the top of the page
- Dale’s last name is spelled Dorner not Darner
- Under Cocktail party- Donna left message for Dale not Kim
MOTION- Jim moved to accept, with the above-noted corrections, the May 2014 Minutes; Connie seconded; all
in favor.
□
Jim will e-mail corrected minutes to Scott for posting.
Old Business
Director’s Review Due in June
□
Kris, Mark, Scott and Jim will schedule meeting before leaving tonight.
Nominating Committee Activation
- Jim reviewed Nominating Policy Committee highlights
□
Jim will copy Nominating Policy to Board members with minutes
Continuation to second term
□
Board Members need to notify Kris in writing if they want to continue for a second term.
Donna and Tom are eligible but are not interested in renewing second term.
New Business
Lawn Party, Saturday, August 30th, 4-7 PM
- Mary, Kim and Jim met and decided on Palmer House as location.
- Tent will be donated by Josh.
- Bill will do standard $600 cheese platter.
□
Liquor license will be obtained at same time as FOW application.
□
Jim still needs to get tables from Conkling Hall and hear back on music from Medusa Moonshine.
□
Kris will share wine pricing information for FOW from Mary.
□
Kim will give phone numbers for Conkling Hall to Jim.
MOTION- Jim moved for adjournment; Mark seconded; all in favor