BOT Minutes January 3, 2020 - DRAFT
Stowe Free Library
Board of Trustees Meeting
January 3, 2020
Present: D.Witmer, K.Spear, C.Maison Kastner, K.Kaufman, S.Gaines, C.Weber (Director
Absent: C.Lusk, D.Johannesen, R.Ziegel (Friends)
Call to order: 8am
Approval of Minutes: Stand as read.
Friends’ Report: Annual meeting of the Friends will present Jeff Morris as speaker on the National Parks in Alaska.
Treasurer’s Report: None
Endowment Fund and Spending Policy: Possible replacement for ? Shelby’s brother in law—finance background. Met with Dick re: treasurer’s position. His thoughts: ask current treasurer to write down and categorize his responsibilities and the amount of time spent. What does he do each month? Maybe split executive vs oversight vs strategic advice. Executive Functions: accounting reporting writing checks—biggest time commitment. Oversight= strategic advice is person with financial background. Treasurer will create a document describing his monthly duties, how much time is spent on day to day various work and responsibilities.
Morgan Stanley will be invited to a meeting to advise and explain what we need to be doing to continue have our funds grow and determine our spending power. Need to create a Finance Committee and describe its function.
Finance committee will be comprise of Board Treasurer, Director, two Board Members or a third party Advisor. Asset allocations to minimum and maximum range as is on current document. Add third party advisor to line 25. Strike line 40. Motion made to approve new spending and endowment policy. Motion was approved. Next meeting there will be discussion re: determining finance committee’s function. Darla will meet with Omar (Morgan Stanley) to get this organized. New policies should go into by-laws. Will have to reword the bylaws to include the finance committee and the spending policy.
Director’s Report: The collection is developing well. The library had 19 new patrons in December. We would like to create a specific program policy. There are guidelines in ALA for program policies. Two stem programs will be running in February and March.
Stowe Reporters have been returned to library. Cindy will organize and bind them o make them available to researchers. They are digitized up to 1984.
Charity policy: Approved as written.
Inclement Weather Policy: We will add info on the library’s Facebook page, otherwise approved as written.
Circulation policy: Approved as written.
Old Business: Question about creating a strategy for new endowments.
New Business: Archivist advisor will help Cindy decide what to keep and create a select policy on guiding the local history collection.
Next Meeting: February 14, 2020