Board of Trustees’ Meeting
Morse Institute Library
November 14, 2006
Trustees Present: Kathleen Donovan, Harriet Buckingham, Elliot Goodman,
Gerald Mazor and Joseph Keefe
Administration Present: Paula Polk, Library Director
Sal Genovese, Assistant Director
Joan Craig, Community Relations Coordinator
Others: Angel and Brent Garcia of Broadwater Capital Management
Dell Redington, Library Staff
Call to Order: 4:00 pm
1. Angel and Brent Garcia presented a report regarding the Morse Institute’s Investment Portfolio. They described the investment philosophy of their firm as it applies to the Morse Institute Corporation, the elements of the current portfolio, equities and fixed income, and responded to questions by the Trustees.
2. The Board voted to direct Broadwater Capital Management to increase the Morse Institute Corporation’s investment in equities to the 50 – 60% range.
3. A presentation of the Strategic Plan was made by Kathleen Donovan and Joan Craig.
(see attached). The Board voted unanimously to approve the draft mission statement
(see attached). The Draft of the Strategic Plan for 2007 – 2010 was approved by unanimous vote by the Trustees.
[2/6/2007 Note - the attached pdf file contains the approved strategic plan and the mission statement.]
4. Ms. Polk and Mr. Genovese conducted an extensive discussion of the library’s budget for FY2008. The library administration will present four different budget scenarios to the Trustees.
5. The Board voted to approve the minutes of the 10/10/06 meeting.
6. The Board voted to approve the holiday closing schedule.
7. Ms. Polk, Ms. Buckingham and Ms. Donovan will meet with the Bacon Free Library’s Trustees on November 16th.
8. Ms. Craig reported on the improvement in parking in the core of the town and its impact on library patrons.
Adjournment: 6:30 pm
The next meeting of the Library’s Board of Trustees will be held on Tuesday, December 12th at 4:00 pm in the Community Room.
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