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Morse Institute Library
Board of Trustees Meeting Minutes
January 13, 2009
Trustees Present: Harriet Buckingham, Kathleen Donovan, Elliot Goodman,
Joseph Keefe and Gerald Mazor
Administration Present: Jane Finlay, Acting Director
Marie Nardi, Community Relations Coordinator
Staff Present: Dell Redington, Circulation Department
Dale Smith, Children’s Department Supervisor
Others: Messrs. Angel and Brent Garcia, Broadwater Capital Management
Myrna Stacey, CPA, Accounting Consultant for Library
Call to Order: 4:00 pm
- The Board approved the minutes of the December 9, 2008 meeting.
- Dr. Keefe remarked on the successful 135th Anniversary Celebration and thanked all parties associated with its preparation and observance. He noted that, to date, the library had received four applications for the position of Director. The application period extends through January 31st.
- Ms. Donovan raised the matter of the Board’s appointing a citizen to serve on the Director Search Committee. She noted that former president of the Friends of the Library was interested in serving in such a capacity. Following a brief discussion of the merits of this action, the Board voted unanimously to appointment Ms. Mary McKenna to serve on the Selection Committee for Library Director. (Note please that Ms. McKenna has indicated to Ms. Donovan that she accepts the Board’s appointment by e-mail on January 14th.)
- The Messrs. Angel and Brent Garcia, principals in Broadwater Capital Management, the Library’s investment advising firm, provided the Board with an extensive analysis of current market conditions and the state of the Library’s investment portfolio. Subsequent to their presentation, the gentlemen responded to questions from the Board. The Board asked that the advisors return to update the Board at the May 12, 2009 meeting.
- Ms. Myrna Stacey, the Library’s accounting consultant, presented an extensive “Analysis of Library Restricted Funds as of December 31, 2008”. She completed this work subsequent to a meeting several of the Trustees had with Ms. Stacey early in November. The analysis illustrated the background material of each such fund and the amount of money currently in each fund. Ms. Stacey recommended that several of the small accounts be phased out and in one instance have the name of the fund changed to more accurately define its character. She will speak to the library’s auditing firm regarding the use of the term “unrestricted “in the most recent audit prepared by the firm given the fact that the particular accounts are held as part of the Corporation’s assets and under no
circumstances are the principals in them utilized, only the earnings there from.
- Report of the Acting Director:
- GAR personal narratives of Post 63 were given to the library by Judy Kuhn, the Town Clerk, for safekeeping.
- The Library received an initial State Aid Grant of $24,931.46. We have $51,225 remaining from last year. A second payment will be sent to Natick by the last quarter of FY2009.
- Audit: The library hires Paresky Flitt to prepare financial statements on the cash basis of accounting rather than the comprehensive basis generally used. The main difference is that the effect on earnings from accounts and pledges receivable, as well as accounts payable and donated services are not recognized.
- The 135th celebration was a great success. Un-ending thanks to Marie for thinking up this creative event and for its spectacular lightning speed execution! Special thanks to Rose and Karol for compiling programs, brochures and exhibits which took a lot of extra time and effort. Thanks also to Cary, Gaylene, Linda Champion and Charlie. Additional thanks to staff who worked Sunday: Dale and Demetri and everyone working on public desks.
- Grant awards have recently been sent to the town from the MA Board of Library Commissioners:
a. $6,000 for Conversation Circles for 2 years starting 10/08
b. $5,000 for Equal Access (1 yr.)
c. $30,000 for Veterans Oral History was received last summer
- The library is participating in the town’s voluntary work week reduction program:
a. Jennifer Mentzer in the Children’s Department will go from 37.5 to 35 hrs/week starting January 1, 2009.
b. Jennifer McGillis will reduce her part-time hours for summer 2009 only.
- The Natick Reads committee is planning a March program focused on poetry. A highlight will be an evening with past poet laureate, Robert Pinsky who will speak at Wilson Middle School on Thursday, March 19th.
- Marie is in her new office!
Meeting Adjourned: 7:00 pm
The next meeting of the Board of Trustees will be held on Tuesday, February 10, 2009 in the Community Room of the Library.
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