January 23, 2017 Resolution Index #2017-001 Approval of the December 19, 2016 Regular Meeting Minutes #2017-002 Approval of December Financial Statements 1. Payouts in December for the General, Special, Capital Replacement, and Brewster Café Funds in the amount of $453,024.60 2. Donations in November in the amount of $6,648.48 #2017-003 Authorization to spend $35,000 from Private Funds #2017-004 Approval to continue negotiation with Northwest Bank & Chase Bank as custodian for the Private Funds Investment account and initiate contract with chosen entity. #2017-005 Approval to retain services from Bishop Financial Advisors as the Board s independent financial advisor for the Private Funds Investment account at the rate of $150 per hour. #2017-006 Approval to spend $10,500 from Private Funds raised from the Welcome to Wonderland Fundraiser. #2017-007 Approval to extend Friday operating hours to 5:00 pm within the second quarter of 2017. #2017-008 Approval to enter into Executive Session to discuss compensation of the Executive Director and Fiscal Officer. #2017-009 Approval to increase the Fiscal Officer s salary by 4%, to $71,500. #2017-010 Approval to increase the Executive Director s salary by 4.13%, to $118,400. 1
January 23, 2017 Minutes The regularly-scheduled meeting of the Board of Trustees of The Hudson Library and Historical Society was called to order at 7:04 pm on Monday, January 23, 2017 in the Eldredge Reading Room of The Hudson Library and Historical Society by President Carleen Welch. President Carleen Welch directed the Deputy Fiscal Officer of the Board to call the Roll. TRUSTEES PRESENT AT ROLL CALL: Mrs. Elizabeth Franklin y Mr. Don Germano y Dr. Denise Gibson y Mr. Basil Musnuff y Mrs. Nancy Rufus y Mr. Ron Stolle y Mrs. Donna Studniarz y Mrs. Anne Suntken y Mrs. Carleen Welch y OFFICIALS AND OTHERS PRESENT AT ROLL CALL: Ms. Leslie Polott, Executive Director y Ms. Marylyn Galganski, Head of IT y Ms. Molly Pandelli, Fiscal Officer n Mrs. Ellen Smith, Assistant Director y Mrs. Laura Braho, Deputy Fiscal Officer/Board Secretary y Ms. Lynn Remly, President, Friends of the Hudson Library n VISITORS: Pat Simons, Hudson League of Women Voters Margaret Liske, Hudson League of Women Voters Jeffrey Minar Jean Minar Wanda Gulley A. Neil Thackaberry Heidi Walters Minutes Resolution #2017-001: Mr. Stolle made the motion to approve the minutes of the December 19, 2016 regular meeting of the Board. Dr. Gibson seconded, and they were approved by unanimous voice vote. Finance Committee A. Fiscal Officer s Report 1. December Financial Statements a. Payouts for the General, Special, Capital Replacement, and Brewster Café Funds in the amount of $453,024.60 b. Donations in the amount of $6,648.48 Mrs. Braho reviewed the December Financial Statements, noting that the Brewster Café had a net income of $40 this year. 2
Resolution #2017-002: Mr. Stolle made the motion to approve the December Financial Statements. Mrs. Franklin seconded, and it was approved by unanimous voice vote. 2. Ms. Polott gave a handout of the proposed use of the $35,000 that is transferred annually from Private Funds. Resolution #2017-003: Dr. Gibson made a motion to approve the Library spending $35,000 from Private Funds. Mrs. Suntken seconded, and it was approved by unanimous voice vote. 3. Mr. Germano suggested tabling the discussion of Permanent Memorial Funds until Ms. Pandelli is present to answer any questions. Everyone agreed. 4. Mr. Germano stated that with the new Investment Policy Statement in place, the request for proposal was sent to potential custodians. Four were received and reviewed at the Finance Committee meeting. The Committee asked Ms. Pandelli to get further information from the banks who had responded, and the Committee held a special meeting to review the responses. Two proposals were very expensive and were therefore eliminated. The final two contenders are Northwest Bank and Chase Bank. Northwest uses a third party brokerage firm called Cetera s that would actually be the custodian. It would cost approximately $524 to transfer our entire balance to Northwest, including the reinvestment of the funds. Each transfer would cost about $20 per trade, although the intent is to not trade often but follow the market. It would cost approximately $225 to transfer the funds to Chase Bank, with little to no fees for subsequent transfers. The Finance Committee recommends to allow the Committee to continue negotiations with these two entities and make a decision taking into consideration the input of Library Administration. The Finance Committee will then initiate a contract with the chosen bank. Dr. Gibson asked how the Finance Committee would choose between the two. Mr. Germano stated that the decision would be based on the proposals as well as the relationship aspect. Resolution #2017-004: Mr. Stolle made a motion to allow the Finance Committee to continue negotiations with Northwest Bank and Chase Bank as custodian of the Private Funds Investment account and initiate a contract with the selected firm. Mr. Musnuff seconded, and it was approved by unanimous voice vote. 5. Mr. Germano stated that he received the contract from Bishop Financial Advisors. Upon approval, Mr. Germano will meet with him to fill out paperwork. Mr. Germano read an email from Mr. Bishop that clarified the terms of his services, stating that he will not be making recommendations on the investment strategy and that the intent is to be passively-managed and replicate the market. Resolution #2017-005: Mr. Stolle made a motion to retain services from Bishop Financial Advisors as an independent financial advisor at the rate of $150 per hour. Mrs. Suntken seconded, and it was approved by unanimous voice vote. Director s Report Ms. Polott stated that one of the front doors is currently out of order, but it will be repaired tomorrow. It was damaged by Simplex Grinnell, and they will be paying for the repairs. The Library is planning for two additional programs, Cowan s Antiques Roadshow and a Tech Festival. Cowan s Antiques Roadshow always brings a large crowd. Mrs. Galganski shared that the Tech Festival would be held on August 13. She stated that the Library has acquired several STEAM & STEM kits, including the coding caterpillar, magnetic blocks, telescopes, etc. Ms. Polott stated that the Library recently partnered with Hudson Middle School to do a 3D printed bookmark 3
program with 125 students. In order to advertise the digital products that the Library pays for, a sticker will be placed on the inside cover of our current DVD s and Books on CD. Friends of the Hudson Library President s Report Ms. Polott stated that the Friends of the Hudson Library gave the Library $1500 for Adult DVD/BluRays and $1000 for Adult Non-Fiction resources. The Library has submitted a grant for $7500 to the Hudson Community Foundation to supplement the costs of the Summer Reading Program. The Friends are also willing to support the program. Endowment Committee Mr. Musnuff stated that the Endowment Committee met tonight and discussed two major initiatives they will be exploring. The first is to reach out to local businesses in order to develop a relationship, educate them on what the Library has to offer, and give them the opportunity to partner with the Library financially. The second initiative is to seek endowments and major gifts through wills and financial planning. Mr. Musnuff stated the first steps will be to get marketing materials underway, look into the possibility of posting on a local website listing endowment opportunities, and meeting with local estate planners. Ms. Polott handed out a proposal for the distribution of the $10,500 raised through the Welcome to Wonderland fundraiser. All materials bought with the funds will have a rabbit bookplate in the front so that patrons will know they were bought with fundraiser dollars. Mr. Stolle asked if there was a philosophy to set aside a portion of fundraiser dollars to put into Endowment. Mrs. Welch stated that it was a good question to consider for the future, and that the Finance Committee and Endowment Committee can collaborate on future efforts. Resolution #2017-006: Mrs. Suntken made a motion to approve spending $10,500 from Private Funds raised from the Welcome to Wonderland fundraiser. Mrs. Franklin seconded, and it was approved by unanimous voice vote. Nominating Committee Mrs. Suntken stated that the current press release should run for two more issues in the Hudson Hub. Next Tuesday, January 31, is the deadline for submitting Board applications. Mrs. Suntken will be contacting the Trustees regarding interview dates and calling applicant references. Four applications have been submitted thus far. There are four openings, three three-year positions, and one two-year position. Other Business Regarding extending operating hours on Friday afternoons, Mrs. Welch is concerned with timing in order to give Library staff time to prepare programming and staffing changes. Ms. Polott stated she would like at least a three month lead time. Dr. Gibson stated extending hours would send a positive message to the community, since the levy was an additional levy and not just continuing. Resolution #2017-007: Mr. Germano moved to extend the Library s operating hours on Fridays until 5 pm within the second quarter at Library Administration s discretion. Dr. Gibson seconded, and it was approved by unanimous voice vote. 4
Executive Session Resolution #2017-008: Mr. Stolle made a motion to enter into Executive Session to discuss the compensation of the Executive Director and Fiscal Officer. Mrs. Franklin seconded, and a roll call vote was extended. Mrs. Elizabeth Franklin y Mr. Don Germano y Dr. Denise Gibson y Mr. Basil Musnuff y Mrs. Nancy Rufus y Mr. Ron Stolle y Mrs. Donna Studniarz y Mrs. Anne Suntken y Mrs. Carleen Welch y The Board ended Executive Session and came back on record at 8:05 pm. Resolution #2017-009: Mr. Germano made a motion to increase the Fiscal Officer s salary by 4%, to $71,500. Mrs. Suntken seconded, and it was approved by unanimous voice vote. Resolution #2017-010: Mrs. Gibson made a motion to increase the Executive Director s salary by 4.13%, to $118,400. Mrs. Franklin seconded, and it was approved by unanimous voice vote. Adjournment Meeting adjourned at 8:06 pm. Respectively Submitted, Mrs. Welch, President Board of Trustees Mrs. Braho, Deputy Fiscal Officer Board of Trustees 5