Gay-Kimball Library

Board of Trustees Meeting

April 1, 2009

Members Present: Kathy Marrotte, Beth Richardson, Evan John; Catherine Callegari, Librarian

The members heard a presentation by the Trustees of the Trust Funds, Don Upton, Ed Oakes, and Norm Dion on the history of the Trust Fund and how it is managed.  In 2005, the fund had approximately $170,000, 2006, approximately $185,000, early March 2007, $178,000.00, March 2008, $173,000, February 2009, $150,000.00. The Trustees moved the assets from 51% stock, 34% fixed income, 14% cash mix in 2007 to a 20% stock, 30% fixed income, 42% cash, 8% REIT in 2008, finally to 28% stock, 14% fixed income, 53% cash and 5% REIT in February 2009. Numbers are approximate and do not add up to exactly 100%.

The Trustees were able to shift a large portion of assets into cash before the meltdown occurred and the Library Trustees thanked them for their foresight.  The Trustees of the Trust fund explained that the library's trust fund is special in that it gets its money every year.  They have to adhere to strict guidelines from the State on how the funds are managed and what types of investments they must be (A rated or better).  They attend annual workshops in Concord to familiarize themselves with new laws and network with other Trustees. Though Troy's Trustees manage the fund actively, and hold the fund in a brokerage account at the Bank of America, they have a BofA adviser who works with them to manage the account.

Ed Oakes is a financial planner and has made recommendations to the Trustees to purchase returned 30 year bonds that are earning 8-9% return.  They have also purchased Linn Energy stock which has earned an 18% return.  Ed feels the market has bottomed out and will advise the Trustees to move back into stocks, and some bonds in the future.

Ed asked Catherine what her comfort level was with the amounts the library has been getting from the fund. She said that the 2007 amount, $9621 was a windfall. This year's appropriation of $5600 is lean.  She'd like to see the amount be between $7500 and $8000. Ed said the Trustees will strategize accordingly. About 80,000 of the money is in cash right now, earning .2%, so they will be moving some of it into the market again.

Don asked Catherine whether the library has received any substantial gifts in recent years. She said a $5000 gift did come in about 2 years ago, which she spent improving the children's department in the basement.  In the future, we will treat future donations differently by putting some of it into the trust fund.

The library trustees expressed their thanks for the Trustee's stewardship and sound judgment.

The business meeting opened at about 8pm. The members reviewed the minutes individually and unanimously approved them.

Treasurer's Report: $6475 in the checking account; $637 in the fines account; $210 in the Memorial Fund; $141 in the Building Fund. 

Librarian's Report: Door Count: 1472 (1414 in 2008); Circulation: 2243 (2657 in 2008); Computer Usage 270 (174 in 2008); New Patrons: 15.

Old Business

Kathy led a discussion about whether the library should pay for Trustee membership in the Library Trustee Association. The Board decided that each individual can pay the $20 fee if they are interested in joining.  Beth said she wasn't interested. Kathy was interested but disinclined to drive to workshops. Evan was interested in attending workshops when he can, at least in the beginning. It is inconvenient that many such workshops and events are during weekdays when people work.

Catherine summarized the 3/30/09 meeting with the Selectboard and town department heads to discuss a voluntary budget freeze until July as a response to a drop in state funding to the town.  She passed around a copy of the Selectboard minutes which detail the challenges the town faces, and different ways things could go in the next months. She has decided to be proactive in light of this circumstance and is drafting a letter to the Budget Committee detailing some cost cutting measures we can take. We can save $1250 by rescinding the Librarian's 3% cost of living increase, and using $200 less in labor contracted services.  The letter explains that the library received 42% less from the trust fund this year and is already running a tight budget as a result.

The elevator required $540 in repairs (Shunt trip breaker switch replaced) in order to pass inspection. Dewey DeSilva inspected the roof and said it is in good shape, generally, with about 10 more years left to it. He inspected the chimney and noted the lack of a cap, and some loose mortar. He is willing to do the repairs at cost and Catherine has asked him to proceed.

The No Child Left Alone Program will spend one hour of its community time summer every Tuesday for about an hour.  Catherine appealed to several makers of lip balm to see if they will donate some as prizes for program participation.  One Maine company is supplying 50 tubes of Moose Smooch brand.  The zoo program during Old Home Days will take place in the school.

New Business

Evan provided information about the local trustee meeting in Peterborough on 3/20. He described it as well attended by about 15 people,  with loosely structured, free flowing conversation addressing issues of criminal background checks, funding structures, etc.

Catherine is putting together a volunteer policy for the library that addresses the need for background checks and fingerprinting for volunteers.  The trustees noted that the $80 cost should, regrettably, be borne by the volunteers.  The full testing regime would need to be done on all volunteers working alone with children. There was some discussion about Catherine getting a background check, which the library would pay for, but the issue was tabled until next month.  Beth and Kathy noted that it is already a common thing at the schools, and parents are now required to have background checks if they come along on events like the Camp Takoda programs.

The board decided that, regrettably,  Lily would be unable to sell her chicken eggs at the library because of the library's exposure if there were a food poisoning issue, and they didn't want the library serving as an outlet for sales of other products. We will be having an egg hatching event starting April 14, and the eggs will hatch  around the 5^th of May.  On May 7 at 6:30p Lily will be giving a talk on the joys and challenges of backyard chickens.

Catherine will attend a book repair clinic in Bedford 4/29/2009.

The meeting adjourned at 9pm.  The next meeting will be held on Thursday, May 7 at 7:30 to allow members to participate in the backyard chicken talk.