Thursday, July 12, 2012

Minutes for the June 2012 Trustee Meeting

JUNE 27, 2012

Present: Laurie Bryan, Mary Garland, Amy Markus, Peter Ryner

The meeting began at 9:00 am

The minutes of May 30, 2012 were approved.
The Treasure's report of April, 2012 was approved.

The Board discussed policy options for providing incentive awards to Library staff, and agreed that this would be further researched with the objective of having a formal structure in place by the end of summer.

The Bank of America presently administers some of the Library trust funds, the others are under the control of the Town Trustees of Trust Funds. The Bank wants the Library to sign an Investment Policy statement, and after some discussion the Board authorized Amy to sign the document.

The Board also continued discussing whether the Bank of America should continue to manage the Library's funds. Peter suggested that there are some options he would like the Board to consider. It was agreed that the Board would discuss this and related financial issues with Hunt Dowse in July, with July 11 at 9:30 am as a tentative date to be confirmed by Amy.

The Board then reviewed a draft policy created by Amy for the circulation of the Nook device. After discussion and suggested minor revisions, the Board agreed that Amy could start circulation based upon the draft and that the Board would formally approve a final version at its regular July meeting.

Amy then distributed a Library Investment Policy dated June 19, 1999, suggesting that the Board review and as necessary update this document. She also provided related materials from various sources to assist the Board in its review. It was agreed that this would be discussed at the regular July meeting.

Several years ago the Library received a financial gift intended to pay for Wall Street Journal subscriptions. Unfortunately the price of the subscription has doubled and is now at $409, a sum not covered by the gift. Amy asked for Board direction. The Board asked Amy to see if she can obtain the exact language of the gift, the exact amount, and associated information. It was agreed that this would be discussed with Hunt Dowse at their July meeting.

In addition to a meeting with Mr. Dowse in early July, the next regular meeting of the Board will be at 9:00 am on July 25th.

Submitted by Peter Ryner

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