Hancock Library Trustees Minutes
December 18, 2013
Present: Mary Garland, Peter Ryner, Laurie Bryan, Amy Markus, Eric Spitzbarth, Mike Wrenn from US Trust
Minutes from November, 2013 were approved.
Treasurer’s report for November, 2013 were approved with changes in Trust Fund income and Building & Grounds expenses explained by Amy.
Mike Wrenn from US Trust came to discuss library investments. The investment account currently has $25,500 in cash. Building maintenance projects have largely been completed and there is no need for a large cash reserve. Board moved to invest $20,000 of the cash in equities and the balance in cash. Board reviewed and approved a revised investment policy statement which was prepared by Mike Wrenn. New policy shifts the asset allocation to increase the range of equities and decrease the range of fixed income.
Next meeting will be January 22, 2014 at 1 pm.
Meeting adjourned at 2:10 pm.