Elisha D. Smith Public Library Investments Committee
September 25, 2013
A. Call to order The meeting was called to order at 9:05 a.m. by committee chair Murray.
B. Roll call Present: Golz, Murray, VanderHeyden Also present: Director Lenz, K. Seefeldt (Office Manager), Library Trustee Eisen, Terri Towle (Community Foundation), Linda Hansen (Community Foundation)
C. Public Comment (none)
D. Trust Fund Investment Strategy Terri Towle, Vice President of Finance at the Community Foundation of the Fox Valley, introduced Linda Hansen to committee members. Ms. Hansen is the Foundation’s Development & Donor Services Associate who has been assigned to manage the library accounts. Ms. Towle gave a thorough overview of the Foundation’s investment strategies pertaining to the library’s Endowment and Memorial accounts. She noted that the Memorial Fund was established as a spend-down account, while the Endowment Fund was intended to be held in perpetuity. A distribution amounting to 5% of the interest earned on the library’s endowment funds is distributed to the library annually in July. Discussion pertaining to the library’s investments at the Community Foundation and certificates of deposit held at Community First Credit Union ensued.
Motion A motion was made by Golz and seconded by VanderHeyden to recommend to the Library Board to transfer funds from current and future certificates of deposit from the Library’s general fund checking account at First National Bank to the Library’s Memorial Fund at the Community Foundation. Motion carried.
Adjournment Meeting adjourned at 9:35 a.m. on a motion by VanderHeyden and seconded by Golz. Motion carried.