Investment Committee October 27

Minutes

Menasha Public Library Board of Trustees
Investment Committee
(Fuchs, Enos)

Administrative Office Meeting Room, Menasha Public Library
Monday, October 27 at 1:00 pm

Present: Jill Enos, Tasha Saecker, Keith Fuchs
Also Present: John Nebel

1. Call to Order: Meeting called to order by Keith Fuchs at 1:04 p.m.

2. Discussion of Endowment Investments with Possible Changes

A fairly lengthy discussion ensued regarding how to effectively use the Library Endowment Funds. Presently the Community Foundation, who oversees our investments, has taken a relatively conservative approach with these investments. Unfortunately, given the present economic debacle in our country, our endowment has experienced a steady decrease in the fund. As we look to decide what steps, if any, that we should take at this time with the endowment fund, we must first ask the question, "What is or should be the purpose of the endowment fund and where would we like this endowment fund to be in ten (10) years?"

In reviewing our relationship with the Community Foundation, the committee felt that we probably have not made effective use of the benefits that the Community Foundation could provide us in regard to the Endowment Fund. There is a concern regarding these untapped benefits, as well as the significant fees that we have paid to the Community Foundation for overseeing this fund. We should, however, be somewhat cautious as to how we proceed since we have recently learned that the Community Foundation is taking some steps that we hope will decrease fees and better serve the Menasha Library and the fund.

If, however, the Board believes there is a valid purpose for us to grow the endowment fund and we would, therefore, wish to see significant growth occurring with this fund over the next ten years, then we must determine what steps must be taken to move us in that direction. We would need to address the following questions:

• Given the present status of our economy, is it a good time to even address this issue?
• Given that we have recently been named Library of the Year, does this provide us with a short window of opportunity for growing our endowment fund?
• Should we simply remain with the Community Foundation or should we be investigating other options/companies for managing our endowment fund?

3. Motion of Recommendation to Library Board

The Investment Committee requested that Director Saecker create an agenda item for the November Board meeting so that the Board can discuss how they would like to proceed with this issue.

4. Adjourn: The meeting adjourned at 1:56 p.m.



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