MINUTES
INVESTMENTS COMMITTEE
ELISHA D. SMITH PUBLIC LIBRARY BOARD OF TRUSTEES
OCTOBER 26, 2016


Called to order at 3:18pm by Golz

Present:        Chair Golz, Halverson, and VanderHeyden
Absent:         None                        
Also Present:    Terri Towle and Kelly Randerson from the Community Foundation for the Fox Valley Region, Inc., Director Lenz, and K. Dreyer (Administrative Assistant)

Public Comment/Communication:  
None

Approval of Minutes
Motion made by Halverson, seconded by VanderHeyden to approve the Investment Committee meeting minutes from September 26, 2016.  Motion carried.

Library Endowment Fund Investments
Terri Towle and Kelly Randerson from the Community Foundation for the Fox Valley Region, Inc. explained that the Community Foundation has 1,400-1,500 funds which are all part of the same investment pool.  These funds consist of private donors, supporting organizations and about 220 agencies.  

In 2008, they began working with Colonial Consulting LLC.  The portfolio has recently been restructured in an effort to improve performance, including adding a large piece of passive management, combining small caps, adding to the international equity composite, adding a fixed asset investment, reducing exposure to Hedge Funds and increasing private equity.  

Colonial will be re-evaluated in two years – the ten-year mark.  The library’s Memorial Trust Fund is a
non-endowed (spend-down) fund that is invested in the long term pool.  The Endowment Pool Fund is part of the investment pool which 5% is distributed each year.  The fees for both funds are about 1% but may go down with the above changes.  

Adjournment
Motion to adjourn the meeting at 3:45pm was made by VanderHeyden and seconded by Halverson.   Motion carried unanimously.

Respectfully submitted,
Kathy Dreyer, recording secretary