|Library Board Meeting Minutes|
Meetings are held on the fourth Wednesday of each month, except for November and December, which will be on the third Wednesday due to the holidays. The meetings are held in the library meeting room at 2:30 pm.
Meeting minutes are published following board approval.
2017 Meetings & Minutes
January 25, 2017
MINUTES OF THE MEETING
I. CALL TO ORDER: The Michigan City Public Library Board of Trustees' meeting was called to order by Don Montgomery, Vice President, on Wednesday, January 25, 2017, at 2:30 PM. This regularly scheduled meeting was held in accordance with the Indiana Open Door Law.
Those members in attendance:
Those members absent:
Others in attendance:
1. CALL TO ORDER: The Board of Finance was called to order by Don Montgomery, Vice President at 2:31 PM.
2. ELECT PRESIDENT AND SECRETARY: It was agreed by the Board members that Sam Ferguson will preside as President and John Pugh will preside as Secretary of the Board of Finance. All yea. No nay. All agreed.
3. REPORT ON 2016 INVESTMENTS: Edward Claussen reported on the Library's monies and fund accounts. The total monies on deposit at December 31, 2016, is $4,438,659.07. The net balance in our checking account at Horizon Bank is $2,816,231.49. The Library's second depository account at Fifth Third Bank totals $34,251.39. The Library's Endowment Investments Fund Trust total is $1,088,138.17, market value. The Library's IMA Investments total $500,038.02, market value. Both of these investment accounts are held at Horizon.
In 1994, the Library established an endowment fund with the Unity Foundation. The Unity Foundation holds the money and directs the investment of the fund. The Library receives disbursements from this fund at the discretion of the Unity Foundation.
4. SET INVESTMENT POLICY: There is no change from the Library's Investment Policy from last year. Briefly, the policy is that the Board of Finance meets annually after the first Monday of the year and on or before the last day of January in order to review the written report of the investments made by the Library during the previous year and to review the investment policy. Receipts are deposited in our designated depository that same day they are collected. As received, county tax draws are deposited immediately. The Endowment Investment Account and the IMA account are invested in fixed income certificate of deposit and fixed income mutual funds that invest in U.S. government securities made up of United States Treasury notes and Government Agencies on the advice of Trust Officers from the Horizon Trust and Investment Management. The Library receives 67% of the interest earned from the Endowment Investment account and 100% of the interest earned from the IMA account. This money is deposited quarterly into an Endowment Earnings Fund, which is expended according to a budget set every year. The Library receives a complete report every month from the designated depository that holds both the Endowment and IMA Investment Accounts. These reports are reconciled monthly to the Library's records. The Treasurer of the Library makes monthly financial reports on all receipts and expenditures to the Board of Trustees.
The Library holds a petty cash fund for emergency purchases and employee reimbursement. This fund is reconciled by the petty cash custodian and reimbursed each month.
Motion was made by Don Montgomery and seconded by John Pugh to continue with the current investment policy. All yea. No nay. Motion carried.
5. DESIGNATE DEPOSITORIES: Administration recommends that we retain our current depositories. Motion was made by Don Montgomery and seconded by John Pugh to retain our existing deposit accounts: Horizon and Fifth/Third. All yea. No nay. Motion carried.
6. BOARD OF FINANCE ADJOURNMENT: Motion was made by Don Montgomery and seconded by John Pugh to adjourn this Board of Finance meeting. All yea. No nay. Motion carried. Board of Finance meeting adjourned at 2:40 PM.
I. RESUME MCPL REGULAR BOARD MEETING: The Michigan City Public Library Board of Trustees' meeting was called to order again by Don Montgomery, Vice President, at 2:40 PM.
II. PUBLIC COMMENTS: No comments.
III. MINUTES: Motion was made by Sam Ferguson and seconded by John Pugh to approve the Minutes of the regular Board of December 21, 2016, as presented. All yea. No nay. Motion carried.
IV. FINANCIAL REPORTS:
V. CORRESPONDENCE: Sam Ferguson reported that Jacob Judge and family donated $20 to the Endowment Honoree Program in memory of Alexander "Zander" Barr. Judy and Kent Lange donated $25 to the Endowment Honoree program in memory of Lance Domke. Thanks for the donations.
VI. OLD BUSINESS: No report.
VII. DIRECTOR'S REPORT: Submitted in the packet. The report will be filed with these Minutes.
VIII. COMMITTEE REPORTS:
IX. NEW BUSINESS: No report.
X. PUBLIC COMMENTS: No comments.
XI. BOARD COMMENTS: Doug Wickstrom said the ebooks are a "cool thing" for the Library to have.
XII. QUORUM DETERMINATION: Doug Wickstrom is unable to attend the next Board meeting on February 22, 2017, at 2:30 PM in the Library's Meeting Room.
XIII. ADJOURNMENT: Motion was made by Doug Wickstrom and seconded by John Pugh to adjourn this meeting. All yea. No nay. Motion carried. This meeting adjourned at 2:55 PM.