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Grafton Public Library Board of Trustees Meeting

Monday, December 6, 2022 10:00am

Hybrid Format

Report from TIAA regarding management of the Library Endowment:

· Markets have been fairly volatile this year and we’re seeing a not unexpected correction

· Inflation & the Federal Reserve actions have been driving market changes

o Prices are starting to come down, but job growth is still up so it’s hard to predict future actions

o This doesn’t really change the fundamental strategies

· Our endowment is managed with moderate risk to maximize long term gains, currently taking advantage & buying stocks at lower prices, our current fiduciary policy caps access at 4.5%, currently earning ~6.5 which covers the 4.5 plus a bit of growth. Weathering the volatility OK

· They manage a balanced account and follow closely and rebalance as necessary

· We could go to a greener portfolio if that is something the board is interested in. Green portfolios are performing well now. We would need an updated Investment Policy Statement, but that can be done on-line. TIAA has been managing green portfolios for years and they meet the bar, it’s not just a green label

· Tax managed portfolios are geared toward retirement plans and doesn’t really impact our portfolio management

· They will send information regarding accessing $8000 short term bond fund & switching to a green portfolio

· They manage with minimal fees

Regular Board Meeting:

New Business:

· Employee Insurance – The board voted to maintain current coverage plan despite ~$2000 increase cost

· The board voted to increase Michelle’s hours by 4 hours per month to compensate for cleaning that Angel had been doing.

· Liz Bankowski has donated $25,000 to the Library! This is due in part to Michelle’s management of the library and cultivating the relationship. She suggested that we use the donation to leverage larger donations through the annual drive. We can also use this as the matching portion often required for various grants. It will be maintained in the checking account for ease of access for project down payments etc. A letter will be sent out to supporters announcing the donation.

· Trustees up for reelection: Mary Beth, Lucia, and Jay. We need to get a petition from the town. If you do not plan to run for reelection let Michelle know ASAP so we can recruit someone else. (PLEASE run for reelection – we have a strong team and would like to maintain it through the capital campaign & furnace/heat exchange project!)

· Coffee Station – We should reestablish one in Liz’s honor…

· New family joined the library. They have young child which brings us to a large enough number to restart story hour!

Old Business:

· Need to schedule the painter

· Kathleen will check with her electrician to see if he’s a master electrician and if he’d be interested in bidding on our projects.

· Kim Record indicated that our request for an increase in support is likely to be approved.

· Great letter in the Grafton News reflecting the myriad of services the library provides.

· Michelle will do thank yous for the Gingerbread house donors.

· Michelle will keep a paper copy of the Athenian in the library

· Mary Beth will do the narrative for the Town Meeting. Michelle will send her last year’s to update.

Next Meeting: Monday, January 23^rd, 10:00