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Minutes
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Grafton Public Library Trustees Meeting
Minutes
September 17, 2015, 6:30 pm
Attending:
Lucia Corwin, Christopher Schemm, Deborah Toomey, librarian Michelle
Dufort, guest Barbara Friedman.
Deborah Toomey brought the meeting to order at
6:40 p.m.
Report
from TIAA_CREF Endowment Manager
Barbara Friedman distributed a portfolio
review to all board members. Copies have been placed in Bob Donald’s and Andrea
Dunmire’s mailboxes. After a question from Christopher Schemm about a possible
raise in interest rates, Barbara addressed this by answering that TIAA-CREF
believes the raise will be slow and have little dramatic impact and went on to
give an overall assessment of the current financial picture which reflects
little worry about inflation, confidence over solid U.S. indicators and an
watchfulness and awareness of emerging markets such as China and Brazil. Her projections are for 6% per annum in
stocks and 1% per annum in bonds for the next 4-6 years before a state of normalization
is reached , but does not see any signs of the excess leading to the recession
of ’08.
Barbara then reported more in detail on the
portfolio which includes the established trust fund and the JLS memorial fund.
The two trusts together have 62% in equities. TIAA-CREF has had the account for
11 years and since inception the investment return for the main trust is up
6.7%. The JLS fund is down .7 per annum, but inception date for this fund is
November 2014. Both trusts reflect a 60/40 split, with the larger portion in
equities and the smaller in fixed income and cash. To the extent that monies
come into the Jerald Stevens Memorial Fund, it is allocated across the account
to maintain the 60/40 spread. Barbara does rebalance the portfolio occasionally
as needed to maintain this allocation.
Barbara will be scheduling a call with Bob
Donald to go over portfolio details and encourages other board members to
contact her with any questions that might arise or pass them along to Bob to
ask.
The minutes from the August meeting were read
and approved.
Stevens
Family Meeting Report
Lucia reported that the meeting with Kate
Stevens in August went very well. Discussion involved the family’s desire for
increased publicity for the JLS Memorial Fund to encourage others to give
similar gifts. Ways to increase public awareness include a plaque at the
library and/or the possibility of an outdoor reading area with table in honor
of Jerry.
Librarian’s
Report
Michelle reported on the status of the
automation project. Discussion took
place about forms and paperwork needed from independent contractors before they
begin work at the library. The upcoming Daisy Turner’s Kin book discussion on
September 30 was highlighted and Michelle asked board members to attend if
possible, as this proves to be a big program for the library. The book sale
results were discussed, Michelle thanked the board for all their work and Lucia
thanked Michelle for her organization. Michelle reported that books still
remain in Tom Grape’s garage, but a plan is in place for removal.
Building
and Grounds
Lucia reported that Ivor Stevens has been
called about the library lawn. Deborah shared an estimate from Melvin Rice
about the trees and said that another estimate is forthcoming from All Seasons
Tree Service and she will distribute upon arrival.
Lucia will call the painter she contacted previously
about an estimate. Deborah contact the Crays to get the name of the painter
they used for their house. Michelle put forth the idea about asking the select
board about the town crew removing the damaged trees out of the tree removal
budget—this would save the library much needed funds if the town is willing to
cover it. She suggested a board member or two attend a select board meeting to
discuss.
Board members felt that a special meeting
could be called to discuss this before the next regularly scheduled meeting.
Other
Business
The draft budget for fiscal year 2016 and the
financial report for September were distributed. Deborah asked if the cost of
painting the building is reflected in the budget. Michelle reported that it is
not. The idea about talking to the select board about tree removal was recapped
as a way to eliminate some of the deficit.
The annual appeal letter was discussed and it
was decided that last year’s letter be emailed to everyone with the request
that feedback for changes/additions for the current letter be directed to
Deborah Toomey (just Deborah—so Open Meeting law is respected) so she can begin
a draft. Any ideas for quotes would be appreciated.
The next meeting of the Board will be held on Thursday, October 15th.
The meeting was adjourned at 8:30 p.m.
Respectfully submitted,
Michelle Dufort
Acting Secretary