MM&HL Investment Committee Minutes 5/14/19

May 18, 2019

Morrill Memorial and Harris Library Investment Committee

Minutes of May 14, 2019 Meeting

 

Present:  Cindy Stableford, Betsy Ruml, John Hawkins, Rachel Kurland.  Gretchen Rittenhouse was unable to attend.

 

Minutes of the 1/15/19meeting were approved.

 

Rachel provided an update report for the Library Trustees:

 

The Trustees have been dealing with two unexpected problems this spring:  flooding in the basement and the need for a new septic system.  It is not clear how much (if any) of the cost of cleaning up the flooding will be covered by insurance. It is also not yet known what type of new septic system the Library will be allowed to install.  Testing is now underway to determine what the choices are. It is clear that significant funds will be needed but neither the amount nor the timing is known at this time.  

 

The Library has about $25K in their checking account in addition to the $25K recently invested in CDs at Vanguard.  The Trustees do not know at this time whether they will need to withdraw any of their possible distribution from the Endowment Account.  

 

Cindy reported for the Friends:

 

The Friends sent out their annual fundraising letter last week and have had a good early response. They will meet on June 4 and will vote on making their annual contribution to the Endowment then.  They are getting ready for the book sale in July.

 

Report from the Chair (Cindy):

 

The transfers approved at the last meeting were executed: $85.76 was transferred to the Library from the Swan/Downer/Ordway Funds and $6,500 was transferred from the Federal Money Market Fund to the Intermediate Term Bond Fund (VBTLX).

 

We assisted the Library by using our Vanguard account to buy 2 CDs, totaling $25K.  These funds may be needed to cover capital expenses related to the flooding and septic repair described above.

 

At the last meeting we discussed whether our distribution formula is working as intended  - i.e. to allow the corpus of the endowment to grow at the rate of inflation, even after distributions.  Cindy presented a revised version of our distribution spreadsheet to help us monitor this.  It was agreed that this was helpful and that she would add another column showing the annual inflation rate for reference. 

Betsy reviewed the portfolio:

 

1)   Overall, the portfolio is up since year end – 12.49% as of May 3, and 9.2% as of May 14.  All asset classes have recovered from the Q4 2018 downturn.

2)  Currently 66% equity (stocks and REITS)/34% FI, staying close to our target allocation is 65/35. Our portfolio “styles” look balanced, so no need to move funds around.

3)  In order to simplify the number of funds owned, we decided to exchange our positions in the Vanguard Mid-Cap Index Fund (VIMAX) and the Vanguard Small-Cap Index Fund (VSMAX) for a position in the Vanguard Extended Market Index (VEXAX), which includes both mid and small market sectors.  

 

The meeting was adjourned. Next meeting is scheduled for Tuesday, January 14, 2020 at 9AM at the Library.

 

Respectfully Submitted,

 

Elizabeth Ruml 

on behalf of Gretchen Rittenhouse, Secretary

 

May Trustees Meeting Agenda

May 18, 2019

Morrill Memorial and Harris library Trustees Meeting

Tuesday, May 21, 6:00 pm

Agenda

 

Any items to add or remove? 

 

Secretary's Report

Review and approve minutes from the April meeting

 

Librarian's Report

How are things going? Help needed? 

Ordering for the collection- every 3 weeks, audios?

Children's programs- funding, AS program, summer program

Kanopy subscription, number cards

Thank you to Bob McAllister?

New laptop

 

Friends Report

 

Treasurer's Report

Review profit and loss statement

CDs

Insurance company...


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Minutes for May 8 Trustees Special Meeting

May 11, 2019

Minutes for May 8 Trustees Special Meeting


The meeting convened at 7 p.m. in the library. Present were Carol Wilson, Melissa Strayton (librarian), Rachel Kurland, Cindy Binzen, Curt Albee, Miriam Newman and Marty Frank.



Basement Flooding: Curt told the board that he had sent an email to Chuck Harvey of ServiceMaster, the company dispatched to deal with our flooded basement by the insurance company, notifying him that it will be receiving a letter from the board in response to the $6,581 bi...


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May Trustees Meeting

May 9, 2019
The May Trustees Meeting will be held on Tuesday May 21, 2019 at 6:00 pm.
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Minutes for the April 2019 Trustees Meeting

April 9, 2019

Minutes for the April 8  Trustees Meeting


The meeting convened at 7 p.m. in the library. Present were Carol Wilson, Melissa Strayton (librarian), Rachel Kurland, Cindy Binzen, Curt Albee, Miriam Newman, Kerry Claffey (bookkeeper) and Marty Frank.


Minutes from the March meeting were approved.


Librarian’s Report: Melissa reported things are going well. Volunteers are signing up for open slots and most have been filled for the next two months. She attended a recent Friends meeting and submi...


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Minutes for March 2019 Trustees Meeting

March 17, 2019

Minutes for March 11 Trustees Meeting



The meeting convened at 7  p.m. in the library. Present: Cindy Binzen, Curt Albee, Rachel Kurland, Marty Frank, Melissa Strayton (librarian), Carol Wilson, Kerry Claffey (bookkeeper), Miriam Newman and David Webb (for the Friends).


Minutes from the February meeting were accepted.


Librarian’s Report: Melissa said things are going well; a couple of orders for new materials have been put in and she’s scheduling volunteers for the near future. She is ...


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March 2019 Trustees Meeting Agenda

March 7, 2019

Morrill Memorial and Harris Library Trustees Meeting

Monday, March 11, 2019, 7:00 pm

Agenda

 

Any items to add or remove?

 

Secretary's Report

Review and approve minutes from the February meeting

 

Librarian's Report

How are things going? Help needed? 

Ordering for collection – new schedule, every 3rdweek

Children’s programs, how long will funds last?

Kanopy subscription

Annual report

CLIF grant

 

Friends' Report

Refreshments for Melvin’s talk

 

Treasurer's Report

Review profit and loss statement

Appeals let...


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February 2019 Trustees Meeting Minutes

February 15, 2019

Minutes for Feb. 11 Trustees Meeting



Present: Cindy Binzen, Curt Albee, Marty Frank, Melissa Strayton (librarian), Carol Wilson, 

Kerry Claffey (bookkeeper), Miriam Newman


Minutes from the January meeting were accepted.


Bookkeeper’s Report: Kerry distributed a Profit & Loss statement through Feb. 12 that showed a bottom-line operating loss of $2,272, the reserve account at $4,118 and the checking account at $49,281. Snow removal costs are up, largely because of the amount of ice and sno...


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February 2019 Trustee Meeting Agenda

February 7, 2019

Morrill Memorial and Harris Library Trustees Meeting

Monday, February 11, 2019, 7:00 pm

Agenda

 

Any items to add or remove?

 

Secretary's Report

Review and approve minutes from the January meeting

 

Librarian's Report

How are things going? Help needed? Volunteer list

Ordering for collection

Children’s programs, Turrell payment? How long will funds last?

Kanopy trial

CLIF grant

 

Friends' Report

 

Treasurer's Report

Review profit and loss statement

Appeals letter donations

CD recommendation of Investment Commit...


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Investment Committee Minutes January 2019

January 23, 2019

Morrill Memorial and Harris Library Investment Committee

Minutes of January 15, 2019 Meeting

 

Present:  Cindy Stableford, Betsy Ruml, Gretchen Rittenhouse, John Hawkins, Rachel Kurland

 

Minutes of the 5/22/18 meeting were approved.

 

Rachel provided an update report for the Library Trustees:

1.    The Trustees do not need to take a distribution from the endowment this year.  Despite some unexpected building needs, they were able to cover all expenses and still come out ahead for the year.  They sti...


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Trustees of the Morrill Memorial & Harris Library


The Board of Trustees meets on the second Monday of each month at 7:00 pm at the library.