Morrill Memorial and Harris Library Investment Committee

Minutes of May 23, 2017 Meeting

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

Minutes of January 10, 2017 approved.

John noted that he had followed up on the Line of Credit idea from the 1/10 meeting and discovered that it would not benefit the Library.

Rachel reported for the Library Trustees:

1.     Operations are in good shape re the budget, which is $53,200 for 2017.

2.     Have not yet heard about the Terrell Grant, which would leave a $2,000 hole.  If it doesn’t come through, may approach the Byrne Foundation, which has been a past supporter.

3.     Tree removal needed

4.     Rachel will broach the idea of doing a capital budget with the board.  Gretchen will send her a spreadsheet as an example.

Cindy reported for the Friends:

1.     Gearing up for the Book Sale in July.

2.     Membership drive went out mid-May.

3.     At their next meeting the Friends will discuss their gift to the endowment.  In the past this has been 5% of the balance in the checking account.. 

Report from the Chair (Cindy):

1.     Cindy presented the disbursement model to the Trustees at a recent meeting and began discussion re logistics.

2.     Cindy read a thank-you note from the Trustees expressing appreciation for the Investment Committee’s efforts on behalf of the Library.

3.     All transactions made as per 1/10/17 minutes..

4.     Trustees signed revised Rules of Operations.

5.     We continued discussion about the distribution of funds to the Library, especially regarding undistributed allocations per the disbursement model and how the decisions re the disbursements could work with the Library’s annual budget cycle.

Betsy reviewed the portfolio.

1)   "The current balance is $284,434, up 5.06% from year end.  There were disbursements and rebalancing transactions early in the year, so the increase is less than the Morningstar report of fund performance (5.65% total, 5.85% excluding the restricted funds.)"

2)   International, emerging markets, and growth funds have performed best this year.  We are invested in all these sectors through our broad-based funds and international funds. 

3)   Currently 66% equity/34% FI.  We agreed not to make any rebalancing moves at this time.

4)   We reviewed the portfolio equity characteristics:  evenly distributed among value, core, and growth funds, also among large, mid, and small cap.

5)   Our bond exposure is mostly in intermediate term, high quality US bonds. 

The meeting was adjourned.  Next meeting is scheduled for Tuesday, January 23, 2018 at 9AM at the Library.

Respectfully Submitted,

Gretchen Rittenhouse

Secretary