December 17, 2007
Attendance: Kim Schaefer, Pat Lawlor, Eric Abrahamson. Library Board representative: Sandra McNeely. Library Staff: Kim Hodgson. Absent: Leigh Thom.
Officer Elections
Acting President Pat Lawlor called the meeting to order and open nominations for the vacant position of President of the Foundation. Kim Schaefer nominated Eric Abrahamson. Pat Lawlor seconded the nomination. Abrahamson was elected by unanimous consent. He will remain in the position of Secretary as well.
Old Business
Kim Hodgson reported that the Library has received the
Foundation’s laptop and is working on getting access to the data. We’re missing
the Administrator’s password. Kim Hodgson will contact
Capital Campaign
Kim Hodgson reported that she has compiled a spreadsheet of all the donations and pledges to the current capital campaign. She distributed a list to the Board entitled “Pledge Status.” Board members noted that approximately $40,000 in pledges have not been received. Eric Abrahamson will write follow up letters to try to get those funds in by the end of the calendar year.
Funds from the Capital Campaign are being held in the Foundation’s checking account. Pat Lawlor asked if any monies had been paid to the Library. Kim Schaefer reported that she did not think so. We have received the matching funds from the Black Hills Area Community Foundation, so the total for capital campaign money in the checking account is approximately $160,000.
Accounting Issues
Kim Schaefer reported that Kim Hodgson has been added to the signature list at the bank so she will be able to sign checks from now on. She will be handling most of the bookkeeping for the Foundation. Ketel Thorstenson will not be doing this. We have an outstanding invoice from Ketel Thorstenson for more than $2,000 that she will pay.
Kim Hodgson said she is now collecting all of the Foundation’s mail. She is depositing all checks and paying bills as needed. She has created a deposit ledger, but she is missing historical records including the check register, bank statements and past statements from Morgan Stanley. Eric Abrahamson agreed to follow up with Mike Wilson and others as needed to secure these records and turn them over to the Library for safekeeping.
Pat Lawlor asked why the Foundation needs to write so many checks for various services and books that are paid for with Foundation money. She asked if it would be feasible for the Foundation to write a single check each year to the Library as a contribution to cover all of these various activities. Sandra McNeely agreed that this would simplify the accounting and tax reporting for the Foundation. Kim Hodgson agreed to look into this issue with the Library Administration.
The Board also discussed the need to develop a budget for 2008. Given the unresolved accounting issues, the Board agreed to consider this item at the January 2008 meeting.
Kim Schaeffer and Kim Hodgson will work together to send a preliminary Treasurer’s Report to the Board as soon as possible.
At the November 14 meeting the Board approved a general motion to transfer the Foundation’s endowment funds to the Black Hills Area Community Foundation to be deposited in an agency endowment fund. Kim Schaefer noted that there is currently $233,889 in the Foundation’s Morgan Stanley account invested in liquid assets. Pat Lawlor moved and Kim Schaefer seconded to transfer $200,000 of these endowment funds to the Black Hills Area Community Foundation under the terms outlined in Agreement from BHACF. Pat Lawlor agreed to work with Kim Schaefer and Regina Jahr, the executive director of BHACF, to ensure that the funds are transferred before December 31, 2007.
Library Report
Kim Hodgson distributed copies of the “Foundation Financial Procedures” and a list of recent donors/donations. She also provided Board members with a copy of a sample thank you for contributions.
Author Dinner
The Board is considering hosting an event next fall with author Louise Erdrich. Terri Davis will provide an update on Ms. Erdrich’s availability at the next meeting.
Chamber Mixer
Kim Schaefer reported that the Library has requested a $1,000 contribution from the Foundation to help pay for the Chamber Mixer to be held at the Library in April 2008. Kim Schaefer moved that the Foundation provide these funds to the Library. Pat Lawlor seconded the motion. The motion was approved by unanimous consent.
Next Meeting
The Board will hold its next meeting on Tuesday, January 8 at 12:00 p.m. at the Rapid City Public Library.
Adjournment
Pat Lawlor moved and Kim Schaefer seconded a motion to adjourn. Motion carried. Meeting adjourned at 1:00 p.m.
Respectfully submitted,
Eric Abrahamson, Secretary