November 14, 2007
Attendance: Kim Schaefer, Pat Lawlor, Eric Abrahamson. Library Board: Sandra McNeely. Ex Officio: Greta Chapman
Acting President Pat Lawlor called the meeting to order.
Treasurer’s Report
Schaefer discussed various issues related to management of the Foundation’s correspondence and accounts.
Mail - It was determined that Library Staff will begin picking up the Foundation mail and will forward relevant items to Schaefer.
Laptop – The Foundation’s laptop is not working. The data needs to be moved off the machine and backed up. Chapman suggested that Library Staff will: 1) do the back up; 2) determine if the machine still works; 3) get the data to Schaefer; and 4) get the data cleaned up.
Budget – Schaefer and Chapman met with Terry Davis last week to review expenses and discuss the process of ongoing purchases on behalf of library. Kim Hodgson in the Business Office will do the bookkeeping going forward.
Signatures - Two signatures are needed on checks. The board discussed authorizing Kim Hodgson to provide one of those signatures. Schaefer also mentioned that we need more documentation on what the bill/request is for.
Future Discussion
The Board then discussed a variety of issues related to board membership and activity. Given the difficulties that we have had recruiting new members, Abrahamson proposed that the Foundation scale back its activities and operations for a period of time while we focus on cleaning-up the bookkeeping and the Library completes the renovations associated with the capital campaign. Lawlor and Schaefer supported this proposal.
Chapman suggested that the Foundation can buy hours from Library Business Office staff to deal with the bookkeeping issues. She will come back to the Board with a specific proposal for someone to handle bookkeeping and budgeting. The proposal will include an estimate for hours to finish getting the books in order and for ongoing maintenance with low activity.
Library Board member Sandra McNeely arrived and participated in a discussion of the Library Foundation’s future. She suggested that the Library Board probably needs to talk about the role and mission of both the Foundation and the Friends to provide greater clarity and support. The Board agreed that we would meet sometime in the early spring to look at job descriptions for Board members and develop a strategy for recruiting new members.
The Board discussed the recent presentation and proposal from the Black Hills Area Community Foundation to manage the Library Foundation’s endowment. It was generally agreed that the BHACF had been a good partner during the capital campaign and that the community foundation’s investment program offered an excellent vehicle for managing the Library Foundation’s assets. Schaefer moved and Abrahamson seconded to transfer the restricted endowment of the Rapid City Library Foundation from Morgan Stanley to the Black Hills Area Community Foundation as soon as possible and especially by January 1. Chapman will work with Library Staff to determine the amount that should be transferred. Abrahamson will ask BHACF Executive Director Regina Jahr to prepare a draft agreement for the Board’s consideration in December.
Capital Campaign Follow-Up
A number of pledges from the capital campaign have not been received yet. Abrahamson agreed to write follow-up letters.
Next Meeting
Chapman will work with staff to get us the accounting information for the Board. Library Staff will set up a board meeting in December. The agenda will just focus on accounting issues and the agreement with BHACF.
Meeting Adjourned – 12:00 PM
Respectfully submitted,
Eric Abrahamson, Secretary