April 28, 2008
Minutes
Attendance:
Pat Lawlor, Kim Schaeffer, Eric Abrahamson. Absent with notice: Leigh Tom.
Abrahamson
called the meeting to order at 12:05 p.m.
Bookkeeping Services
Abrahamson
presented a draft contract for bookkeeping services. Lawlor moved that Kim
Hodgson be hired under the proposed contract at an hourly rate in accordance
with Hodgson’s hourly rate with the Library. Lawlor also proposed that state
rates be used for mileage. Schaeffer seconded. Contract approved unanimously.
Financial Report
Kim
Hodgson entered the meeting and provided a report on the Foundation’s current
finances. Hodgson said that Linda Nelson at Ketel Thorstenson is preparing the
Foundation’s tax return and 990. Hodgson will email the Board when return is
available. She will also email an updated report on the Foundation’s account
with Morgan,
2008 Budget
Hodgson
provided a proposed budget for 2008. Board members discussed whether or not the
Board would organize a fundraising dinner this year. It was the consensus of
the group that we do not do a dinner. Lawlor moved and Schaeffer seconded to
approve the budget revised to eliminate the income and expense from the annual
dinner. Hodgson will also include the expense for purchasing Quick Books for
the Foundation’s accounting. Hodgson will also revise the budget to reflect no
income from the Endowment and income from the Morgan Stanley account. Lawlor
moved and Schaeffer seconded to approve the budget as revised. Approved unanimously.
Hodgson
will also provide the Board with a statement for the Capital Campaign funds
including current balance, outstanding pledges and expected expenditures in
2008 for furnishings and other expenses related to the space use plan.
Donor Wall
Schaeffer
asked about the status of the donor wall. Hodgson reported that Terri Davis is
working on reconfiguring the donor wall to include new donors. Hodgson will
email the Board with an estimate for modifications to the donor wall.
Discussion of Foundation
Future
Board
members discussed the future of the Foundation. Abrahamson briefed members on
his meeting with Sandra McNeely and Greta Chapman earlier this month. Chapman
is working on a plan to re-launch the Foundation. Until the re-launch is ready,
the current board will continue to maintain minimal operations.
Adjournment
Schaeffer
moved and Lawlor seconded to adjourn. Approved unanimously at 12:40 p.m.