martha canfield library

PO Box 267 • 528 East Arlington Road, Arlington, VT • 05250
802.375.6153 • martha_canfield_lib@hotmail.com

  • Tuesday — 9:00AM – 8:00PM
  • Wednesday — 9:00AM – 5:00PM
  • Thursday — 9:00AM – 8:00PM
  • Friday — 2:00PM – 6:00PM
  • Saturday — 10:00AM – 3:00PM

Russell Collection

Open 9:00AM – 5:00PM
Tuesdays or by appointment

MARTHA CANFIELD MEMORIAL LIBRARY
MINUTES OF THE BOARD OF TRUSTEES MEETING
September 10, 2018

**Minutes are considered to be in DRAFT form until approved at the next scheduled meeting**

The Board meeting was called to order at 7:00 PM

Board Members In attendance: Brian Allen, Sally Ayrey, Bob Dudley, Sheila Kearns, John Spencer, Laura Crosslin, Carol Farley, Dave Van De Water,

Staff: Phyllis Skidmore (Librarian)

Guests: Missy Kraus

Board Members Absent: Katie McCartney, Cathy Taylor, Carrie Gutbier,

Additions to the agenda–
1. None

Minutes
   ● August minutes – John moved that the August minutes be approved with the correction made by Phyllis. Carol seconded. The motion was unanimously approved.

Treasurer’s Report (summary):
   ● Submitted but not discussed.

Librarian’s Report (summary):
   ● Submitted but not discussed.

New Business:

1. Brian introduced Missy Kraus to discuss the Library’s endowment/investment. This is her “annual” review of the economy plus a discussion of the endowment. Kraus has managed our endowment since 1999.

Missy discussed the history – Came to Martha Canfield Library through Dave Thomas.

General economic indicators are good but the economy is cyclical.

Many charts reviewed to help understand the current state of the economy

The endowment started with no investments in stock and progressed further into stocks over the years.

Portfolio was designed to be high quality dividend paying stocks. Berkshire Hathaway and Google (Alphabet, Inc.) currently do not pay dividends.

Equity exposure currently at 61%. Authorized to be as high as 65%. Missy would like to see it be even a little lower now.

Our endowment does not have a spending policy. Some places have a rolling 3 year figure.

Discussion of our withdrawals from the endowment over the last few years. We’ve pulled out over $100,000 in the last 4 years for long-term maintenance projects: Efficiency VT, Furnace, etc. There were significant deposits made during that time also.

Sheila asked if there was anything we should be doing differently as a non-profit organization. Missy said no. The only difference is that as a non-profit we don’t need to pay taxes on capital gains. In general, the portfolio is being managed relatively conservatively and it is performing well. Trading your way to better returns is risky.

2. Annual fund – Brian reviewed the annual fund. Historically we’ve sent out a letter in early to mid-November. The letters have been different. The people who have given $100 or more get hand addressed envelopes. LY we sent out a special annual appeal with highly assessed houses who had not donated before. Every year there are surprises.

Brian plans to target Sandgate and Sunderland this year.

3. Quiet in the library – looking at alternatives to larger expenses.

Sally made a motion to approve the proposals from Secor presented at the last meeting.

A discussion followed. Phyllis and Sheila have discussed some other options including signage and staff reminding patrons to be quieter. Dave asked where the people being disturbed are typically located. Phyllis said it can vary but often in the chairs in the reading room. Not a lot of people complain about the noise but there is body language that indicates they are annoyed.

Perhaps quiet hours is a compromise.

Sally made revised motion to start sign program. Carol seconded. The motion passed unanimously.

4. Shoveling sidewalks. Phyllis reported that Peggy Hanson suggested asking organizations that use the meeting room be asked to help. All agreed this would be good.

Next meeting – Monday, October 1st at 7PM
Meeting adjourned at 9:00 PM.

New Books

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clean-up

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