Bedford Public Library System Foundation
Board of Directors Meeting Minutes
Bedford Central Library
May 4, 2010
Board members present: Penny Carter, Mary Jo Krufka and Winston Burks
Others attending: Peggy Bias, Ashley Dorcsis
Penny called the meeting to order at 6:14pm.
Penny asked for a motion to approve the minutes from the November 3, 2009 meeting. Mary Jo motioned, all agreed.
Penny asked for a motion to re-appoint Elizabeth Walker, Mary Jo Krufka, and Annis McCabe for another term. Winston motioned, all agreed.
Operations at the Bedford Central Library café are routine and working well. The Forest Library café is showing an excellent profit.
Summer Reading Program:
Donations are down, probably due to the economy. Friends groups are providing the primary funding to support the program. Penny asked if the Library was still receiving enough donations to cover program expenses. Peggy stated that they were.
Giving by Cell:
Within 24 hours of the Haiti earthquake, Canadian Red Cross had received over one million dollars in donations via cell phones. This method of receiving donations via cell phone is beginning to be used by libraries. Peggy stated that she learned about this possibility by attending a webinar. A few other libraries that attended the webinar have indicated they will try this technique. Peggy stated that at this time she did not think the Library would receive enough in donations to cover the monthly fee associated with this service. Therefore, we will continue to look into the possibilities for our organization.
Investment of Funds:
The Foundation funds are currently in a CD at Carter Bank. The CD is earning 2.6% interest and matures May 19. Ashley stated that Carter Bank is still offering the best option: a 12-month CD with 2.10% interest. All agreed that it would be best to let the current CD roll over into the new CD with Carter Bank.
Bedford Public Library Foundation:
Year-to-date net income is $686.71. Ashley indicated that most donations received requested specific purchases (i.e. adult books, Summer Reading Program, etc.) and were, therefore, expended within a couple of months of receipt whenever possible. She also stated that approximately 75% of donations received were from Friends groups. Winston asked how much was received from memorial donations. Ashley estimated about 50% of the remaining 25% in annual donations. Winston suggested some sort of discrete advertising to suggest that people consider the Library when finalizing their wills. Mary Jo also suggested mentioning the Library Foundation when submitting an article regarding the upcoming changes in Library hours of operation.
Penny inquired as to how much money the Foundation actually had in the bank. Ashley stated that total monies equaled $31,409.61, but that $15,362.23 was tied up in the CD. Therefore, funds available for spending equal $16,047.38.
Bedford Central Cafe:
Year-to-date profit is $333.03. While the café is making a profit, it is not making as much as expected given the level of sales. Peggy indicated that it is likely that expenses are not being allocated accurately, but the situation was currently being looked into.
Year-to-date profit is $582.28.
No new business.
To be announced.
Penny asked for a motion to adjourn. Mary Jo motioned, Winston seconded, all agreed.
The meeting adjourned at 6:41pm.