January 24, 2018
MINUTES OF THE MEETING
1. CALL TO ORDER: The Michigan City Public Library Board of Trustees’ meeting was called to order by Don Montgomery, President, on Wednesday, January 24, 2018, at 2:30 PM. This regularly scheduled meeting was held in accordance with the Indiana Open Door Law.
Those members in attendance:
Don Montgomery, President
Doug Wickstrom, Vice President
Judy Lange, Secretary
John Pugh, Member
Mike Wilkerson, Member
Those members absent:
Patrick Dougherty, Member
Barbara Holdcraft, Member
Others in attendance:
Don Glossinger, Director
Andrew Smith, Assistant Director
Kurt Earnst, Legal Counsel
Edward Claussen, Treasurer
Susan Blumenfeld, Rec. Secretary
Robin Kohn, Public Relations
2. OATH OF OFFICE: Mr. Kurt Earnst, our Legal Counsel, presided over the Oath of Office taken by Mr. John Pugh, who was reappointed to this Board by the LaPorte County Commissioners. Mr. Pugh was welcomed for his return.
3. ADJOURNMENT: Motion was made by Doug Wickstrom and seconded by Mike Wilkerson to adjourn this portion of the meeting in order to hold a Board of Finance meeting. All yea. No nay. Motion carried.
1. CALL TO ORDER: The Board of Finance meeting was called to order by Don Montgomery, President at 2:33 PM.
2. ELECT PRESIDENT AND SECRETARY: It was agreed by the Board members that Doug Wickstrom will preside as President and Judy Lange will preside as Secretary of the Board of Finance. All yea. No nay. All agreed.
3. REPORT ON 2017 INVESTMENTS: Edward Claussen reported on the Library’s monies and fund accounts. The total monies on deposit at December 31, 2017, is $4,923,043.06. The Library’s General Checking Account at Horizon Bank has a balance of $3,118,862.78 as of December 31, 2017. The Credit Card Account balance is $28,513.31. Fifth Third Bank, our 2nd depository account, has a balance of $35,129.45. Horizon Trust, where our Endowment Investments are held, has a total on deposit of $1,258,874.87. The Michigan City Public Library Investment Management Account, also held at Horizon Trust, has a total on deposit at December 31, 2017, of $497,649.30. The December 31,2017, market value total balance for both funds is $1,765,524. A $168,348 increase over the December 2016 balance.
In 1994, the Library established an endowment fund with the Unity Foundation. The Unity Foundation holds the money and directs the investment of the fund. The Library receives disbursements from this fund at the discretion of the Unity Foundation.
4. SET INVESTMENT POLICY: There is no change from the Library’s Investment Policy from last year. Briefly, the policy is that the Board of Finance meets annually after the first Monday of the year and on or before the last day of January in order to review the written report of the investments made by the Library during the previous year and to review the investment policy. Receipts are deposited in our designated depository that same day they are collected. As received, county tax draws are deposited immediately. The Endowment Investment account and the IMA account are invested in fixed income certificates of deposit and fixed income mutual funds that invest in U.S. government securities made up of United States Treasury notes and Government Agencies on the advice of Trust Officers from the Horizon Trust and Investment Management. The Library receives 67% of the interest earned from the Endowment Investment account and 100% of the interest earned from the IMA account. This money is deposited quarterly into an Endowment Earnings Fund, which is expended according to a budget set every year. The Library receives a complete report every month from the designated depository that holds both the Endowment and IMA Investment Accounts. These reports are reconciled monthly to the Library’s records.
The Treasurer of the Library makes monthly financial reports on all receipts and expenditures to the Board of Trustees.
As soon as all county agencies set up direct deposits for their tax draws, they will all receive direct deposits. Until then, checks will continue to be issued.
The Library holds a petty cash fund for emergency purchases and employee reimbursement. This fund is reconciled by the petty cash custodian and reimbursed each month.
Motion was made by Don Montgomery and seconded by John Pugh to continue with the current investment policy. All yea. No nay. Motion carried.
5. DESIGNATE DEPOSITORIES: Administration recommends that we retain our current depositories. Motion was made by Don Montgomery and seconded by John Pugh to retain our existing deposit accounts: Horizon and Fifth/Third. All yea. No nay. Motion carried.
6. BOARD OF FINANCE ADJOURNMENT: Motion was made by Don Montgomery and seconded by John Pugh to adjourn this Board of Finance meeting. All yea. No nay. Motion carried. The Board of Finance meeting adjourned at 2:40 PM.
I. RESUME MCPL REGULAR BOARD MEETING: The Michigan City Public Library Board of Trustees’ meeting was called to order again by Don Montgomery, President, at 2:40 PM.
II. PUBLIC COMMENTS: No comments.
III. MINUTES: Motion was made by Judy Lange and seconded by Doug Wickstrom to approve the Minutes of the regular Board meeting of December 20, 2017, as presented. All yea. No nay. Motion carried.
IV. FINANCIAL REPORTS:
A. Financial Reports: The Statement of Receipts and Disbursements for the month ended December 31, 2017, shows an Operating Fund balance of $380,640.51 and a total funds balance of $4,923,043.06.
The Operating Fund receipts for December were $1,269,444.48 and disbursements were $1,328,248.98.
Included in the packet is a resolution to move $175,869 to the Library Rainy Day Fund for the year 2016.
The Library paid back 2017 LIRF and Rainy Day Fund borrowings in the month of December 2017: $200,000 to LIRF and $900,000 to Rainy Day fund from Operating Fund.
2018 Money owed to the Library Rainy Day Fund:
Rainy Day Fund $1,100,000
B. Approval of Bills: The revised list of warrants is increased by $14,660.78. Motion was made by John Pugh and seconded by Mike Wilkerson to approve the revised list of warrants of January 24, 2018, in the amount of $113,629.66. All yea. No nay. Motion carried.
C. Cancellation of Outstanding Warrants:
Pursuant to IC 5-11-10.5, there are checks that have been outstanding for more than two years and therefore shall be voided and the amount returned to the fund upon which they were originally drawn.
There are a total of 5 checks: 4 for Lost Book Refund and 1 check for Bremen Public Library for Prof. Meetings and Education. Motion was made by Judy Lange and seconded by Doug Wickstrom to approve of the cancellation of outstanding warrants in the total amount of $51.00 as presented. All yea. No nay. Motion carried.
D. Rainy Day Fund Contribution: The Resolution is as follows: Whereas, the Board of Trustees of the Michigan City Public Library finds that the purposes of the Operating Fund have been fulfilled and there is an unused and unencumbered balance; therefore,
Be It Resolved, that the Board of Trustees of the Michigan City Public Library do hereby transfer $174,529.87 from the Operating Fund to the Rainy Day Fund based on the year 2016 actual and budget expenditures. This fund shall be subject to the same appropriation process as other funds that receive tax money.
DULY ADOPTED by the Board of Trustees of the Michigan City Public Library at its regular meeting held on the 24th day of January, 2018, at which meeting a quorum was present.
Motion was made by Judy Lange and seconded by Mike Wilkerson to approve of the resolution to transfer $174,529.87 from the Operating Fund to the Rainy Day Fund based on the year 2016 actual and budget expenditures. All yea. No nay. Motion carried.
E. Other: No report.
V. CORRESPONDENCE: No report.
VI. OLD BUSINESS: No report.
VII. DIRECTOR’S REPORT: The report was submitted in the packet and will be filed with these Minutes. Don Glossinger said that today, January 24, marks his 17th anniversary as Director and it is a pleasure. We’ve done good things to improve this library and he looks forward to many more years as Director.
VIII. COMMITTEE REPORTS: The Board members received a new list of Committee assignments.
A. Building and Grounds Committee Update: Chairperson Doug Wickstrom. No report.
B. Budget and Finance Committee Update: Chairperson Mike Wilkerson. No report.
C. Friends of the Library: Liaison Judy Lange. The Collectors Corner Breakfast is planned for April 21 at the Full Gospel Church (same location as last year) and the tickets are $25.00.
D. Policy and Procedures Committee Update: Chairperson John Pugh. No report.
E. Personnel Committee Update: Chairperson Judy Lange. No report.
IX. NEW BUSINESS: No report.
X. PUBLIC COMMENTS: No comments.
XI. BOARD COMMENTS: Doug Wickstrom said that the publicity for the Library’s renovations is positive. He saw it on Channel 22.
XII. QUORUM DETERMINATION: The next Board meeting is Wednesday, February 28, 2018, at 2:30 PM in the Meeting Room. Those members unable to attend will inform the Library Administration office.
XIII. ADJOURNMENT: Motion was made by Doug Wickstrom and seconded by John Pugh to adjourn this meeting. All yea. No nay. Motion carried. This meeting adjourned at 2:50 PM.
Minutes will be published following board approval.