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CUTPL Board Minutes for October 20, 2009

Time: 7:00 pm – 8:15 pm

Place: Library Conference Room

Members: Ron Cole, Joyce Greeson, Rita Lawson, Colleen McCarty, Melanie Robertson, Carol Saft, Peg Schuldt

Absent: Jim Hahn

Pledge of Allegiance led by Ron Cole

Quorum was established

Public Comment

None

Secretary’s Report

The minutes from the Executive Board meeting 9-15-09, the regular meeting 15-09 and executive meeting 9-29-09 were presented

Melanie moved to except all three without corrections and Peg seconded it

MSC

Treasurer’s Report for October 2009

1) Monthly claim Register.

September expenses to date and expected:
October expenses to date and expected:
Claims paid since the printed September report:$19,564.87
Payroll claims so far this month (one more scheduled):18,124.92 *includes FICA & ADP fee
Payroll claims still scheduled for this month (average):9,062.46 (Month total $27,187.38)
Outstanding ordinary October invoices:920.90
Anticipated ordinary September Total:$47,673.15
Outstanding November invoices:$52.82
Collection enhancement for September:
Books:$923.92
Non-print Materials:$325.60
Newspapers & Periodicals:$0.0

2) We received our annual distribution of interest on our endowment fund from the Marshall County Community Foundation on October 5th. The amount was $2,609.00. Because the fundamental purpose of the MCCF is to promote charitable works and because much of the balance in our endowment fund was provided by the Ines Humbert gift, it was decided that this money should be received into our General Gift Fund, and we expect all future distributions also to be received into our Gift Fund. This will appear in your monthly Financial Report by Fund report next month.

3) Jim Faulkner will be attending a Public Funds Management Seminar presented by the Indiana Treasurer of State’s Office in Valparaiso on Thursday. Since we received full distribution of our Humbert Gift Fund from the Marshall County Community Foundation in August we have been looking for safe and rewarding investment options for that money. Analysis of locally available current CD rates shows that to receive a higher return than the two percent provided by our money market account (into which the Humbert fund has been deposited) we would have to purchase a three or four year maturity CD. One of the featured topics of the upcoming seminar is a review of public funds investment options, so we may learn of more promising strategies for investment of the Humbert Gift Fund money at that time.

4) On your monthly Operating Fund projection spreadsheet we have included a special item for The Big Read expenditures. This was necessary to make the total monthly expenditures from this report agree with the total in your CompuTrain generated financial reports because CompuTrain recognizes The Big Read as an Operating Fund, but The Big Read accounts were not included in the projections spreadsheet at the time it was created. This item will no longer be needed once The Big Read concludes and all of its invoices have been paid.

5) Bob Kline from NorCen Insurance recently contacted us because it will soon be time to pay our annual fee for bonding of our Treasurer; he told us that the State requires that we pay a minimum of $100.00 per year for that purpose, and that the Treasurer is required to be bonded for at least $8,500.00 per year. We have been paying the $100 minimum, and have had a policy stated at $8,500, but the coverage rate for our policy is $5.00 per $1,000.00. What that means is that we are required to pay for $20,000.00 worth of coverage, but have had a policy that provided only $8,500.00. He said that without spending any more on bonding premium we could increase our Treasurer’s bond to $20,000. The one requirement would be that if we increased the coverage to $20,000 we would have to submit a credit check, but that we could increase the coverage to $19,000 without undergoing the credit check. We requested that our Treasurer’s bond policy be altered to increase the coverage to $19,000.

The Big Read will be added to the receipt part of the financial report to indicate funds coming in as well as expenditures.

A brief discussion was held to explain the $1300.00 expenditures.

Motion to accept the Treasure’s report by Carol, a second by Peg/Joyce

MSC

Director’s Report

Old Business

Ad Hoc Finance Committee will discuss salaries and health insurance at the November 16 meeting schedule

November 17 we will also evaluate new and revised policies concerning:

New Business

New purchasing policy:

Unique Debt Services, a library fines collection agency represented by Bruce Smith, sent a packet outlining their “gentle nudge” process for collecting back library fines. The Director reported:

Adjournment: MSC

Transcribed by SGut

Reviewed and corrected by Carol Saft

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