Jacob Sears Memorial Library

Minutes

Trustee/Advisory Board Meeting

Jacob Sears Memorial Library

March 4, 2008

Bill Regan, Trustee Chair, opened the meeting at 7:05 pm in the library. Attachment A lists attendees. Attachment B is the nominal agenda for the meeting.

Approval of Minutes

The minutes of the meeting held on December 20, 2007 were approved without correction.

Budget Review

Trustee Shawn Dahlstrom, Treasurer, reviewed the Quarterly Financial Report. Owing to the number of errors found in the report, it will be corrected and reissued. Several budget items must be re-categorized to correspond with previous designations. The current bookkeeper is to be replaced by Christina Jervant, who had served in that capacity several years ago.

Sentinel Financial Services, who manage the capital investment account, presented an analysis of the current situation to the trustees earlier in the month. The value of the account is now about $460K, a significant decrease that is mainly due to the current national economic downturn. The trustees have agreed that the account should be reallocated to comprise 70% value investments rather than the present 70% growth allocation. They will communicate this decision to Sentinel in writing. They also concluded that the fund must be significantly enlarged, and steps toward achievement of that goal are being considered.

Committee Reports

There were no reports since the committee chairs were not present

Annual Meeting

One trustee, five advisors, and a clerk will be elected at the Annual Meeting, which will occur on May 15 this year. Bill Regan's three-year term as trustee will conclude this year. Current Advisors who will not be running for re-election are: Norman Taupeka, Sue Burns, Jane Pomeroy (probably), and Carolyn Weiss (possibly). Candidates must post their letter of intent and qualifications in the library by April 15. Phil Inman will maintain a file for public perusal. It is hoped that people from greater East Dennis, especially Sesuit Neck, will participate.

Other Business

The trustees decided that a reception should be held for all persons who donated to last year's fund-raising effort. The event will be conducted sometime in the summer so as to include summer residents who gave.

Chris Foley, who has become chair of the Finance Committee, is working on a grant application to cover the acquisition of a new piano.

Bill Regan noted that library circulation is double the level of last year, and that this library is now the third largest in that respect on the Cape. Phil Inman said that the library might get an increased allocation of money from Dennis in the coming year (to about $22K).

The meeting adjourned at 7:37 pm.

Respectfully submitted,

T. G. Linxweiler, Clerk