Russell Library Board of Trustees

RUSSELL `.-`i`\`j`:iL``.-i,i.a::..```;.. A great plc`Sc€> ic` b@, Finance Committee Meeting Friday, January 12, 2018 Director's Offlce 8:30 a.in.-9:30 a.in. Present: Trustees Becker, Berlind, Markot; Committee Member Robert Kirkpatrick; Interim Library Director & CEO Doyle, Director of Youth and Family Leaming and Interim Assistant Director Billingsley, Director of Finance & HR Administration Harlow. 1. Call to Order: Chair Becker called the meeting to order at 8:30 a.in. 2. Public Session/Comment: There were no members of the public present. 3. Discussion of exceptional funding: It was moved (Trustee Berlind) and seconded (Trustee Markot) to withdraw the sum of $50,000 from the endowment to cover exceptional, unanticipated expenses for the director search, legal services for union contract negotiations, and audit services, 4. Financial policies: Director of Finance & HR Administration Harlow requested a change in financial policy 2.8 #3, that a Company check of $1,000 or more requires the signature of the Director or Assistant Director and the signature of the President or Treasurer even when budgeted. The request is to change the $1,000 amount to $2,500. It was moved (Trustee Markot) and seconded (Trustee Berlind) that the Policy Committee consider the change, after finance committee members research the amounts used as limits by other non-profits (such as the Community Foundation) and by the City. The motion passed unanimously. Proposed next Finance Committee meeting: Tuesday, March 6, 2018 8:30 a.in.-9:30 a.in. At this meeting the Committee will review the performance of Essex Financial Services, with help from community members with expertise in the financial area. Respectfully Submitted, WeMfty rfu/ Wendy Berlind, Secretary