Russell Library Board of Trustees

RU`SSELL ;`.`:3ti;€...;i.r:.:i;`:::,:.``.. A grec!t plcice io b@, Finance Committee Meeting Tuesday, March 6, 2018 Director's Office 8:30 a,in.-9:30 a.in. Present: Trustees Becker, Berlind, Markot; Committee Member Robert Kirkpatrick; Interim Library Director & CEO Doyle, Director of Finance & HR Administration Harlow; Robert Marcinek and Mike LaRiviere of Essex Financial Services. 1. Call to Order: Chair Becker called the meeting to order at 8:34 a.in. 2. Public Session/Comment: There were no members of the public present. 3. Review of Essex Financial services Bob Marcinek and Mike LaRiviere gave an overview of the performance of the Russell Library Company account from its inception in 2010 to the end of the calendar year 2017. Their figures show that the endowment has risen steadily from $942,982 to $ 1,258,835. Net withdrawals since inception amount to $342,855. The overall return rate is 7.55%, which compares favorably with a benchmark rate of 7.78% for a 60-40 balance between securities and fixed income products, and 7.140/o for a 50-50 balance. Right now the account has about 64°/o securities; the advisors suggest moving back to a 60-40 balance and increasing the amount of international funds in the account. The committee agreed to a plan that would move $50,000 into fixed income (bond) funds, increase international securities by $50,000, add to Vanguard Equity Income, and add AIG, a new fund. Essex Financial Services will send the committee a report on these moves and will report what businesses our holdings represent as there was a concern expressed about investment in weapons companies. Proposed next Finance Committee meeting: Tuesday, May 8, 2018 8:30 a.in.-9:30 a.in. The committee would like to meet with members of the Middlesex Community Foundation for advice on the best way to manage Russell Library Company funds. Bob Kirkpatrick will work on arranging a meeting on April 3,10,17, or 24. The meeting was adjourned at 9:50 a.in. Respectfully Submitted, wth ut Wendy Berlind, Secretary