Library Finance Committee

Wheaton Public Library Board of Trustees Finance Committee Meeting April 18, 2016 I. Call to Order and Roll Call: Chairman John Piemonte called the April 18, 2016 Wheaton Public Library Board of Trustees Finance Committee meeting to order at 6:30 p.m. in the Board Room. Present at roll call were Finance Committee Members Mrs. Lindsey, Mr. Piemonte and Mr. Sanguinetti. Board President, Mrs. Fenne, was there as ex officio. Also in attendance was Library Board Member Barb Wonser. Library Director Betsy Adamowski and Library Finance Manager Lisa Christell-Sandri were also present. II. Citizens to Be Heard: None. III. Minutes of the Finance Committee Meeting of April 11, 2016: Amended minutes were presented with some changes requested by Mr. Piemonte. Mrs. Fenne moved and Mr. Sanguinetti seconded that the Amended minutes of the April 11, 2016 Finance Committee meeting be approved. Roll Call Vote Ayes: Mrs. Lindsey Mr. Sanguinetti Mrs. Piemonte Mrs. Fenne Nays: None Absent: None Motion Carried IV. DuPage Foundation Investment Discussion: Mrs. Fenne went over the fund sheet and explanations received from Mike Sitrick of the DuPage Foundation. Mr. Piemonte said the fees seem to be consistent and competitive. Mrs. Lindsey had questions about the return on investment and marketing and why the Board went with the DuPage Foundation. Mr. Piemonte suggested putting the funds in CD’s as none of the options, he felt, were appropriate for libraries. Mr. Sanguinetti responded that as these are private funds, they can be invested; no taxpayer money is involved. Another suggestion Mr. Piemonte had was to liquidate all funds and invest in individual securities or a CD at Chase, where the money is now. Mrs. Lindsey stated she was uncomfortable with deciding at this time and would like another presentation from the DuPage Foundation. Mrs. Adamowski requested the committee recommend moving the Garbe interest that remains in a checking account at Chase be moved to the Socially Responsible Fund at the DuPage Foundation. V. Adjournment: Mrs. Fenne moved and Mrs. Lindsey seconded that the Finance Committee of the Wheaton Public Library Board of Trustees adjourn. Roll Call Vote Ayes: Mrs. Fenne Mr. Piemonte Mrs. Lindsey Mr. Sanguinetti Nays: None Absent: None Motion Carried at 7:04 p.m. Respectfully submitted, Lisa Christell-Sandri Secretary, Pro Tem