Newport Library Foundation Board Meeting       December 12, 2007

Present:  Frances Clause, Charlotte Dinolt, Michelle Longo Eder, Curt Fewkes, Gary Firestone, Carol Fisher, Patti Littlehales, Cindy McConnell, Terry Obteshka, Wyma Rogers, Carol Ruggeri.

McConnell called the meeting to order at 5:15. 

David Westcott, a representative from the Oregon Community Foundation (which administers a fund for the Foundation) was present.  He passed around documents showing the total OCF fund asset allocation, and returns.  He reported that the fund is healthy and profitable, and as of September 30, 2007, has a market value of $931,021,511. 

Westcott also showed how the portfolio has become much more diversified since 1999.  He describes that, by approximately 2010, about a third of the fund will be invested in the Americas, a third in Europe and Africa, and a third in Asia and the Pacific. 

Rogers asked Westcott why, according to the documents he passed out, the international investment is currently twice its target.  Westcott replied that it is above target but within the allowable range, and said “We’re comfortable with that.”  

Westcott also suggested ways that the Oregon Community Foundation might help the Library Foundation in the future.  He offered his organization’s aid with any gifts the Library Foundation might receive; this would be a free service.

Fisher asked if the Library Foundation’s funds are restricted in any way.  Westcott replied that, to his recollection, the funds can be spent in any way without restrictions.  Rogers mentioned that the Foundation is thinking of spending about $100,000 to buy some property.  Westcott says that this money could come out of the interest earned, and that the Foundation wouldn’t even have to dip into the "seed corn" – that is, the principal. 

Rogers asked about the tenure of the board of trustees of Westcott's organization.  The committee is voluntary; average tenure is 10 or 12 years. 

With this, Westcott departed.

McConnell:  next item on the agenda is approval of the minutes from October.  Ruggeri  so moved, Clause seconded.  The October minutes were approved.

Librarian's report given by Rogers:
A total of 31 gifts have been received so far due to the Foundation’s yearly solicitation letter.  Most of these gifts have been small, but the total response has been quite gratifying.  Littlehales suggested that high response may be in part due to McConnell's newspaper column.  Rogers adds that the company that engraves the names of donors for display has been unsatisfactory, and that the library is searching for a new engraver. 

Library staff have been involved in a number of City programs, including Sheryl Eldridge leading  the City’s 125^th birthday party.  Rebecca Cohen was appointed to be the City employee representative on the retirement investment committee.   

Library projects: Two-Way Seeing was a great success, with a total of 591 attendees.  Literary Flicks is growing, and a generous patron has offered to donate seat cushions to make the experience even more enjoyable.  Plans for Newport READS proceed apace, as Rogers has notified bookstores and book clubs of the 2008 title.  And two library staff decorated a tree for the Festival of Trees, sponsored by Foundation member Marian Brown; this tree was purchased and given to the library by the Kilbrides.

Library statistics:  Circulation gained and Internet lost two months in a row.  This is somewhat unusual.  Firestone suggests that internet use is leveling off because people have home computers/laptops.

Finally, Rogers mentioned the report titled "Americans Reading Less,” conducted by the National Endowment for the Arts, which concludes that people, particularly teens, are reading less for pleasure, and that reading comprehension is going down.  Rogers opines that this year's Newport READS focus on young adults is particularly appropriate in light of this information. 

Treasurer's report:

Dinolt apologized for checks drawn on Money Market account.

Dinolt’s report details income from memorials, book sales, and responses from the solicitation letter.  Book sales are quite strong.  Discounting the printing costs, the solicitation letter has made a profit.  McConnell suggests that one solicitation per year is enough, and suggests that next year the Foundation should send out the no-gala letter. 

Eder asked about the tax section in the report:  Dinolt explained that it's small a tax on nonprofit ($122) + accounting costs.  Fewkes suggested that the tax and the professional costs should be separated on the report.

Committee reports:

Land purchase news.  Fewkes hasn't heard from the seller, perhaps because the seller is skittish about the state of the real estate market.  Fewkes thinks that the Foundation is offering the seller a good price regardless of the market, but that a few months of reassurance may be necessary.  Fewkes reports that the seller does want the library to have the land.

Newport READS committee reports that these dates are final:

March 6 : Kickoff, with Margaret McBride, and students demonstrating games. New title:  Read what teens are reading.

March 27:  Movie night at the Library:  The Abyss.  [Note that later this date was changed to March 20, and the movie changed to Transformers. –J.K.]

April 3:  Panel Discussion with a number of interesting folks, including Bill Bain and Gary Firestone.  The committee is still looking for panelists.

April 5:  Finale: high school students doing some sort of presentation, plus authors.

As there was no other business, the Foundation Board was adjourned at around 6:20.