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SOMERS PUBLIC
LIBRARY INVESTMENT COMMITTEE MEETING |
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2. The spread sheet of library investments
prepared by Francine Aloisa was reviewed showing a total
exceeding $275,000. 3. There was general discussion including the
establishment of the "endowment fund II in the late 80.s; the legal
definition and statutes concerning "endowment
funds" ; and what is "principal". and what is
"income" with respect to the library's fund. It was observed that
allocation of assets had never been carried out, and all assets had therefore
been added to the principal fund. The year 2004-2005 realized income exceeding $26,000, and income for
2005-2006
will be allocated after
12/31/06. |
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1. Call to order at 10:40 by Bruce Tyler who was chosen chairman pro tem. Charlotte Stopa was chosen to
be recorder, and Tiffany Daly was the other committee member in attendance.
Ed Burns and Shirley Warner also joined the meeting for brief, separate
minutes. |
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4. There
was discussion about naming new members to the Investment Committee. |
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5.
Another meeting was tentatively set for Wednesday, November 8 at 7:00 p.m. |
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Charlotte
Stopa Recorder |