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From: childerm@lhl.lib.mo.us (Martha Childers)
Subject: Re: Minutes of a sort
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Date: Thu, 30 Apr 1998 12:30:41 -0500
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Judy, I hope this is what you need.  If not, let me know.  Martha

>Finance Committee Business Meeting
>Friday, March 8, 1998
>
>Present: Martha Childers, Chair; Ann Abid, 1996-98 Chair; Barbara
>Sykes-Austin; Ross Day, Treasurer; Kitty Chibnik, Treasurer-Elect; Penney
>De Pas, Executive Director; David Freeman-Woolpert, Investment Advisor;
>Jack Robertson.
>
>Excused: Ted Goodman, Katie Keller.
>
>Business Discussed:
>
>* Review of activities of last two months: transmittal of corporate
>resolution (pending), liquidation of existing funds (Calvert completed;
>Parnassuses and Pax World contacted but not yet liquidated)
>
>* Banking changes at OMG and impact on Checking/Savings/Working Assets
>funds management and transfers: Penney will share with Kitty and the
>committee anticipated changes in OMG banks, the services offered by their
>new choice, and options for eliminating the savings account and more rapid
>transfers (phone? electronic?) to/from money market
>
>* Asset allocation: Committee reviewed with David the previously
>determined asset allocation for both funds; no changes made
>
>* Fund Preservation: David asked the committee to provide as much advance
>notice of withdrawals from either fund (Intermediate- and Long-Term) so
>that he can adjust the allocation; recommended that any short-term cash
>needs be met by the Intermediate Fund rather than the Long-Term Fund,
>minimizing the risk of drawing down the higher-risk fund as a low point
>
>* Communications with David Freeman-Woolpert:
>
>** Committee agreed that all committee members will participate in the
>conference calls and that the committee will budget accordingly
>
>** Penney will provide standard bugeting information on cost of conference
>calls through OMG at request
>
>** Calls with David will begin quarterly, within 2-3 weeks after LPL
>Financial's quarterly reports, with the expectation that calls will reduce
>to half yearly in six to twelve months
>
>** Timing of conference calls and annual conference committee meeting
>(before, during or after?) yet to be determined (possibility of conference
>calls AT annual meeting? Penney will take under consideration)
>
>* Documentation: Penney to include David in distribution of financial
>statement front matter (Balance Sheet, Assets and Liabilities Sheet, and
>Main Budget Statement); Ross to provide David with overview of operating
>budget growth over past 5-10 years so that the latter can project future
>needs from long-term "endowment" fund per investment policy
>
>* Reporting to membership: Chair to consider report of committee progress
>in _Update_ 1998 no. 4 or 5, with follow up of actual investment progress
>in early 1999
>
>* Long-Term Fund: David outlined standard strategies for maintaining fund
>balance while providing maximum payout on fund
>
>Respectfully submitted,
>
>Ross Day
>
>
>``````````````````````````````````````````````````````````````````````
>ROSS DAY is Associate Museum Librarian at The Robert Goldwater Library,
>The Metropolitan Museum of Art (indigene@interport.net, Tel. 212-570-3707,
>fax 2125703879) 
>``````````````````````````````````````````````````````````````````````
>
>
>
 ** ** ** ** ** ** **
Martha Childers
Associate Librarian for Technical Services
Nelson-Atkins Museum of Art
4525 Oak St.
Kansas City, MO  64111-1873
U.S.A.
tel. (816) 751-1381
fax  (816) 561-7154
childerm@lhl.lib.mo.us

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From: childerm@lhl.lib.mo.us (Martha Childers)
Subject: to do list
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Date: Thu, 30 Apr 1998 12:31:34 -0500
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The Finance Committee goals for this year are:
>
>1)      Look at short term money bank account possibilities.  (Notes: 
Barbara, Ross, Kitty.  Electronic funds transfer, money market checking, 
sweep money at end of day)
>
>2)      Prepare guidelines for communicating with investment advisor 
(Notes: 4 conference calls per year [1st call mid-May after 1st financial 
report comes out]. involve Executive Director at some points [this is being 
discussed via e-mail now].  determine who gets reports and how [decided: 
Penney receives and distributes copies to all committee members].  watch 
performance.  determine who advisor communicates with when [e-mail 
discussions now].  
>
>3)      Establish relationship with Development Committee  (Kitty & Martha 
met with chair at ARLIS/NA and report was distributed.  To my mind, this is 
done--except perhaps adding to guidelines--will do later.)
>
>4)      Examine communications to membership (Notes: suggested article in 
summer in ARLIS Update with info about the new situtation and a summary of 
the statement.)
>
>5)      Project out what our investments are going to become in the future 
(Notes: David can do this and relay info.)
>
Martha Childers
Chair, Finance Committee
 ** ** ** ** ** ** **
Martha Childers
Associate Librarian for Technical Services
Nelson-Atkins Museum of Art
4525 Oak St.
Kansas City, MO  64111-1873
U.S.A.
tel. (816) 751-1381
fax  (816) 561-7154
childerm@lhl.lib.mo.us