The Chairperson, Michelle Farell, called the meeting to order at 7:30 PM.

• Present:
  Nancy Eggenberger, Michelle Farell, Jasmine Lee, Jane Pandit, Don Turner, Amy Watts>
• Absent: None
• Also Present: K. Gladden

Call to Audience (5 min. maximum)

(C. Cataldi, L. Golden, D. McHugh, B. Meade, M. Nicholson, R. Noble, D. Schubatis,N. Szczepanski, K. Young) - Business Services Department Head Marian Nicholson introduced the board and audience to the new Information Technology Department Head, Rudie Noble.

Approval of Agenda

The agenda was approved by unanimous consent.

Approval of General Meeting Minutes

The minutes were approved by unanimous consent.

Communications

Board Chair Michelle Farell shared a note from the Friends of the Library, thanking the board for the recent renovations to the Secondhand Prose Used Bookstore.

Report of the Library Director

None

Trustee Comments

None

Committee Reports

None

Unfinished Business and General Orders

None

New Business

Overview of Canton Community Foundation and Library Endowment Fund — Beth Meade (Managing Director - Donor Relations) and Darice Schubatis (Managing Director – Finance & Administration) presented a brief overview on the structure and history of the Canton Community Foundation and reviewed the financial performance of the library’s Endowment Fund since it was transferred to the foundation in June 2015. Vice-Chair Don Turner requested that representatives of the foundation return on a regular basis to update the board on performance to bring information on specific fund performance of the library’s Endowment Fund. Trustee Jane Pandit asked how the fees charged by the foundation were derived. D. Schubatis replied that the fees were charged based on 1% of the fund balance at the end of each quarter.

Annual Endowment Fund Campaign Results — M. Nicholson reviewed a snapshot of the November 2016 - January 2017 Endowment Fund Campaign conducted by the library, comparing it to the amount received for a similar period in 2015/2016.

Overview of Nationwide FreedomPro+ 457b Deferred Compensation Plan —Nationwide Retirement Specialist Candice Cataldi compared and contrasted the benefits and drawbacks of the library’s current City plan versus the newly designed FreedomPro+ 457b retirement plan. The fixed assets account under the current plan pays 3.5% interest, while the new plan would offer only a base of 2.5%. However, the new plan would eliminate Nationwide administrative fees, and the library would no longer need to carry fiduciary insurance on the retirement fund plans, as the fiduciary responsibility would be transferred to Morningstar Inc.

Resolution to Approve Conversion of the Library’s current Nationwide 457b Deferred Compensation Plan to Nationwide FreedomPro+ 457b Deferred Compensation Plan —The board agreed to defer until the April meeting a vote on a resolution to convert from the current retirement plan to the new Nationwide deferred compensation program.

Meeting Room Policy —After reviewing materials provided by Community Relations regarding the numerous groups that utilize the library meeting rooms, the board discussed the possibility of altering or waiving provisions contained in the current policy. Ultimately it was decided that the policy would remain unchanged, since the other groups renting the rooms did so while abiding by the rules contained therein.

Call to Audience (5 min. maximum)

Friends of the Library Board Trustee Kathy Young was acknowledged; she expressed her interest, as a former Canton Public Library trustee, in the board proceedings.

Adjourn

The meeting was adjourned at 8:39 PM.