Minutes – Board of Directors August 2024

Attendance:

Attending:

• Karen LaCorte-Nies, Vice Chairman
• Veronica Ettel
• Sean Gaffney
• Nancy McKibben
• Maggie Paluch
• Angela Pietras
• Cheryl Morales, Executive Director
• Martha Frenchek, Recording Secretary
• Lisa Kothe, LDAC Liaison

Not Present:

• Michael Jefferis, Chairperson
• J.P. Gellermann, Secretary & Treasurer

1. 1. Call to Order:
      Karen LaCorte-Nies, Vice Chairperson called the Board Meeting to order at 3:31 pm.
   2. Roll Call:
      Martha Frenchek conducted Roll Call.
      Present: Karen LaCorte-Nies, Veronica Ettel, Sean Gaffney (via telephone), Nancy McKibben,
      Maggie Paluch, Angela Pietras, Cheryl Morales, Martha Frenchek. A quorum was represented.
      Absent: Michael Jefferis, J.P. Gellermann
      LaCorte-Nies welcomed and introduced the new board member, Sean Gaffney, via conference call. During the call, Gaffney provided an overview of his professional background and experience.
   3. Minutes from June 26, 2024, Board Meeting were accepted as presented. (Ettel/Pietras)
   4. Monthly Finance Committee Report:
      1. Level Four Management Report: June/July 2024
      2. PDR Account Financial Statement: June/July 2024
      3. LaCorte-Nies provided a report to the Board about topics currently being addressed by the Executive Director and the Finance Committee.
         1. Investment Policy revisions
         2. Migrate checking accounts from Truist to EverBank
         3. Meet with the Level Four Financial Advisor
   5. Correspondence: None
   6. Executive Director’s Report – Cheryl Morales
      1. Building/Admin.
         1. New water heater installed
         2. Continued collaboration with the LDAC Public Service Policy committee
      2. Countywide Services / Member Libraries
         1. DLC and TBL reports are included in the agenda packet
         2. Pinellas Memory Project- mid-September completion anticipated
         3. Adding 2 Tarpon Springs museum partners: TS Heritage Museum and The Safford House
      3. Executive Director Activities-since May Board Meeting:
         1. 7.5 OMB budget planning meeting
         2. 7.8 Launched online registration option (average 500 registrations per month)
         3. 7.11 EverBank meeting
         4. 7.12 Reading with the Rays event at the Largo Library
         5. 8.5 PPLC closed for Tropical Strom Debbie- no damage to building or grounds
   7. Old Business:
      1. ED Review Process
         Discussed in Executive Session
   8. New Business:
      1. Member Library Spotlight -postponed
      2. Bank account migration (Truist to EverBank)
         1. The Finance Committee reported they support the Executive Director’s findings, and recommended the Board approve the bank account migration from Truist to EverBank. EverBank is a Florida Qualified Public Depository (QPD) based in Jacksonville with a branch in Clearwater. The EverBank account will be set up to provide additional protection for PPLC funds by collateralizing funds over the FDIC-insured cap of $250,000. Interest rates for checking accounts at EverBank are also significantly higher than at Truist.
         2. The Board approved the initial transfer of $500,000 to an EverBank checking account (Ettel/Pietras).
      3. Investment account migration (Raymond James Bonds to CD’s)
         LaCorte-Nies and Morales are working with PPLC’s financial advisor to review the revised Investment Policy and determine a strategy to further protect PPLC investments and maximize return of dividend
      4. Investment Policy Morales and the Finance Committee revised the Investment Policy and requested Board review and approval. The Board approved the revised Investment Policy (Ettel/Pietras)
      5. Draft Board Meeting schedule for FY’25 Morales present a draft Board meeting schedule for FY’25. It was approved (Paluch/Pietras).
   9. LDAC Report -Lisa Kothe
      1. Minutes of LDAC Meeting August 12, 2024
      2. Guest speaker from Pinellas County Health Dept. about Narcan in libraries
      3. September meeting will have a guest speaker from Pinellas County School Board on Early Reading Initiative.
   10. Announcements/Miscellaneous: None
   11. Public Comments: None
   12. Adjournment: Meeting adjourned @4:21pm

The next regular board meeting: Wednesday, September 25, 2024, at PPLC @3:30 pm.