28
KGS Board Minutes
August 12, 2003 Minutes
Mr. Pierce called the meeting to order at 12:22
P.M. and welcomed those present and excused
those not present. Joe Walsh, the KGS account-
ant, presented the Annual Audit Report and dis-
cussed the need for an inventory of physical as-
sets.
The KGS Annual Picnic was held Friday, Au-
gust 1
st
at All Star Sports Facility. A profit of
$1,078 was made on the picnic.
Mr. Maune reported the treasurer's report. R e-
porting a total account balance as of July 31,
2003 of $478,308.87 , funds which are setting in
various CD's and a T -Bill. Updating of the in-
vestment policy was tabled until the September
meeting. Mr. Hansen moved to accept the report
as amended and Ms. FitzGerald seconded the
motion.
Rebecca Radford presented the Manager's R e-
port as of July 31, 2003. Reporting a net loss
for the month of July of $1,897.01 with a net
gain of $14,088.69 for the year. General discus-
sion followed Ms. Radford's report.
Mr. Pierce reported that Penn Energy's produ c-
tion data business has been bought out so the
previous offer of having that available in our
library has been negated.
Digital Library Update: There was a discussion
over the License Agreement between KGS/KGF
and John Morrison. Mr. Morrison has pro-
posed that the KGS raise the card price to coin-
cide with his prices. This would eliminate the
KGS as competition with his cards. This would
be in line with the non-compete agreement. Mr.
Hansen made a motion to raise the scout card
price to $1 per card as per the non-compete
agreement with IOG. The effective date would
be September 1, 2003. Ms. FitzGerald seconded
the motion. After discussion the motion carried
unanimously
Discussion of expenses for the digital library
was had. Items covered in this discussion were
the library time for Ms. Radford and Ms. Bright
and what will be direct expense and overhead?
Ms. Radford has presented several different sce-
narios for expenses.
Motion to adjourn was made by Ms. FitzGer-
ald . With no further discussion the meeting
was adjourned at 2:40 PM
September 9, 2003 Minutes
Mr. Pierce called the meeting to order at 12:32
PM and welcomed those present and excused
those not present.
Mr. Maune gave the treasurer's report, report ing
a total account balance in the Investment funds
of $480,169.10. There was general discussion
followed by a motion to accept the new Invest-
ment Policy as written by Mr. Maune. Motion
carried unanimously.
Ms. Radford reported that the Library made a
profit of $1,584.34 in August. This puts the Li-
brary showing a profit of $15,673.03 for the
year-to-date. Ms. Radford also reported the fi-
nal accounting shows the picnic made a profit of
$1,396.72.
Ms. FitzGerald announced that she would be
getting the Nominating Committee together to
start the search for new candidates for 2004.
She also asked for Board input as to the nomi-
nation of this year's Honorary Member.
The meeting was adjourned at 3:27 PM.
Full minutes of the KGS Board are available
at the Library upon request.