Trustees' Finance and Audit Committee

Board of Trustees
November 7, 2011

Agenda for Trustees Finance and Audit Committee Meeting
November 7, 2011 Johnson Trustees Room 8 am to 9 am
Chairman Evelyn Arana-Ortiz

  • Welcome/Introductions
    Chairman Evelyn Arana-Ortiz
  • Review and Approval of Minutes from October 7, 2011
    Chairman Evelyn Arana-Ortiz
  • The Catered Affair Contract Amendment
    Sean Nelson, Chief Financial Officer
    Alex Marconi, The Catered Affair
  • Form 990 Policies/Procedures Updates
    Sean Monahan, Supervisor of Accounting
  • BPL Fiscal Updates
    Sean Nelson, Chief Financial Officer
    • Contracts
  • Approved Schedule for Upcoming Meetings
    Chairman Evelyn Arana-Ortiz
    • December special meeting on investments (Date TBD)
    • January date TBD (1/5/12)
  • Other Business
    Chairman, Evelyn Arana-Ortiz
  • Adjournment
    Chairman, Evelyn Arana-Ortiz

Minutes of the Trustees Finance and Audit Committee Meeting
November 7, 2011 Johnson Trustees Room 8am to 9am
Chairman Evelyn Arana-Ortiz

A meeting of the Trustees Finance and Audit Committee was held at the Boston Public Library, Trustees Room, Johnson Building, on Monday, November 7, 2011 at 8:00 a.m.

Present at the meeting were: Chairman Evelyn Arana-Ortiz; Trustee Zamawa Arenas; Boston Public Library staff: Sean Nelson, Chief Financial Officer; Edward Maheigan, Budget and Procurement Manager; Sean Monahan, Supervisor of Accounting, David Leonard, Chief Technology Officer and Director of Administration and Technology and; David Waterfall, Esq., City of Boston Law Department; Krista DeNofrio, City of Boston Budget Office; Alex Marconi, V.P., Operations and Maureen E. Walls, Controller, The Catered Affair; and Nancy Grilk, Clerk of the Board.

The Chair noted that she received apologies from Trustees Donna M. DePrisco and Byron Rushing, as well as Mr. Ray Sullivan and Mr. Anthony Jordan who were unable to attend due to prior commitments.

Ms. Arana-Ortiz, Chairman of the Trustees Finance and Audit Committee (Committee) presiding.

The Chair addressed the first item of business, pertaining to the Minutes of the Trustees Finance and Audit Committee Meeting held on Friday, October 7, 2011. On a motion made and duly seconded, the Minutes of the Trustees Finance and Audit Committee meeting held on October 7, 2011 were approved and subsequently posted on the Boston Public Library’s web site

The Chair reviewed the meeting agenda and the Committee approved the addition of Mr. Leonard to provide an informational summary of the Request for Proposal (RFP) for Upgrading the Software and Components of the Boston Public Library’s Integrated Library System. Mr. Leonard reviewed the scope of the RFP which was publicly posted on October 24, 2011 and sent to vendors who responded to the earlier Request for Information. The RFP will close on November 21, 2011. The preliminary timeline for a recommendation is the January 5, 2012 Committee meeting; if approved then to the Board of Trustees for a vote to award the contract at the January 10, 2012 meeting. Discussion followed on the process and preliminary implementation schedule of the contract.

The Chair moved to The Catered Affair’s (TCA) Contract Amendment agenda item. Mr. Nelson provided background of TCA’s five year contract licensing use of the café and restaurant at the BPL in Copley Square. The contract is in year three. The City of Boston recently initiated assessments to for-profit entities located on government property, which resulted in a tax levied on the café and restaurant space. The tax falls outside the scope of the BPL/TCA contract leaving the BPL responsible to pay the tax for FY11 and the first two quarters of FY12. TCA and BPL are reviewing the terms of an amendment to the existing contract to give TCA full responsibility for the payment of future taxes beginning with the third quarter of FY12 and thereafter.

TCA presented their intent to pursue full ownership of an all alcohol license for the café and restaurant space at the BPL. TCA would have full ownership of this license; the Trustees would have none. Discussion followed on the license application, reporting processes, and a proposed change in the food and beverage commission. The BPL would not receive profits from the sale of alcohol. The City Law Department will follow up and report back to the Committee prior to bringing this before the Board of Trustees for a vote. A contract amendment to the BPL/TCA would be required.

The Chair called on Mr. Sean Monahan to review the IRS Form 990 policies which includes a host of new requirements, some of which will require the Trustees’ approval. Mr. Monahan will report back to the Committee on policies that the Trustees share with the City of Boston. Policies will be prioritized and refined on an ongoing basis. Meanwhile, the BPL will continue to work through the list of policies and bring them to the Committee in stages throughout implementation.

Mr. Sean Nelson reported on the BPL Fiscal Updates agenda item. The main item under discussion is the Committee’s plan for a meeting regarding the BPL’s investment strategy. The Committee will hold a special meeting in December for this purpose. All Trustees will be invited to attend, as will a member of the New England Pension Consultants.

The next meeting of the Committee is scheduled for January 5, 2012.

There being no further business, the Trustees Finance and Audit Committee adjourned at 8:50 a.m.

Respectfully submitted,

Nancy Grilk
Clerk of the Board

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