HomeMy WebLinkAbout2021-06-02 LBOT Board PacketLIBRARY BOARD OF TRUSTEES
CITY OF PALM SPRINGS, CALIFORNIA
www.palmspringslibrary.gov
REGULAR MEETING AGENDA
WEDNESDAY, JUNE 2, 2021
5:30 P.M.
Pursuant to Executive Order N-29-20, this meeting may be conducted by teleconference and
there will be no in-person public access to the meeting location.
•To view/listen to the meeting live, please use the following link:
https://us02web.zoom.us/j/82759094611 or call 1-669-900-6833, Meeting ID:
827 5909 4611
•Submit your public comment to the Library Board of Trustees electronically. Material
may be emailed to jeannie.kays@palmspringsca.gov. Transmittal prior to the start of
the meeting is required. Any correspondence received during or after the meeting will
be distributed to the Board and retained for the official record.
•You may provide telephonic comments by calling the Library Director at (760) 322-
8375 by no later than 4:00 p.m. to be added to the public comment queue. At the
appropriate time, a staff member will call you so that you may provide your public
testimony to the Board.
•The meeting will be recorded and the audio file will be available from the Office of the
City Clerk and will be posted on the City’s YouTube channel, as soon as practicable.
TRUSTEES
Craig Borba, Ed. D. David Kelly, J.D., M.B.A.
Melissa Cronin Ed McBride
Juanita Garner
Palm Springs is an inclusive world-class city dedicated to providing excellent and responsive
public services to enhance the quality of life for current and future generations.
Staff representative: Jeannie Kays, Director of Library Services, Palm Springs Public Library
I.CALL TO ORDER - ROLL CALL
II.ACCEPTANCE OF THE AGENDA: In order to meet Brown Act requirements, items may be
added to the agenda only upon decision by a majority of the Board of Directors to add the
item because of a need for immediate action. This Agenda was available for public access
at the City Hall exterior bulletin board (west side of Council Chamber), and City Clerk’s office
on or before 5:30 p.m., May 26, 2021. A courtesy posting of this Agenda can be found on
the Library’s website at www.palmspringslibrary.org. Pursuant to the Government Code
Section 54957.5, the designated office for inspection of public records in connection with
the public meeting of the Library Board of Trustees is the office of the City Clerk, City Hall,
at 3200 East Tahquitz Canyon Way, Palm Springs, California.
Acceptance of Agenda:
Motion: Second: Approved: Opposed: Abstention Names(s):
Library Board of Trustees, June 2, 2021, pg. 1
Library Board of Trustees Page 2 of 4
Wednesday, June 2, 2021
III.PUBLIC COMMENTS: This time has been set aside for members of the public to addressthe Library Board of Trustees on Agenda items; and items of general interest within thesubject matter within jurisdiction of the City. Although the Library Board of Trusteesvalues your comments, pursuant to the Brown Act, it generally cannot take any action onitems not listed on the posted Agenda. Three (3) minutes are assigned to each speaker.
IV.CONSENT AGENDA
A. Meeting Minutes of May 5, 2021
B.Library Statistics
C. Donation Report
Acceptance of Consent Agenda:
Motion: Second: Approved: Opposed: Abstention Names(s):
V.ADMINISTRATIVE REPORTS
A. Friends of the Palm Springs Library
B.Palm Springs Public Library Foundation
C. Library Staff
VI.TREASURERS REPORT
Acceptance of Treasurers Report:
Motion: Second: Approved: Opposed: Abstention Names(s):
VII.DISCUSSION/ACTION ITEMS
A. 2021-22 Spending Requests from Library
Motion: Second: Approved: Opposed: Abstention Names(s):
B. Library Trust Fund Cash Account report
Motion: Second: Approved: Opposed: Abstention Names(s):
Library Board of Trustees, June 2, 2021, pg. 2
Library Board of Trustees Page 3 of 4
Wednesday, June 2, 2021
C. Treasurer Kelly’s January 25, 2021 memo regarding Library Trust Fund:
Review examples of investment policies
Motion: Second: Approved: Opposed: Abstention Names(s):
D. Certificate of Appreciation-David Kelly
E. Discussion about vacant Treasurer position
Motion: Second: Approved: Opposed: Abstention Names(s):
VIII. TRUSTEE/STAFF COMMENTS/FUTURE AGENDA ITEMS
IX. ADJOURNMENT: The meeting of the Library Board of Trustees will adjourn to its next
regularly scheduled meeting at 5:30 p.m. on Wednesday, July 7, 2021 in the Large
Conference Room at Palm Springs City Hall or virtually.
The Palm Springs Public Library Board of Trustees meets at 5:30 p.m. on the 1st Wednesday
of every month, unless noted otherwise, virtually or in the Large Conference Room at Palm
Springs City Hall, 3200 East Tahquitz Canyon Way, Palm Springs, CA.
THE PUBLIC IS INVITED TO PARTICIPATE
COMMITTEES:
STANDING:
ADVOCACY CRONIN
BUDGET KELLY/MCBRIDE
BUILDINGS BORBA
POLICIES/BYLAWS BORBA/GARNER
AD HOC:
FOUNDATION LIAISON BORBA/MCBRIDE
FRIENDS LIAISON KELLY/BORBA
MEASURE J LIAISON CRONIN
Library Board of Trustees, June 2, 2021, pg. 3
Library Board of Trustees Page 4 of 4
Wednesday, June 2, 2021
AFFIDAVIT OF POSTING
State of California )
County of Riverside ) ss.
City of Palm Springs )
I, Jeannie Kays, Director of Library Services of the City of Palm Springs, California, hereby certify this
Agenda was delivered to each member of the Library Board of Trustees, provided to all parties who have
requested such notice, posted at City Hall before 5:30 p.m., on May 26, 2021, and posted on the City’s
website as required by established policies and procedures.
____________________________
Jeannie Kays, MLIS
Director of Library Services
P U B L I C N O T I C E S
Pursuant to G.C. Section 54957.5(b)(2) the designated office for inspection of records in connection with
the meeting is the Office of the Library Director, Palm Springs Public Library, 300 S. Sunrise
Way. Complete Agenda Packets are available for public inspection at: Palm Springs Public
Library. Agenda and staff reports are available on the City’s website www.palmspringsca.gov. If you
would like additional information on any item appearing on this agenda, please contact the Director of
Library Services at (760) 322-8375.
It is the intention of the City of Palm Springs to comply with the Americans With Disabilities Act (ADA)
in all respects. If, as an attendee or a participant at this meeting, If you will need special assistance beyond
what is normally provided, the City will attempt to accommodate you in every reasonable manner. Please
contact Lisa Brock at 760-322-8387 to inform us of your particular needs and to determine if
accommodation is feasible. Please advise us at that time if you will need accommodations to attend or
participate in meetings on a regular basis.
Library Board of Trustees, June 2, 2021, pg. 4
DRAFT
Board of Library Trustees Minutes: May 5, 2021 1
PALM SPRINGS PUBLIC LIBRARY
BOARD OF LIBRARY TRUSTEES
MINUTES
Palm Springs Public Library May 5, 2021
Teleconference via Zoom
1. CALL TO ORDER
President McBride called the meeting to order at 5:33 p.m.
ROLL CALL PRESENT
Craig Borba Yes
Melissa Cronin No
Juanita Garner Yes
David Kelly Yes
Ed McBride Yes
STAFF PRESENT: Jeannie Kays, Director of Library Services.
CITY STAFF PRESENT: Lisa Brock, Library Operations and Collection Manager.
PUBLIC PRESENT: Nanci Morrison, Robert Engel.
2. CHANGES OR ADDITIONS TO THE AGENDA:
None.
3. PUBLIC COMMENTS: None.
4. CONSENT AGENDA
MOTION: (Kelly/Borba, 4-0) To approve the consent agenda.
4. A. Meeting Minutes of April 7, 2021
4. B. Library Statistics
5. ADMINISTRATIVE REPORTS
5. A. Friends of the Palm Springs Library
Nanci Morrison gave the report. The Friends had their Annual Meeting on Sunday, April 25th. They had
author Wade Rouse speak; he writes under the pen name Viola Shipman.
5. B. Palm Springs Public Library Foundation
President McBride gave the report. The Foundation is continuing to send $2000 to the Trustees towards
the loan balance. The Financial Board is creating an Investment Policy. The Board is actively seeking
new members. They are looking into ways to promote the Library and the Library Foundation. Director
Kays said the Foundation has paid $6000 towards the loan.
5. C. Library Staff
The Library is open! Temporary library hours are Monday-Thursday 10-6 and Friday-Saturday 10-5.
Once we fill some of our vacancies, we can return to our full hours of operation.
Library Board of Trustees, June 2, 2021, pg. 5
DRAFT
Board of Library Trustees Minutes: May 5, 2021 2
We have requested to become an active Passport Acceptance Facility. That process takes about a
month. We will let the community know when that service is active again.
During the month of April, we had 1,464 pickup appointments in our Library-A-Go-Go service.
Mobile Hotspots are available for circulation. We have 20.
Virtual Programming:
We are continuing to offer online programming through our YouTube Channel. Search Palm Springs
Public Library to find our videos. Children can do a birdhouse kit this month. The teen kids, Dino Dig,
are all gone. Youth and Teen programming goes dark after May 13 in preparation for Summer Reading
Program.
Adult Program: T-shirt Tote Bags video available May 6.
Summer Reading Program is coming in June and July. The program will be entirely online again through
the app Beanstack. Everyone earns badges and entry tickets to win grand prizes by reading and tracking
your minutes read. We will have weekly videos and craft kits for kids and teens. Adults will have a variety
of programs and will sometimes have a kit to go with the program.
6.TREASURERS REPORT
Treasurer Kelly reported the Library Trust Fund balance is $1,807,222.34. Director Kays said that when
the Trustees approve money for books from the Kropitzer Trust the money is moved to the Trust Fund
books account and all purchases go through that account. Earlier this fiscal year Trustees approved
$20,000 for DVDs, $10,000 for eBooks, and $10,000 for non-fiction books; $5000 originally and an
additional $5000 later in the fiscal year. The Friends of the Library account still needs to be fixed; Director
Kays is working with the Finance Department to correct the issue. The payments the Foundation has
made are not yet reflected in the Notes Receivable balance. Director Kays said the payments are in the
cash account and we are waiting on the Finance Department to move the money to the line item. Trustee
Kelly says he does not see the payments in the cash account. Director Kays will look into this and provide
the report that shows the money being deposited into the cash account and reflected in the balance.
Treasurer Kelly said in the past he requested a report that shows donation inflows and the reports are
not being provided. Director Kays said a report will be included going forward.
7.DISCUSSION/ACTION ITEMS
7. A. Report of Measure J meeting by President McBride.
President McBride gave the report. Over the next two fiscal years, Measure J has set aside
$580,000 for the Frey building remodel. Starting in fiscal year 2023-2024 there is $2 million, then
the next year $4 million and another $4 million the next year. For a total of $10 million put aside for
the main library project. The Measure J commission asked that the Library prepare a report on
how they want to proceed with the money and where we are with the project planning. Director
Kays should be prepared to go before Measure J in September as they finalize the budget.
7.B. Treasurer Kelly’s January 25, 2021 memo regarding Library Trust Fund:
Treasurer Kelly gave the report. President McBride suggested everyone share their opinion about
approaching the City and taking this on. Trustee Garner says she does not have an opinion yet but
asked how the current investment works; is all the money the City has lumped together and earns
interest then the interest income is allocated to each fund or is the money all invested separately
and each separate fund earns its own interest. President McBride said he thinks if the Board went
to the City and said they would like to explore removing all or a portion of the Trust Fund and put it
into their own investments they would have to discuss it and how the logistics would work. He said
they could specify that they want to be more active with how it is invested and managed by the
City. Trustee Borba said he does not see the Board managing the money on a daily basis but
Library Board of Trustees, June 2, 2021, pg. 6
DRAFT
Board of Library Trustees Minutes: May 5, 2021 3
instead using a company like the Community Fund. He provided the Investment Policy from the
Regional Access Project; they have their money split between Wells Fargo and the Community
Fund. Director Kays will include the policy in the next Board packet. Their policy specifies how
much money is liquid and how much is invested. The concern he has with the City managing the
money is the current rate of return. President McBride said the Trust Fund is considered public
money and so there might be restrictions on what can be done with the funds. He will share the
Palm Springs Rotary Foundations Investment Policy they also have their money split between
Wells Fargo and the Community Fund. President McBride said the next step is to discuss if the
Board wants to do this and if so map out the next steps.
7.C. Discuss Setting Joint Meeting with Trustees, Friends, and Foundation
Postponed at this time.
8.TRUSTEE/STAFF COMMENTS/FUTURE AGENDA ITEMS
None.
9.ADJOURNMENT
The May meeting adjourned at 6:53 p.m.
RESPECTFULLY SUBMITTED,
Jeannie Kays
Director of Library Services
Library Board of Trustees, June 2, 2021, pg. 7
LIBRARY STATISTICS 2021 2020 %CHANGE
MATERIALS CHECKED OUT (Total)13,382 5,440 2556%
Print 5,101 90 5568%
Media 3,584 237 1412%
Electronics 7 0 -
Other (Downloadable & In-house)4,697 5,113 -8%
LIBRARY CARD REGISTRATIONS (Total)135 160 -16%
Palm Springs Resident 92 80 15%
California Resident 42 80 -48%
Out of State and/or Fee Cards 1 0 -
DOOR COUNT (Main) 0 0 -
DOOR COUNT (WMML)0 0 0%
PUBLIC COMPUTER SESSIONS (Main)0 0 -
PUBLIC COMPUTER SESSIONS (WMML)0 0 -
WiFi COMPUTER SESSIONS (Main)181 111 9%
WiFi COMPUTER SESSIONS (WMML)25 23 9%
PROGRAM ATTENDANCE 0 0 -
Pre-School 0 0 -
School Age 0 0 -
Family 0 0 -
Teen 0 0 -
Adult 0 0 -
NO.OF PROGRAMS (Total)0 0 -
Pre-School 0 0 -
School Age 0 0 -
Family 0 0 -
Teen 0 0 -
Adult 0 0 -
VIRTUAL PROGRAMMING (Total)23 0 -
Pre-School 12 0 -
School Age 1 0 -
Family 0 0 -
Teen 4 0 -
Adult 6 0 -
LIVE ATTENDANCE (Total)74 0 -
Pre-School 0 0 -
School Age 0 0 -
Family 0 0 -
Teen 0 0 -
Adult 74 0 -
ON-DEMAND VIEWING (Total)171 0 -
Pre-School 89 0 -
School Age 6 0 -
Family 0 0 -
Teen 51 0 -
Adult 25 0 -
VOLUNTEER HOURS 0 0 -
ILL REQUESTS FROM OTHER LIBRARIES 63 0 -
NO. OF DAYS OPEN (Main)0 0 -
NO. OF DAYS OPEN (WMML)0 0 -
NO. OF PASSPORTS PROCESSED 0 n/a -
PHOTOS 0 n/a -
April 2021 vs. April 2020
Library Board of Trustees, June 2, 2021, pg. 8
DATE DONOR AMOUNT
12/9/2020 CASH DONATION 16.50$
12/22/2020 JANE AND RUSSELL GREENE 100.00$
12/22/2020 RENEE GLICKMAN 25.00$
3/18/2021 ALPHA DELTA KAPPA 100.00$
3/18/2021 ELAINE MEYERHOFFER 50.00$
3/31/2021 RICHARD AND ANNE RHYME 50.00$
4/13/2021 ALAN CISEK 150.00$
TOTAL 491.50$
PALM SPRINGS PUBLIC LIBRARY
2020-21 DONATIONS
LAST UPDATED MAY 26, 2021
Library Board of Trustees, June 2, 2021, pg. 9
PALM SPRINGS PUBLIC LIBRARY
City of Palm Springs
Palm Springs Public Library
300 South Sunrise Way • Palm Springs, California 92262-7699
Tel: (760) 322-READ (7323) • Fax: (760) 327-5744
www.palmspringslibrary.org
May 25, 2021
Alan Cisek
Dear Mr. Cisek,
On behalf of the Palm Springs Public Library and the Library Board of Trustees, I want to thank
you very much for your April 17, 2021 contribution to the Library of $150.00.
Without the generous support of donors, the Palm Springs Public Library would not be able to
offer all that we do. We cannot thank you enough for your donation.
With gratitude,
Jeannie Kays
Director of Library Services
Palm Springs Public Library
City of Palm Springs
Library Board of Trustees, June 2, 2021, pg. 10
SUNGARD PENTAMATION - FUND ACCOUNTING MANAGER PAGE NUMBER: 1DATE: 05/20/21 CITY OF PALM SPRINGS STATMN11TIME: 12:36:16 PRINT BALANCE SHEETS BY FUNDSELECTION CRITERIA: genledgr.fund=’151’ACCOUNTING PERIOD: 10/21 FUND - 151 - LIBRARY ENDOWMENT ACCOUNT - - - - - TITLE - - - - - DEBITS CREDITS 11010 Cash 1,807,769.50 11110 Unrealized Investments .00 TOTAL RETAINAGE 1,807,769.50 .00 12120 Accounts Receivable .00 12215 Accrued Interest Rec 2,925.66 12418 Notes Receivable 78,000.00 TOTAL Receivables 80,925.66 .00 16151 Prepaid Expenses .00 TOTAL Other Assets .00 .00 TOTAL ASSETS 1,888,695.16 .00 21100 Accounts Payable - System .00 21112 Sales Tax Payable .00 TOTAL Accounts Payable .00 .00 21201 Accrued Wages Payable .00 TOTAL Wages Payable .00 .00 23287 Deposits Payable .00 TOTAL Other Liabilities .00 .00 TOTAL LIABILITIES .00 .00 29306 Budgeted Transfers-Out .00 29322 Transfers to Other Funds .00 29341 Reserves for Encumbrances .00 29342 Resrv for Continuing Appr .00 29348 RESERVE FOR LIB ENDOWMENT .00 TOTAL Fund Balance 196,547.36 2,085,242.52 TOTAL EQUITIES 196,547.36 2,085,242.52 TOTAL LIBRARY ENDOWMENT 2,085,242.52 2,085,242.52 TOTAL REPORT 2,085,242.52 2,085,242.52 RUN DATE 05/20/21 TIME 12:36:17 SUNGARD PENTAMATION - FUND ACCOUNTING MANAGERLibrary Board of Trustees, June 2, 2021, pg. 11
SUNGARD PENTAMATION - FUND ACCOUNTING MANAGERPAGE NUMBER: 1DATE: 05/20/21CITY OF PALM SPRINGSAUDIT41TIME: 12:37:03REVENUE AUDIT TRAILSELECTION CRITERIA: orgn.fund=’151’ and revledgr.account=’36101’ACCOUNTING PERIODS: 1/21 THRU 10/21(INACTIVE ACCOUNTS INCLUDED)SORTED BY: FUND,FUNCTION,DEPARTMENT,1ST SUBTOTAL,2ND SUBTOTAL,ACCOUNT,ACCOUNT,PERIODTOTALED ON: FUND,FUNCTION,DEPARTMENT,1ST SUBTOTAL,ACCOUNT,PERIODPAGE BREAKS ON: FUND,FUNCTION,DEPARTMENTCUMULATIVEACCOUNT DATE T/C RECEIVE REFERENCE PAYER/VENDOR BUDGETRECEIPTS RECEIVABLES DESCRIPTION BALANCE36101 INTEREST INCOME151-2 - LIBRARY ENDOWMENT36101 INTEREST INCOME.00.00.00 BEGINNING BALANCE07/06/20 12-1.00POSTED FROM BUDGET SYSTEMTOTAL PERIOD 1.00.00.00.0009/30/20 19-3467416,374.96FY21 Q1 INTEREST ALLOCS TOTAL PERIOD 3.0016,374.96.00-16,374.9610/31/20 19-447258,093.07CORRECT FY21 Q1 INT ALLOC10/31/20 19-44723-16,374.96RVRSE FY21 Q1 INT ALLOC TOTAL PERIOD 4.00-8,281.89.00-8,093.0701/01/21 19-750463,076.39FY21 Q2 INTEREST ALLOCS TOTAL PERIOD 7.003,076.39.00-11,169.4603/31/21 19-953654,052.59FY21 Q3 INTEREST ALLOCS TOTAL PERIOD 9.004,052.59.00-15,222.05TOTAL INTEREST INCOME.0015,222.05.00-15,222.05TOTAL 1ST SUBTOTAL - USE OF MONEY.0015,222.05.00-15,222.05TOTAL DEPARTMENT -.0015,222.05.00-15,222.05TOTAL FUNCTION - SPECIAL REVENUE FUNDS.0015,222.05.00-15,222.05TOTAL FUND - LIBRARY ENDOWMENT.0015,222.05.00-15,222.05TOTAL REPORT.0015,222.05.00-15,222.05* THERE IS A NOTE ASSOCIATED WITH THIS TRANSACTIONLibrary Board of Trustees, June 2, 2021, pg. 12
SUNGARD PENTAMATION - FUND ACCOUNTING MANAGER PAGE NUMBER: 1DATE: 05/20/21 CITY OF PALM SPRINGS EXPSTA11TIME: 12:37:49 EXPENDITURE STATUS REPORTSELECTION CRITERIA: orgn.fund=’151’ and orgn.orgn1=’50’ and orgn.orgn2=’2752’ACCOUNTING PERIOD: 10/21SORTED BY: FUND,FUNCTION,DEPARTMENT,1ST SUBTOTAL,2ND SUBTOTAL,ACCOUNTTOTALED ON: FUND,FUNCTION,DEPARTMENT,1ST SUBTOTALPAGE BREAKS ON: FUND,FUNCTION,DEPARTMENTFUND-151 LIBRARY ENDOWMENT FUNCTION-50 LIBRARY DEPARTMENT-2752 LIBRARY TRUST 1ST SUBTOTAL-4200 MTRLS, SUPPLIES & SVCS PERIOD ENCUMBRANCES YEAR TO DATE AVAILABLE YTD/ACCOUNT - - - - - TITLE - - - - - BUDGET EXPENDITURES OUTSTANDING EXP BALANCE BUD42195 SPECIAL DEPT SUPPLIES 52.81 .00 .00 .00 52.81 .0042530 DUES & SUBSCRIPTIONS 3,750.00 .00 .00 .00 3,750.00 .0044051 FRIENDS OF THE LIBRARY .00 .00 .00 239.00 -239.00 .00 TOTAL MTRLS, SUPPLIES & SVCS 3,802.81 .00 .00 239.00 3,563.81 6.2850004 FUTURE LIBRARY PROJECTS 1,536,895.59 .00 .00 .00 1,536,895.59 .0051026 TRUST FUND BOOKS 48,282.22 3,655.43 23,776.43 21,223.57 3,282.22 93.2051031 KROPITZER TRUST DONATION 211,665.74 .00 .00 .00 211,665.74 .0051036 WELWOOD PATIO 147,308.36 .00 12,762.14 134,546.22 .00 100.0051040 PR LIBRARY CAMPAIGN 8,263.46 .00 .00 3,000.00 5,263.46 36.30 TOTAL CAPITAL 1,952,415.37 3,655.43 36,538.57 158,769.79 1,757,107.01 10.00 TOTAL LIBRARY TRUST 1,956,218.18 3,655.43 36,538.57 159,008.79 1,760,670.82 10.00 TOTAL LIBRARY 1,956,218.18 3,655.43 36,538.57 159,008.79 1,760,670.82 10.00 TOTAL LIBRARY ENDOWMENT 1,956,218.18 3,655.43 36,538.57 159,008.79 1,760,670.82 10.00TOTAL REPORT 1,956,218.18 3,655.43 36,538.57 159,008.79 1,760,670.82 10.00Library Board of Trustees, June 2, 2021, pg. 13
SUNGARD PENTAMATION - FUND ACCOUNTING MANAGER PAGE NUMBER: 1DATE: 05/20/21 CITY OF PALM SPRINGS AUDIT21TIME: 12:38:53 EXPENDITURE AUDIT TRAILSELECTION CRITERIA: orgn.fund=’151’ expledgr.key_orgn=’2752’ and expledgr.account=’50004’ACCOUNTING PERIODS: 1/21 THRU 10/21SORTED BY: FUND,FUNCTION,DEPARTMENT,1ST SUBTOTAL,2ND SUBTOTAL,ACCOUNTTOTALED ON: FUND,FUNCTION,DEPARTMENT,1ST SUBTOTALPAGE BREAKS ON: FUND,FUNCTION,DEPARTMENTFUND - 151 - LIBRARY ENDOWMENT DEPARTMENT - 2752 - LIBRARY TRUST ACCOUNT CUMULATIVE DATE T/C ENCUMBRANC REFERENCE VENDOR BUDGET EXPENDITURES ENCUMBRANCES DESCRIPTION BALANCE50004 FUTURE LIBRARY PROJECTS 151-50-2752-2752 - LIBRARY TRUST50004 FUTURE LIBRARY PROJECTS .00 .00 .00 BEGINNING BALANCE 07/06/20 11-1 .00 POSTED FROM BUDGET SYSTEM 07/23/20 13-1 1,545,441.27 CARRYOVER 19-20 TO 20-21 07/27/20 13-1 1,545,441.27 CARRYOVER 19-20 TO 20-21 07/27/20 13-1 20,454.32 CARRYOVER 19-20 TO 20-21 07/27/20 13-1 -1,545,441.27 CORRECT CO 19-20 TO 20-21 11/24/20 25-5 111003B -30,000.00 PURCHASE BOOKS 03/04/21 13-9 1,000.00 02-02 01B FUTR LIB PRJS TOTAL FUTURE LIBRARY PROJECTS 1,536,895.59 .00 .00 1,536,895.59 TOTAL 1ST SUBTOTAL - CAPITAL 1,536,895.59 .00 .00 1,536,895.59 TOTAL DEPARTMENT - LIBRARY TRUST 1,536,895.59 .00 .00 1,536,895.59 TOTAL FUNCTION - LIBRARY 1,536,895.59 .00 .00 1,536,895.59 TOTAL FUND - LIBRARY ENDOWMENT 1,536,895.59 .00 .00 1,536,895.59TOTAL REPORT 1,536,895.59 .00 .00 1,536,895.59* THERE IS A NOTE ASSOCIATED WITH THIS TRANSACTIONLibrary Board of Trustees, June 2, 2021, pg. 14
SUNGARD PENTAMATION - FUND ACCOUNTING MANAGERPAGE NUMBER: 1DATE: 05/20/21CITY OF PALM SPRINGSEXPSTA11TIME: 12:39:38EXPENDITURE STATUS REPORTSELECTION CRITERIA: orgn.fund=’001’ and orgn.orgn1=’50’ and orgn.orgn2=’2710’ACCOUNTING PERIOD: 10/21SORTED BY: FUND,FUNCTION,DEPARTMENT,1ST SUBTOTAL,2ND SUBTOTAL,ACCOUNTTOTALED ON: FUND,FUNCTION,DEPARTMENT,1ST SUBTOTALPAGE BREAKS ON: FUND,FUNCTION,DEPARTMENTFUND-001 GENERAL FUND2ND SUBTOTAL-400 EMPLOYEE COMPENSATIONFUNCTION-50 LIBRARYDEPARTMENT-2710 LIBRARY1ST SUBTOTAL-4000 PERSONNEL COSTSPERIODENCUMBRANCES YEAR TO DATE AVAILABLE YTD/ACCOUNT - - - - - TITLE - - - - -BUDGET EXPENDITURES OUTSTANDINGEXPBALANCE BUD40000 REGULAR EMPLOYEES898,575.2769,767.70.00 718,689.41 179,885.86 79.9840008 EX SALARY OFFSET-15,891.12.00.00.00 -15,891.12 .0040050 VACATION/SICK CONVERSION.00.00.00 15,738.56 -15,738.56 .0040200 TEMPORARY EMPLOYEES45,400.00.00.00.0045,400.00 .0040800 OVERTIME2,500.00.00.00422.452,077.55 16.9041110 MED INSURANCE WITHDRAWAL.00150.00.001,950.00-1,950.00 .0041210 EDUC/CERT/LICENSE26,053.81.00.00.0026,053.81 .0041230 BILINGUAL8,513.25.00.00.008,513.25 .0041450 TELECOMMUNICATION ALLOWA1,500.00212.73.00426.091,073.91 28.4141600 PERS CONTRIBUTIONS335,067.2424,285.34.00 263,416.8971,650.35 78.6241620 PERS - POB36,600.00.00.00 27,450.009,150.00 75.0041700 MEDICARE TAX13,495.91997.84.00 11,373.092,122.82 84.2741900 FRINGE BENEFITS248,625.0015,988.54.00 156,660.5291,964.48 63.0141920 WORKERS COMPENSATION61,700.00.00.00 46,275.0015,425.00 75.0041930 RHS HEALTH BENEFIT11,700.00875.00.009,200.002,500.00 78.6341940 RETIREE HEALTH BENEFIT112,200.00.00.00 84,150.0028,050.00 75.00TOTAL PERSONNEL COSTS1,786,039.36 112,277.15.00 1,335,752.01 450,287.35 74.7942010 GAS AND OIL (HEAT)5,000.001,241.07.003,599.641,400.36 71.9942015 COMMUNICATIONS12,000.00.00.004,748.447,251.56 39.5742100 OFFICE SUPPLIES7,000.00252.71.003,743.713,256.29 53.4842115 POSTAGE1,000.00.00.00.001,000.00 .0042195 SPECIAL DEPT SUPPLIES15,000.00.00.00 10,890.624,109.38 72.6042490 NON CAPITAL EQUIPMENT3,000.00.00583.94953.221,462.84 51.2442530 DUES & SUBSCRIPTIONS3,300.00.00.001,312.001,988.00 39.7642570 PRINTING & PUBLISHING5,500.00.00.00191.205,308.80 3.4842580 ELECTRONIC DATABASES56,371.00.00.00 48,617.707,753.30 86.2542900 OFFICE EQUIP OPS & MAINT1,000.00.00.00884.00116.00 88.4042920 PC/HARD/SOFTWARE MAINT103,150.00.00 16,873.37 85,679.98596.65 99.4243200 CONTRACTUAL SERVICES1,000.00.00.00.001,000.00 .0044000 BOOKS61,500.00441.468,096.02 53,403.98.00 100.0044010 MAGAZINES & PUBLICATIONS1,000.00.00.00450.95549.05 45.1044020 AUDIO VISUAL MATERIALS55,000.001,291.32 10,636.19 44,363.81.00 100.0044040 CONTRACTUAL CATALOGING31,000.00.00.00 30,107.88892.12 97.1244050 LIBRARY SPECIAL CHARGES15,000.00910.602,442.921,310.6611,246.42 25.0244051 FRIENDS OF THE LIBRARY395.75.00.0056.75339.00 14.3445520 ADVERTISING9,000.00.00.00378.008,622.00 4.20TOTAL MTRLS, SUPPLIES & SVCS 386,216.754,137.16 38,632.44 290,692.5456,891.77 85.2749000 INSURANCE73,200.00.00.00 54,900.0018,300.00 75.0049040 FACILITIES MAINT SERVICE 116,600.00.00.00 87,450.0029,150.00 75.0049070 BENEFITS ADMIN11,600.00.00.008,700.002,900.00 75.00TOTAL SPECIAL CHARGES201,400.00.00.00 151,050.0050,350.00 75.00TOTAL LIBRARY2,373,656.11 116,414.31 38,632.44 1,777,494.55 557,529.12 76.51Library Board of Trustees, June 2, 2021, pg. 15
SUNGARD PENTAMATION - FUND ACCOUNTING MANAGERPAGE NUMBER: 2DATE: 05/20/21CITY OF PALM SPRINGSEXPSTA11TIME: 12:39:38EXPENDITURE STATUS REPORTSELECTION CRITERIA: orgn.fund=’001’ and orgn.orgn1=’50’ and orgn.orgn2=’2710’ACCOUNTING PERIOD: 10/21SORTED BY: FUND,FUNCTION,DEPARTMENT,1ST SUBTOTAL,2ND SUBTOTAL,ACCOUNTTOTALED ON: FUND,FUNCTION,DEPARTMENT,1ST SUBTOTALPAGE BREAKS ON: FUND,FUNCTION,DEPARTMENTFUND-001 GENERAL FUNDFUNCTION-50 LIBRARYDEPARTMENT-2710 LIBRARY1ST SUBTOTAL-4900 SPECIAL CHARGESPERIODENCUMBRANCES YEAR TO DATE AVAILABLE YTD/ACCOUNT - - - - - TITLE - - - - -BUDGET EXPENDITURES OUTSTANDINGEXPBALANCE BUDTOTAL LIBRARY2,373,656.11 116,414.31 38,632.44 1,777,494.55 557,529.12 76.51TOTAL GENERAL FUND2,373,656.11 116,414.31 38,632.44 1,777,494.55 557,529.12 76.51TOTAL REPORT2,373,656.11 116,414.31 38,632.44 1,777,494.55 557,529.12 76.51Library Board of Trustees, June 2, 2021, pg. 16
MEMORANDUM
DATE: June 2, 2021
SUBJECT: ITEM 7A- 2021-22 SPENDING REQUESTS FROM LIBRARY
TO: Library Board of Trustees
FROM: Jeannie Kays, Director of Library Services
In order to keep the library collection at the caliber the community expects, it is requested
that the Trustees approve funding requests of $40,000.00 for the Fiscal Year 2021-22 for
library materials. Unanticipated exceptions and emergency requests may arise. Of these
requests, $10,000 for nonfiction books would be spent from the Kropitzer Fund, which
specifies that funds can be spent on nonfiction books in English for adults.
TRUST FUND BALANCE 1,807,769.50$ AS OF APRIL 30, 2021
Nonfiction books $10,000.00 Use Kropitzer Funds
Adult Fiction $10,000.00
eBooks $10,000.00
DVDs/Blu-ray $10,000.00
TOTAL REQUESTED $40,000.00
Library Board of Trustees Spending Request 2021-2022
FISCAL YEAR 21-22 SPENDING REQUESTS
Library Board of Trustees, June 2, 2021, pg. 17
MEMORANDUM
DATE: June 2, 2021
SUBJECT: ITEM 7B- TRUST FUND CASH ACCOUNT REPORT
TO: Library Board of Trustees
FROM: Jeannie Kays, Director of Library Services
At the May 5, 2021 meeting, Trustees requested a detail report of the cash account for
the Library Trust Fund, specifically to track the Library Foundation Loan repayment.
In the General Ledger Audit Trail, you will see a cash balance of $1,807,769.50. This
cash balance matches Page 1 of the Balance Sheet in the Financial Packet. The General
Ledger Audit Trail details every deposit in and every payment or withdrawal out of the
Trust Fund cash account. These documents are current as of April 30, 2021, the last full
month of transactions. We can print partial months, but we are unable to recreate those
reports before Library Board of Trustees board packets are due, therefore, it is
recommended that we review reports using month-end data. This means that the most
recent data available is as of April 30, 2021.
As of April 30, 2021, there have been a total of $22,000 recorded on the $100,000 loan,
giving a remaining balance due of $78,000. There are three outstanding payments
totaling $6,000 not showing in these reports. They will appear in future financial reports
and do not affect the cash balances shown in your reports. Cash balances will adjust in
the May reports, which you will receive at your July 2021 meeting. The chart below
documents actual payments received, which will reflect in future reports.
FOUNDATION LOAN 100,000.00$
DATE DESCRIPTION AMOUNT PAID BALANCE NOTES
7/30/2015 LOAN ORIGINATION -$ 100,000.00$
6/1/2017 PAYMENT 5,000.00$ 95,000.00$ APPLIED
11/29/2017 PAYMENT 5,000.00$ 90,000.00$ APPLIED
8/24/2020 CHECK 1007 10,000.00$ 80,000.00$ APPLIED
2/23/2021 CHECK 1100 2,000.00$ 78,000.00$ APPLIED
3/31/2021 CHECK 1101 2,000.00$ 76,000.00$ -
5/3/2021 CHECK 1102 2,000.00$ 74,000.00$ -
5/18/2021 CHECK 1103 2,000.00$ 72,000.00$ -
72,000.00$
Library Board of Trustees, June 2, 2021, pg. 18
SUNGARD PENTAMATION - FUND ACCOUNTING MANAGERPAGE NUMBER: 1DATE: 05/26/21CITY OF PALM SPRINGSAUDIT221TIME: 16:48:30GENERAL LEDGER AUDIT TRAILACCOUNTING PERIODS: 1/21 THRU 10/21(INACTIVE ACCOUNTS INCLUDED)SELECTION CRITERIA: genledgr.fund=’151’ genledgr.account=’11010’TOTALED ON: FUND,ACCOUNT,PERIODFUND - 151 - LIBRARY ENDOWMENTACCOUNT DATE T/C REFERENCE VENDOR/PAYERDEBITCREDIT DESCRIPTIONNET11010 Cash11010 Cash.00BEGINNING BALANCE07/06/20 19-1 NEW YEAR1,930,241.18BEGINNING BALANCE03/10/21 19-1 CLOSE YR6,669.57TRANSFER 13TH PERIOD BAL 07/09/20 19-1 VENCHKS861.00 VENDOR CHECKSTOTAL PERIOD 11,936,910.75861.001,936,049.7508/24/20 24-210,000.00CASH RECEIPTS INTERFACE TOTAL PERIOD 210,000.00.0010,000.0009/17/20 19-3 VENCHKS2,000.00 VENDOR CHECKS09/30/20 19-3 467416,374.96FY21 Q1 INTEREST ALLOCS TOTAL PERIOD 316,374.962,000.0014,374.9610/01/20 19-4 VENCHKS112,606.97 VENDOR CHECKS10/15/20 19-4 VENCHKS1,000.00 VENDOR CHECKS10/31/20 19-4 472316,374.96 RVRSE FY21 Q1 INT ALLOC 10/31/20 19-4 47258,093.07CORRECT FY21 Q1 INT ALLOCTOTAL PERIOD 48,093.07 129,981.93-121,888.8611/23/20 24-5176.25CASH RECEIPTS INTERFACE 11/24/20 19-5 VENCHKS21,939.25 VENDOR CHECKSTOTAL PERIOD 5176.2521,939.25-21,763.0012/01/20 24-626.25CASH RECEIPTS INTERFACE 12/02/20 24-617.00CASH RECEIPTS INTERFACE 12/09/20 24-676.25CASH RECEIPTS INTERFACE 12/09/20 24-616.50CASH RECEIPTS INTERFACE 12/22/20 24-6125.00CASH RECEIPTS INTERFACE 12/23/20 19-6 VENCHKS176.25 VENDOR CHECKS12/31/20 24-61,000.00CASH RECEIPTS INTERFACE TOTAL PERIOD 61,261.00176.251,084.7501/01/21 19-7 50463,076.39FY21 Q2 INTEREST ALLOCS TOTAL PERIOD 73,076.39.003,076.3902/18/21 19-8 VENCHKS2,422.15 VENDOR CHECKS02/23/21 24-82,000.00CASH RECEIPTS INTERFACE * THERE IS A NOTE ASSOCIATED WITH THIS TRANSACTIONLibrary Board of Trustees, June 2, 2021, pg. 19
SUNGARD PENTAMATION - FUND ACCOUNTING MANAGERPAGE NUMBER: 2DATE: 05/26/21CITY OF PALM SPRINGSAUDIT221TIME: 16:48:30GENERAL LEDGER AUDIT TRAILACCOUNTING PERIODS: 1/21 THRU 10/21(INACTIVE ACCOUNTS INCLUDED)SELECTION CRITERIA: genledgr.fund=’151’ genledgr.account=’11010’TOTALED ON: FUND,ACCOUNT,PERIODFUND - 151 - LIBRARY ENDOWMENTACCOUNT DATE T/C REFERENCE VENDOR/PAYERDEBITCREDIT DESCRIPTIONNET11010 Cash(cont’d)02/25/21 19-8 5124119.50 RECALSS LIBRY EMDWMNT TOTAL PERIOD 82,000.002,541.65-541.6503/04/21 19-9 VENCHKS12,835.29 VENDOR CHECKS03/04/21 19-9 5244119.50 FRIENDS OF LIB DEC 20 PYM03/18/21 19-9 VENCHKS2,430.20 VENDOR CHECKS03/18/21 24-9483.00CASH RECEIPTS INTERFACE 03/18/21 19-9 5245318.01 POST CORRECT DEP 3/18/21 03/31/21 24-92,050.00CASH RECEIPTS INTERFACE 03/31/21 19-9 53514,052.59FY21 Q3 INTEREST ALLOCS 03/31/21 19-9 53514,052.59 FY21 Q3 INTEREST ALLOCS 03/31/21 19-9 53654,052.59FY21 Q3 INTEREST ALLOCS TOTAL PERIOD 910,638.1819,755.59-9,117.4104/01/21 19-10 VENCHKS935.66 VENDOR CHECKS04/14/21 24-10150.00CASH RECEIPTS INTERFACE 04/15/21 19-10 VENCHKS2,719.77 VENDOR CHECKSTOTAL PERIOD 10150.003,655.43-3,505.43TOTAL Cash1,807,769.50TOTAL LIBRARY ENDOWMENT1,807,769.50.00TOTAL REPORT1,807,769.50.00* THERE IS A NOTE ASSOCIATED WITH THIS TRANSACTIONLibrary Board of Trustees, June 2, 2021, pg. 20
SUNGARD PENTAMATION - FUND ACCOUNTING MANAGERPAGE NUMBER: 1DATE: 05/26/21CITY OF PALM SPRINGSSTATMN21TIME: 16:51:37CASH RECEIPTS REPORTSELECTION CRITERIA: transact.yr=’21’ and transact.fund=’151’ and transact.account=’37105’FUND - 151 - LIBRARY ENDOWMENTDEPARTMENT - 151 - LIBRARY ENDOWMENT CASH---RECEIVABLE--- -------DESCRIPTION-------ACCOUNT DATE DEPARTMENT ACCOUNT PROJECT ACCOUNT RECEIPT NUMBER ACCOUNT ------PAYER------RECEIPT AMOUNT11010 08/24/20 15137105CASH RECEIPTS INT 10,000.0011010 12/22/20 15137105CASH RECEIPTS INT125.0011010 12/31/20 15137105CASH RECEIPTS INT1,000.0011010 02/23/21 15137105CASH RECEIPTS INT2,000.0011010 03/18/21 15137105CASH RECEIPTS INT483.0011010 03/31/21 15137105CASH RECEIPTS INT2,050.0011010 04/14/21 15137105CASH RECEIPTS INT150.0011010 05/03/21 15137105CASH RECEIPTS INT2,000.0011010 05/18/21 15137105CASH RECEIPTS INT2,000.00TOTAL CONTRIB NON-GOVT SOURCES19,808.00TOTAL LIBRARY ENDOWMENT19,808.00TOTAL LIBRARY ENDOWMENT19,808.00TOTAL REPORT19,808.00Library Board of Trustees, June 2, 2021, pg. 21
Palm Springs Library
Board of Trustees
Memo
To: Jeannie Kays, Director, Palm Springs Library
From: David Kelly, Treasurer, Palm Springs Library Board of Trustees
cc:
Date: January 25, 2021
Re: Library Trust Fund/Endowment
The purpose of this memo is to provide some background on the duties and responsibilities
concerning the Library Trust Fund/Endowment. At the end of the memo are items for further
discussion.
Legislative History
According to At Sunrise: The History of the Palm Springs Library by Henry Weiss (1999),
the Alleine’s Library of Palm Springs (a/k/a Palm Springs Public Library) opened In late 1925. A
fund was established in 1924 for the new library from the donation of $200 by Martha Hitchcock.
Palm Springs was incorporated in 1938. On July 5, 1939, the Palm Springs City Council
adopted Ordinance Number 60 which established the Library under the California Education
Code. The Board of Library Trustees first met under the ordinance on November 9, 1939.
Resolution 219 (1939) established the post-incorporation Library Board of Trustees (November
4, 2020 memo to the Trustees from Jeannie Kay, Library Director, Library Trustees Meeting
Agenda, dated November 4, 2020, p. 23). According to At Sunrise, the Trustees immediately
set upon fundraising for the building of the Welwood Murray Memorial Library.
In a memo from Library Director Jeannie Kays to the Trustees dated October 7, 2020 (see
Library Trustees Meeting Agenda dated October 7, 2020, pp. 32-47; a request for resolutions
concerning the Library Trust Fund), the affirmation of the Library Trust Fund and the roles of the
Trustees, Librarian and City Manager are found primarily in two resolutions: 11431 dated May 7,
1975 and 17288 dated October 3, 1990.
ITEM 7C
Library Board of Trustees, June 2, 2021, pg. 22
2
Resolution 11431 (1975) establishes a special fund to be known as the “Library Trust Fund.”
Resolution 17288 (1990) states in its third paragraph “Whereas the City’s Board of Library
Trustees has requested that the public library be re-established as a full municipal department”
and in the next paragraph “to be managed by the Library Board via the City Librarian.”
According to At Sunrise (p. 100), the Library had been an autonomous department until the mid
1970’s “and the magnitude of its budget, staffing facilities, and level of public services warranted
full department representation.”
Section 1 of Resolution 17288 states the City Council shall retain the following authority over the
Library:
A)Library Trustees shall be appointed by the Mayor with the consent of the City Council
B)The City Council shall annually review, amend as necessary, and adopt the library’s
operational budget
C)The City Council shall establish the number of and compensation ranges for library paid
employees
D)The City Council shall act upon library legislative items (Resolutions, appointments, budget
amendments, etc., as required
Section 2 of Resolution 17288 states the City’s Board of Library Trustees shall retain the
following authority over the Library:
A)The Library Board shall manage and control the Library Trust Fund
B)The Library Board shall establish and amend library policies and procedures as required
C)The Library Board shall establish, amend, and periodically review all library fines, fees and
charges and ensure such charges are incorporated into the City’s Master Fee Schedule
D)The Library Board shall manage the approval of all library purchases from the Library Fund
(subsequent to Council’s approval of the literary budget) and the Library Trust Fund
E)The Library Board shall develop and amend long and short-range library plans
F)The Library Board shall manage all library facilities
G)The Library Board shall consult with the City Manager with regard to evaluation and
appointments of City Librarians.
Section 3 of Resolution 17288 states the City Manager shall retain the following authority over
the Library:
A)The City Manager shall appoint and evaluate the City Librarian in consultation with the
Library Board
B)The City Manager shall recommend appropriate amendments to the annual Library Fund
operational budget prior to its submission to the City Council
C)The City Manager shall apply the provisions of the City’s current Personnel Rules to library
paid employees
D)The City Manager shall assign departmental duties to the City Librarian as required (subject
to the consent of the Library Board)
E)The City Manager shall communicate directions from the City Council to the City Librarian as
necessary
Library Board of Trustees, June 2, 2021, pg. 23
3
Marcus Fuller, Assistant City Manager in a memo to Ed McBride, Trustees President dated
June 8, 2020 references Resolution 17288 as establishing the relationship between the City and
the Board of Trustees. He noted that Section 2A of the Resolution gives the Trustees control of
the Library Trust Fund which is accounted by the City as a Special Revenue Fund (Fund 151).
He wrote, “In compliance with Resolution 17288 – the City only approves expenditures from this
fund with express approval of the Board of Trustees.” (see Library Trustees Meeting Agenda
dated July 1, 2020, pp. 17-30.
Fiscal Management
A memo from Trustee Treasurer David Kelly to Jeannie Kays, Library Director dated October
29, 2019 (presented in the Trustees November 21, 2019 meeting packet) reported a meeting
among Kelly, Kays and David Lacy, Assistant City Finance Director. Mr. Lacy reported the City
manages over $200 million in cash and investments, of which the Library Trust Fund is pooled
into. An independent investment advisor specializing in the needs of municipalities is
responsible for safeguarding the public’s funds while minimizing market risk and maximizing
both liquidity and yield. Mr. Lacy reported the City earned $1.1 million in interest at a rate of
1.8% for the fiscal year ending 6/30/2019 and the Library received a proportional credit.
Further Information Requests
•Request the City Treasurer provide the interest rate for fiscal year ending 6/30//20.
Discussion Points
1.The Library Trust Fund should have its own charter with a statement of purpose, objectives,
and investment guidelines. The charter should state the type of Library projects it will
consider funding, and which need special approval, if any.
2.An independent investment advisor will want to review the charter to establish its role and
responsibilities in administering the Library Trust Fund.
3.If the Trustees assign the investment advisor role to the Trustee Treasurer, would it be
appropriate for the Board of Trustees to obtain Directors and Officers insurance to protect
against potential liabilities?
4.Will we need to engage independent legal counsel to make changes in the management of
the Library Trust Fund? What may be required of the City Clerk or City Attorney to make
changes to management of the Library Trust Fund?
Library Board of Trustees, June 2, 2021, pg. 24
Resolution No. 2019.04
Regional Access Project Foundation, Inc.
Investment Policy Statement
Adopted October 23, 2019
Purpose
This policy establishes investment objectives, policies, guidelines and eligible securities related to all assets
held by the Regional Access Project Foundation (“RAP”), primarily for investment purposes (‘institutional
funds”). In doing so, the policy:
clarifies the delegation of duties and responsibilities concerning the management of institutional
funds.
identifies the criteria against which RAP’s investment performance will be measured.
communicates the objectives to the Board, staff, investment managers, brokers, donors, and funding
sources that may have involvement.
confirms policies and procedures relative to the expenditure of institutional funds.
serves as a review document to guide the ongoing oversight of the management of the organizations’
investments.
This policy specifically applies to all assets held for long-term growth purposes, specifically investment
accounts held at Wells Fargo and The Community Foundation serving Riverside and San Bernardino
Counties brokerage and other specifically identified assets.
Where possible, RAP will endeavor to incorporate guidelines from California Government Code Section
53601.
Delegation of Responsibilities
The Board of Directors of RAP has oversight regarding all decisions that impact RAP’s institutional funds.
The Board has delegated supervisory responsibility for the management of our institutional funds to the
Finance Committee. Specific responsibilities of the various bodies and individuals responsible for the
management of our institutional funds are set forth below:
Responsibilities of the Board
The Board shall ensure that its fiduciary responsibilities concerning the proper management of RAP’s
institutional funds are fulfilled through appropriate investment structure, internal and external management,
and portfolio performance consistent with all policies and procedures. Based on the advice and
recommendations of the Finance Committee, the Board shall:
select, appoint, and remove members of the Committee.
approve investment policies and objectives that reflect the long-term investment-risk orientation of
the institutional funds.
Library Board of Trustees, June 2, 2021, pg. 25
Page 2 of 6
Responsibilities of the Finance Committee
Members of the Finance Committee are not held accountable for less than desirable outcomes, rather for
adherence to procedural prudence, or the process by which decisions are made in respect to endowment
assets. In consideration of the foregoing, the Committee is responsible for the development,
recommendation, implementation, and maintenance of all policies relative to RAP’s institutional funds an d
shall:
develop and/or propose policy recommendations to the Board with regard to the management of all
institutional funds.
recommend long-term and short-term investment policies and objectives for RAP’s institutional
funds, including the study and selection of asset classes, determining asset allocation ranges, and
setting performance objectives.
determine that institutional funds are prudently and effectively managed with the assistance of
management and any necessary investment consultants and/or other outside professionals, if any.
monitor and evaluate the performance of all those responsible for the management of institutional
funds.
recommend the retention and/or dismissal of investment consultants and/or other outside
professionals.
receive and review reports from management, investment consultants and/or other outside
professionals, if any.
periodically meet with management, investment consultants and/or other outside professionals
management, investment consultants and/or other outside professionals.
convene regularly to evaluate whether this policy, investment activities, risk management controls
and processes continue to be consistent with meeting the goals and objectives set for the
management of institutional funds.
Responsibilities of Management
Management shall be responsible for the day-to-day administration and implementation of policies
established by the Board and/or the Finance Committee concerning the management of institutional funds.
Management shall also be the primary liaison between any investment consultants and/or other outside
professionals that may be retained to assist in the management of such funds. Specifically, management
shall:
oversee the day-to-day operational investment activities of all institutional funds subject to policies
established by the Board and/or the Finance Committee.
contract with any necessary outside service providers, such as investment consultants, investment
managers, banks, and/or trust companies and/or any other necessary outside professionals.
ensure that the service providers adhere to the terms and conditions of their contracts; have no
material conflicts of interests with the interests of RAP; and, performance monitoring systems are
sufficient to provide the Finance Committee with timely, accurate, and useful information.
Library Board of Trustees, June 2, 2021, pg. 26
Page 3 of 6
regularly meet with any outside service providers to evaluate and assess compliance with investment
guidelines, performance, outlook and investment strategies; monitor asset allocation and rebalance
assets, as directed by the Finance Committee, and in accordance with approved asset allocation
policies, among asset classes and investment styles; and tend to all other matters deemed to be
consistent with due diligence with respect to prudent management of institutional funds.
comply with official accounting and auditing guidelines regarding due diligence and ongoing
monitoring of investments, especially alternative investments. Prepare and issue periodic status
reports to the Board and the Finance Committee.
Specified Individuals
The following positions will be authorized to undertake investment transactions on behalf of the Finance
Committee: Foundation Chair, Foundation Vice Chair, and Foundation Treasurer. All transactions must be
signed and authorized by one of the three above listed positions as well as the Chief Executive Officer of
RAP.
Investment Considerations
All individuals responsible for managing and investing RAP’s institutional funds must do so in good faith and
with the care that an ordinarily prudent person in a like position would exercise under similar circumstances.
In making any decision relative to the expenditure of institutional funds, each of the following factors must be
considered, and properly documented, in the minutes or other records of the applicable decision-making
body:
general economic conditions;
possible effect of inflation or deflation;
the role that each investment or course of action plays within the overall investment portfolio of the
fund;
expected total return from the income and appreciation of investments;
other resources of the organization;
the needs of the organization and the fund to make distributions and preserve capital; and,
an asset’s special relationship or special value, if any, to the organization’s purposes.
Guidelines for Investing
The investment goal of the total return fund is to achieve a total return (income and appreciation) of 6% over
a full market cycle (7-10 years). The following guidelines apply to the three main investment asset classes:
Money Market Funds and Certificates of Deposit: Allowable range: Minimum 5%; Maximum
50% of total assets
A quality money market fund will be utilized for the liquidity needs of the portfolio whose objective is
to seek as high a current income as is consistent with liquidity and stability of principal. The fund will
invest in “money market” instruments that have been rated by at least one nationally recognized
Library Board of Trustees, June 2, 2021, pg. 27
Page 4 of 6
rating agency in the highest category for short-term debt securities. If non-rated, the securities must
be of comparable quality. Certificates of deposit shall be purchased in amounts not to exceed FDIC
insurance limits.
Equities: Allowable Range: Minimum 20%; Maximum 60% of total assets
The equity component of the portfolio will consist of high-quality equity securities traded on the New
York, NASDAQ or American Stock exchanges, as well as high quality Real Estate Investment Trusts.
The securities must be screened for above average financial characteristics such as price-to-
earnings, return-on-equity, debt-to-capital ratios, etc.
No more than 5% of the equity portion of the account will be invested in any one issuer. As well, not
more than 33% of the equity portion of the account will be invested in stocks contained within the
same industry. No more than 5% of the portfolio will consist of investments in Real Estate Investment
Trusts.
It is acceptable to invest in an equity mutual fund(s) adhering to the investment characteristics
identified above, as long as it is a no-load fund, without 12(b)(1) charges, which maintains an
expense ratio consistent with those other funds of similar investment styles as measured by the
Lipper and/or Morningstar rating services. Preference will be given to exchange traded funds and
index funds over mutual funds.
Prohibited equity investments include initial public offerings, restricted securities, private placements,
derivatives, options, futures, and margined transactions.
Exceptions to the prohibited investment policy may be made only when assets are invested in a
Mutual Fund(s) that periodically utilizes prohibited strategies to mitigate risk and enhance return.
Fixed Income: Allowable Range: Minimum 35%; Maximum 75% of total assets
Bond investments will consist solely of fixed income securities that have an investment-grade rating
(BBB or higher by Standard & Poor’s and Baa3 or higher by Moody’s) that possess a liquid secondary
market. If the average credit quality rating disagrees among the two rating agencies, the lower of the
two scores will be used for determining eligibility.
No more than 5% of the fixed income portfolio will be invested in corporate bonds of the same issuer
to the extent such bonds mature in more than six months. This rule specifically excludes bonds
maturing in six months or less. As well, not more than 20% of the fixed income portfolio will be
invested in bonds of issuers in the same industry. Moderate risk bonds, which are those with a BBB
rating from Standard & Poors or a BaaX rating from Moody’s, will not exceed 15% of the fixed income
portfolio.
The maximum average maturity of the fixed income portfolio will be 10 years, with not more than
25% of the bond portfolio maturing in more than 10 years.
Prohibited securities include private placements, derivatives (other than floating-rate coupon bonds),
margined transactions, and foreign denominated bonds.
Performance Measurements Standards
The benchmarks to be used in evaluating the performance of the two main asset classes will be:
Library Board of Trustees, June 2, 2021, pg. 28
Page 5 of 6
Equities: S&P 500 Index- Goal: exceed the average annual return of the index over a full market
cycle (7-10 years)
Fixed Income: Lehman Brothers Government/Corporate Index- Goal: exceed the average annual
return of the index over a full market cycle (7-10 years).
It will be the responsibility of the Finance Committee of the Board of Directors to regularly review the
performance of the investment account and investment policy guidelines, and report to the Board of Directors
at least quarterly with updates and recommendations as needed.
Investment Management
The Finance Committee will be tasked with selecting an investment manager to actively manage its
investments. The investment manager will be required to provide quarterly reports to the Finance Committee
that provide an evaluation of the allocation of the invested assets, as well as the performance of the funds.
The investment manager will meet with the Executive Committee and Finance Committee at least annually.
The CEO may authorize, without additional consent or approval, any transaction recommended by the
investment manager in order to execute trades to further the investment goals of the investment or otherwise
maintain the Organization’s investments within the Guidelines for Investing.
Expenditure Considerations
The Board of Directors and the Finance Committee are responsible for the establishment of a balanced
reserve fund spending policy to (a) ensure that over the medium-to-long term, sufficient investment return
shall be retained to preserve and grow its economic value as a first priority; and (b) to provide funds for the
annual operating budget, as necessary, in an amount which is not subject to large fluctuations from year-to-
year to the extent possible.
Rebalancing
Once an asset allocation is implemented that matches the portfolio’s risk tolerance, rebalancing at least
annually should allow the maintenance of risk exposure at an appropriate level. Investment managers shall
consult with the investment committee before rebalancing.
Monitoring
The Finance Committee shall review the investment manager reports on a quarterly basis and summarize its
review for the Board of Directors. At least annually, the Finance Committee shall review the performance of
the investments and report the same to the Board of Directors.
Expenditure of Institutional Funds
All decisions relative to the expenditure of institutional funds must assess the uses, benefits, purposes and
duration for which the institutional fund was established, and, if relevant, consider the factors:
Library Board of Trustees, June 2, 2021, pg. 29
Page 6 of 6
1. the duration and preservation of the institutional fund;
2. purposes of RAP and the fund;
3. general economic conditions;
4. possible effect of inflation or deflation;
5. expected total return from income and appreciation of investments;
6. other organizational resources;
7. all applicable investment policies; and
8. where appropriate, alternatives to spending from the institutional fund and the possible effects of those
alternatives.
For each decision to appropriate institutional funds for expenditure, an appropriate contemporaneous record
should be kept and maintained describing the nature and extent of the consideration that the appropriate
body gave to each of the stipulated factors.
Donor Restrictions
In all instances, donor intent shall be respected when decisions are rendered concerning the investment or
expenditure of donor restricted funds. If a donor, in the gift instrument, has directed that appreciation not be
spent, RAP shall comply with that directive and consider it when making decisions regarding the management
and investment of the fund. Any attempt to lift restrictions on any fund shall be conducted in full compliance
with the law.
Reserve Fund Expenditures
Each year, the nonprofit is authorized to withdraw up to 5% of the total market value of the institutional funds
(market value to be determined as of the last business day of the preceding year) for the organization’s
operating purposes. That spending percentage is applied to the three year average of the June market value.
Chairman Signature and Date: _____________________________________
Secretary Signature and Date: _____________________________________
Amending Resolution 2016-03
Library Board of Trustees, June 2, 2021, pg. 30
PSPL Foundation Board
Finance and Investment Committee
Investment Policy Statement
August 2020
Introduction
The Palm Springs Public Library Endowment Fund was established to provide long-term financial support
to the Library. This Investment Policy Statement presents guidelines for management and oversight of
the Fund’s Portfolio.
Role of the Finance and Investment Committee
The Finance and Investment Committee of the Foundation Board is acting in a fiduciary capacity with
respect to the Portfolio and is accountable to the Foundation Board for overseeing the investment of
assets owned by, or held in trust for, the Portfolio.
This document sets forth the investment objectives and investment guidelines that govern the activities
of the Committee and any other parties to whom the Committee has delegated investment
management responsibility for Endowment assets such as an Investment Advisor.
Policies have been formulated consistent with the Library’s long-term financial needs and the
Foundation Board’s tolerance for investment and financial risk, as best ascertained by the Committee.
Also, the policies consider the need to provide the Committee with the flexibility to meet changes in
financial market conditions and changes in the financial condition of the Library.
Investment Objective and Spending Policy
The Fund is to be invested with the objective of preserving the long-term, real purchasing power of
assets while providing a relatively predictable and growing stream of annual distributions in support of
the Library.
For distributions, the Committee will seek direction from the Foundation Board, the Library Trustees and
Library senior management. Distributions should be at a level that would not erode the Fund’s real
assets over time.
Portfolio Investment Policies
The Committee recognizes that the strategic allocation of Portfolio assets across broadly defined
financial asset categories with varying degrees of risk and return will be the most significant determinant
of long-term investment returns and Portfolio asset value stability.
Library Board of Trustees, June 2, 2021, pg. 31
The Committee expects that actual returns may vary from expectations and return objectives across
shorter periods of time.
Fund assets will be managed as a balanced portfolio comprised of two major components: an equity
portion and a fixed income portion. The expected role of equity investments will be to maximize the
long-term real growth of Portfolio assets, while the role of fixed income investments will be to generate
current income, provide for more stable periodic returns, and provide some protection against a
prolonged decline in the market value of equity investments. Cash investments will be used primarily for
Fund liquidity needs.
Long term Strategic Asset Allocation Guidelines
The Committee believes that the asset allocation identified below is an appropriate model or
approximation for the investments in the Endowment Fund.
Asset Class Target Allocation
Equity 40% - 70%
Fixed Income 30% - 60%
Cash 0% - 20%
Depending upon the Committee’s evaluation of then current economic and financial conditions, the
Committee may elect to adjust allocations from these guidelines to protect Portfolio principal.
Diversification is key to meet the goals of the Endowment Fund. Therefore, the Committee will limit
reliance on single securities. The Committee will also evaluate holdings on a regular basis and re-balance
the Portfolio if one asset class moves significantly above or below its range in the model portfolio.
The Endowment Fund may accept other forms of investment from donors, but those shall be converted
to the funds’ primary investments, except in the case of special treatment identified by the Committee
and shared with the Foundation Board.
Direct purchase of securities on margin or executing short sales on the part of the Committee is not
acceptable, nor is speculative purchasing or selling of derivatives. (A nominal amount of these types of
transactions occurring within a mutual fund with otherwise appropriate asset allocation can be
acceptable to the Committee).
Monitoring Portfolio Investments and Performance
The Committee will monitor the Portfolio’s investment performance against stated goals and objectives.
Reporting will be made on regular intervals to the Foundation Board.
Library Board of Trustees, June 2, 2021, pg. 32
Investment benchmarks can be used to compare relative performance.
The performance of professional advisors to the Portfolio, if any, will be evaluated similarly by the
Committee and reviewed with the Foundation Board at least annually.
Library Board of Trustees, June 2, 2021, pg. 33
Statement of Direction
For the Establishment of an Endowment Fund
Palm Springs Public Library Foundation Board
August 2020
Executive Summary
In concert with its mission, the Palm Springs Public Library Foundation will establish and oversee an
Endowment Fund to provide long term financial support to the Library. Funds will be raised through the
Foundation Board’s Fundraising Committee and will be managed through the Board’s Finance
Committee. Disbursement of proceeds from the fund will be carried out by the Treasurer and President,
coordinating with the Library Trustees and Library management. The Foundation Board has set a goal to
build a $10,000,000 fund balance over time. Fundraising and management of the endowment fund will
adhere to strong transparency and conflict of interest practices.
Endowment Definition and Purpose
In concert with the Foundation’s mission to support the Palm Springs Public Library and to increase and
broaden the Public Library’s use as a cultural and educational institution, the PSPL Foundation will
establish an Endowment Fund.
The Foundation understands that an endowment fund is an investment fund established by a
foundation that makes consistent withdrawals from invested capital. The capital in endowment funds
is generally utilized for specific needs or to further an organization’s operating process.
The primary purpose of the fund is to ensure the long-term financial health of a non-profit
organization and its beneficiaries, in this case the Palm Springs Public Library.
Therefore, this endowment fund is created to provide a source of long-term funding for Library needs
independent of allocated tax revenues and Friends of the Library efforts. Further, the Endowment itself
is separate from other Foundation fundraising efforts, notably a Capital Campaign for the planning and
construction of a new or refurbished facility.
Structure
The Endowment will be funded by private sources. The Foundation Board has formed a Fundraising
Committee to stimulate donations. The Board has also created a Finance Committee to determine
investments for the fund and manage those investments. Disbursement of proceeds from the
Endowment will be carried out in accordance with the Foundation Board by-laws and under the
Library Board of Trustees, June 2, 2021, pg. 34
direction of the Treasurer and President. Coordination as to the use of funds from the endowment will
be realized between the Trustees, Library management and Foundation Board officers.
Investment Principles
• Invest for the Long Term
• Be great custodians of donors’ contributions
• Protect investment principal while creating sufficient growth to fulfill the Endowment’s purpose
• Operate transparently and without conflict of interest
• Coordinate and communicate with the Trustees and Library and Friends management.
Initial Thoughts on Fund Investment
The Average Annual Growth Rate of the Standard and Poor’s’ 500 index (including dividends) from 2000
through 2019 was 7.65%.
We expect that the Endowment Fund would return between 4% to 6% per year, although there is no
guarantee of this return level and there will likely be fluctuations in the return up or down from year to
year.
As a long-term financial support arm of the Public Library, and respectful of the endowment’s donors,
the protection of principal will be a lynchpin of the fund’s investment approach. The Foundation may
seek to retain a financial advisor when the fund balance would justify advisory expenses.
Alternatively, the Finance Committee may identify one or several mutual fund companies that present
sound opportunities for investment in a diversified portfolio of US and international stocks, bonds, and
cash equivalents. The Finance Committee will develop an Investment Policy Statement further
describing the Committee’s approach to investing and managing the fund.
Example of Potential Returns
Endowment: $1,000,000 $5,000,000 $10,000,000
Return:
4% $40,000 $200,000 $400,000
5% $50,000 $250,000 $500,000
6% $60,000 $300,000 $600,000
This chart assumes reasonable returns for the Endowment considering the 7.65% return of the S&P 500
over the past 20 years. Estimating payouts from the fund at the annual levels of between 4% to 6%
would serve to protect the endowment’s funding levels. The chart indicates that at a level of a
$5,000,000 fund balance, meaningful annual contribution to the Library becomes practical. At a level of
$10,000,000 a significant year over year contribution is possible.
Library Board of Trustees, June 2, 2021, pg. 35
Goal
Therefore, the Foundation sets an internal objective to raise sufficient donor contributions and manage
investments to achieve $10,000,000 in the fund. Timing for achievement of this funding goal will clarify
as fund-raising results and early investment returns are realized.
The Foundation is excited about the prospect of embarking on this important project and we look
forward to further developments in the near term.
Library Board of Trustees, June 2, 2021, pg. 36
Palm Springs Public Library Foundation
Finance and Investment Committee
Initial Investment
September 2020
Background
The PSPL Foundation will establish an Endowment in support of the long-term financial needs of the
Public Library. The Finance and Investment Committee is responsible for investing and managing funds
raised by the Fundraising Committee. An Investment Policy Statement has been prepared by the
Committee in this regard.
A loan of $100,000 from the Library Board Trustees has been extended to the Foundation. $30,000 of
that loan amount will constitute the initial investment in the Endowment Fund. The Finance and
Investment Committee is interested in keeping expenses low as initial investments are made. A financial
advisor may be utilized in the future when the Fund amounts reach a level requiring this expertise.
Objective
The Finance and Investment Committee shall determine an investment(s) for funds donated to the
Endowment Fund. This investment will conform to the principals specified in its Investment Policy
Statement.
Research Methodology
The Committee has researched mutual fund companies to determine the best choice for first
investments.
With regards to mutual fund companies, Morningstar, the premier authority on US based mutual funds
was consulted. Morningstar rates the following mutual fund companies as the Top Five in the industry
overall as best custodians of invested funds:
• American Funds – Los Angeles, CA
• Dimensional Fund Advisors – Austin, TX
• Dodge and Cox Funds – Kansas City, KS
• T. Rowe Price Funds – Baltimore, MD
• Vanguard Funds – Malvern, PA
Dimensional Funds was eliminated from consideration due to its relatively small size and comparatively
lesser known industry reputation.
Library Board of Trustees, June 2, 2021, pg. 37
T. Rowe Price was eliminated because one of the Committee members is invested in several mutual
funds at that company.
American Funds works only with registered financial advisors. This would be acceptable to the
Committee when an advisor is chosen.
Dodge and Cox Funds would be acceptable to the Committee. However, this firm offers only six mutual
funds in which to invest. They also offer fee-based advisory services that could be used as the
Endowment grows over time. However, the quarterly minimum fee is $10,000.
Vanguard Funds offers a broad range of mutual fund offerings and supports over 900 non-profits
through their advisory services which again, would be available to the Committee later. Fees at a fund
level of $3 to 5 million would be .40% of the invested amount annually.
Vanguard Funds hold over $1 trillion in assets. These funds also have an internal cost structure among
the lowest in the industry.
After evaluation, the Committee chose to find a suitable initial investment within the Vanguard roster of
mutual funds.
Initial Investment
The Investment Policy Statement of the Committee explains that two primary asset classes, equities and
bonds, would comprise the Endowment Fund. As a result, the Committee looked for a fund that
contained both asset classes in a balanced way. Ultimately, the Committee unanimously selected the
STAR Fund for the initial Endowment investment. Per Vanguard:
Vanguard STAR® Fund seeks to maximize long-term total return by investing in a balanced allocation of
stocks, bonds, and short-term investments, using a diversified, fund of funds structure. The fund invests
in ten Vanguard mutual funds, rather than in individual securities. Using a balanced approach, the fund
invests 60%–70% of its assets in common stocks through seven stock funds; 20%–30% in bonds through
two bond funds; and 10%–20% in short-term investments through a short-term bond fund. The fund’s
stock holdings are broadly diversified U.S. stocks, with a small allocation to diversified international
stocks. The fund’s bond holdings are predominately short- and long-term, investment-grade corporate
bonds and GNMA mortgage-backed securities.
The fund currently has over $23 billion in assets, an expense ratio of .31%, and a 10-year average annual
return of 9.51%.
The STAR Fund’s market abbreviation is VGSTX and its performance and management can be easily
reviewed on Morningstar.com and Vanguard.com, as well as many other financial information sites.
The utilization of this fund was approved by the Foundation Board at its regular monthly meeting on
August 10, 2020.
Library Board of Trustees, June 2, 2021, pg. 38
Fact sheet | June 30, 2020
Vanguard ®
Vanguard STAR® Fund
Balanced fund (stocks and bonds)
Fund facts
Risk level
Low High
Total net
assets
Expense ratio
as of 02/27/20
Ticker
symbol
Inception
date
Fund
number
1 2 3 4 5 $22,420 MM 0.31 %*VGSTX 03/29/85 0056
Investment objective
Vanguard STAR Fund seeks to provide long-term
capital appreciation and income.
Benchmark
STAR Composite Index
Growth of a $10,000 investment : January 31, 2010— December 31, 2019
$24,071
Fund as of 12/31/19
$22,837
Benchmark
as of 12/31/19
Annual returns
* The acquired fund fees and expenses based on the fees and expenses of the underlying funds.
STAR Composite Index: 62.5% Dow Jones U.S. Total Stock Market Index, 25% Bloomberg Barclays U.S. Aggregate Bond Index, and 12.5% Citigroup 3 Month U.S.
Treasury Bill Index through December 31, 2002; 50% Dow Jones U.S. Total Stock Market Index, 25% Bloomberg
Barclays U.S. Aggregate Bond Index, 12.5% Bloomberg Barclays U.S. 1–5 Year Credit Bond Index, and 12.5% MSCI
EAFE Index through April 22, 2005; 50% MSCI US Broad Market Index, 25% Bloomberg Barclays U.S. Aggregate Bond
Index, 12.5% Bloomberg Barclays U.S. 1–5 Year Credit Bond Index, and 12.5% MSCI EAFE Index through September
30, 2010; and 43.75% MSCI US Broad Market Index, 25% Bloomberg Barclays U.S. Aggregate Bond Index, 12.5%
Bloomberg Barclays U.S. 1–5 Year Credit Bond Index, and 18.75% MSCI All Country World Index ex USA thereafter.
MSCI international benchmark returns are adjusted for withholding taxes. F0056 062020
Investment strategy
As a “fund of funds,” the STAR Fund invests in a
diversified group of other Vanguard mutual
funds, rather than in individual securities. The
fund follows a balanced investment approach by
placing 60% to 70% of its assets in common
stocks through seven stock funds; 20% to 30%
of its assets in bonds through two bond funds;
and 10% to 20% of its assets in short-term
investments through a short-term bond fund.
Through its underlying funds, the STAR Fund
owns diversified mixes of stocks and bonds. The
fund’s stock holdings emphasize
large-capitalization stocks of domestic
companies and, to a lesser extent, a diversified
group of stocks in companies located outside the
United States. The fund’s bond holdings focus
predominantly on short- and long-term
investment-grade corporate bonds and GNMA
mortgage-backed securities.
For the most up-to-date fund data,
please scan the QR code below.
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Annual returns 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Fund 11.70 0.77 13.79 17.80 7.35 -0.15 6.55 18.33 -5.34 22.21
Benchmark 12.21 0.87 12.28 16.41 6.59 -0.20 7.64 15.24 -4.58 20.46
Total returns
Periods ended June 30, 2020
Total returns Quarter Year to date One year Three years Five years Ten years
Fund 16.69% 1.50% 9.22% 8.25% 7.69% 9.51%
Benchmark 14.13% -0.53% 6.22% 7.07% 6.80% 8.66%
The performance data shown represent past performance, which is not a guarantee of future
results. Investment returns and principal value will fluctuate, so investors’ shares, when sold,
may be worth more or less than their original cost. Current performance may be lower or higher
than the performance data cited. For performance data current to the most recent month-end,
visit our website at vanguard.com/performance .
Figures for periods of less than one year are cumulative returns. All other figures represent average
annual returns. Performance figures include the reinvestment of all dividends and any capital gains
distributions. All returns are net of expenses.
Allocation of underlying funds†
Windsor II 14.1%
LTerm Investment-Grade Fund 12.5
Short-Term Investment-Grade 12.5
GNMA 12.4
U.S. Growth 12.3
International Growth Fund 9.6
International Value 9.2
Windsor 7.5
PRIMECAP 6.1
Explorer 3.8
† Fund holdings are subject to change.
Library Board of Trustees, June 2, 2021, pg. 39