District Library Board invests funds in 90-day CDs to hike interest rate

The Belleville Area District Library Board approved investing $100,000 in 90-day CDs that would improve interest rates they are getting on savings account revenue, which is really, really low – 0.01% — according to Library Director Mary Jo Suchy.
At its April 9 regular meeting, Director Suchy said she and Treasurer Tanya Stoudemire had a zoom meeting with Chase and found that they could get 4.5 to 4.7% interest with the staggered “ladder” program.
Stoudemire said they looked into what the bank had because she thought they should at least be getting enough interest to cover the bank fees. She said this Chase program does better than that.
She said every 90 days the $100,000 is redeemable and can be set up to roll over automatically and be reinvested. She said this could be discussed on an annual basis by the board, but meanwhile the program would automatically do the reinvesting.
“This is good for the public,” said board chairwoman Sharon Peters. “We can stretch our dollars further this way.”
Director Suchy said they also received information from the bank regarding its JPMorgan Access Service. This service would give the library enhanced fraud protection services at a fee of about $200 to $250 a month.
In other business at the 45-minute meeting, the board:
• Heard chairwoman Peters report that the Marketing Committee met with Donna Gilkey Lavin, the chairwoman of the Friends of the Library, to talk about having some kind of event to promote the Friends. Peters said they have a lot more Friends than those who participate. She said there will be a mutually developed event and, “Whatever it is, it will be fun.” She said the Friends planned to discuss it at their April 13 board meeting;
• Learned the flagpole light in the sidewalk has finally been fixed. That light wasn’t being sold after it broke, just at completion of the new library building, and it had been temporarily sealed since then and an ongoing topic of conversation and concern;
• Was informed the student art has now been put on display in the library. The Perrenial Plant Swap will be at noon on May 4, which is the same day as Free Comic Book Day and one of the days of the two-day used book sale, May 4 and 5;
• Learned National Library Week, April 8-13, started off with the solar eclipse on April 8 and ended with a family by the Music Lady, Beverly Meyer. She was joined by musical therapist Danielle Saval, who met Meyer when Saval was a child and attended one of her concerts at the library;
• Was advised the library will kick off its Seed Library at 10:30 a.m. Saturday, April 20, including an 11 a.m. presentation by Alex Ball of Old City Acres. A complete list of seeds available is on the library’s website;
• Learned a hands-on workshop on using Canva for graph design will be from 10:30 to 11:30 a.m. on Thursday, May 9, at the Sumpter Media Center, 23645 Sumpter Rd. Participants will learn how to access and use thousands of template for flyers, signs, logs, brochures, etc.; and
• Heard Suchy say the library will be closed to the public on Monday, April 29, for its annual staff in-service training day.