ALA Seeks Endowment Fund Trustee Candidates
Applications are now being accepted for the position of Endowment Trustee for the ALA Endowment Fund. The candidate will be selected by the ALA Executive Board at the 2011 ALA Midwinter Meeting, to be held January 7th – 11th in San Diego, CA. The newly elected Trustee will serve a three-year term that will officially begin at the conclusion of the 2011 ALA Annual Conference in New Orleans, LA. The term will expire at the conclusion of the 2014 ALA Annual Conference in Las Vegas, NV. In order to ensure the continuity among the Trustees, upon notification the newly appointed Trustee will begin serving immediately in an unofficial (non-voting) capacity. The deadline for receiving applications is November 15, 2010.
There are three Endowment Trustees, each serving a staggered three-year term. As such, one Trustee position will become open and a candidate will be selected by the ALA Executive Board each year. The ALA Endowment Trustees have the authority to hold, invest and disburse endowment and other long-term investment funds as directed by the ALA Executive Board. Candidates must be or become members of the ALA. They must have a working knowledge of investment opportunities available to the endowment and other long-term investment funds, and of benchmarks used to judge fund performance. The candidates must also have experience in the management or oversight of investment funds in a business setting and must be able to contribute to the preparation of semi-annual reports on the performance of the fund to the ALA Executive Board and Council. Additionally, candidates must be able to participate in monthly conference calls, attend two meetings in Chicago (Spring/Fall) and if possible the ALA conferences.
In reviewing the requirements and skills necessary to manage the ALA Endowment Fund, the ALA Executive Board and the Endowment Trustees have established the following general guidelines for becoming a Trustee:
Trustees must have a working knowledge of the financial markets. This working knowledge should include the fundamentals of investment practice, as well as, familiarity with market indices. Experience in investing as a trustee or custodian is beneficial. Awareness of economic principles is desirable. Candidates will be expected to maintain an ongoing knowledge of current economic conditions and issues.
It is desired that the Trustees evidence a basic knowledge of ALA’s mission and goals and an awareness of the services and activities of the Association. Knowledge of the awards and scholarships program is also beneficial, as is work in other areas of the Association.
Judgement and Analytical Skills
Essential to the effective operation of the Endowment, is the Trustee’s ability to exercise judgement and to make decisions that reflect prudence, insight, and care. Teamwork among the Trustees is essential for this shared charge to be effectively dispatched. The ability to study a situation and to develop well-reasoned strategies is a critical requirement. While the trustees exercise independent judgement and discretion with regard to the Endowment investments, they must also be effective communicators and able to take necessary and appropriate direction from the Executive Board.
All applicants will be required to submit three (3) references.
Application forms are available on the treasurer’s web page: Click Here. For this and other information on the qualifications and responsibilities of an ALA Endowment Trustee, you may also contact Keith D. Brown, Senior Financial Analyst, Finance Department at 1-800-545-2433, ext. 4255, fax: 312-280-5272 or Kbrown@ala.org.