1. Jenner & Block Discussion

Keith Fiels reported on his meeting with Paula Goedert and one of the senior partners of Jenner & Block to discuss ALA’s concerns. Jenner & Block gave a general definition of conflict of interest, described the use of a 'bamboo wall', and provided information on pro bono services provided to ALA. The Board will discuss this issue further at its Fall meeting.

2. F&A/Socially Responsible Investing Update

Teri Switzer reported on the Finance & Audit Subcommittee (F&A) conference call held September 10, 2003. She stressed the complexity of the socially responsible investing (SRI) issue and alerted the Board that they would receive background information re: parameters, screens, and mutual funds in advance of the discussion at the Fall meeting.

Ms. Switzer also reported on the Endowment Trustees conference call held on September 17, 2003. The call focused on a discussion of the use of Real Estate Investment Trusts (REITS) and their risk vs. return. The trustees are reviewing investment opportunities for the proceeds from the Huron Plaza sale. The trustees will meet in November and bring more information to the Board at the 2004 Midwinter Meeting re: SRI.

3. Budget Update

Teri Switzer provided an overview of ALA’s budget performance. The Finance department is working through details of the fiscal year-end close. At the Fall meeting, Keith Fiels will provide a report that illustrates the programmatic impact of the operating budget reductions taken over the last two years.

4. CIPA Update

Keith Fiels will send a report to the Board outlining follow-up activities from the August 23, 2003 CIPA response meeting.

5. APA Update

Deadline for applications for Director of the ALA-APA closed on September 15, 2003. Mitch Freedman will chair search committee that will review applications and identify candidates for interviews to be held early in October.

6. Fall Meeting Update