(We still need to produce minutes. Voluunteers welcome!) Duration: 01:05:45 Shareable link: https://us06web.zoom.us/rec/share/nnMk4ibWywS-Xq8xkOJDP9_1RQ0AyV3QHrG0hjWeNc... Passcode: j=3Ciy56 Meeting summary Quick recap The Project Gutenberg board meeting focused on financial updates and investment planning. Eric reported a significant $500,000 legacy donation and discussed the organization's financial health, including a $27,000 surplus for the third quarter. The board adopted an investment policy proposed by Mark, which recommends a diversified portfolio with approximately 40% in index funds, 20-30% in bonds, and 10-15% in sustainability-focused investments. Key updates included progress on accessibility compliance requirements, a new takedown request from an Irish publisher, and the decision to retire an outdated movie from their collection. The board also discussed establishing a formal code of conduct and conflicts policy, though these items were deferred to the next meeting. The next board meeting was scheduled for May 16th, with plans to discuss the upcoming budget in June. Next steps Eric: Complete final bank account steps and ensure Maitri is fully added as a key executive on the bank account by Monday. <https://tasks.zoom.us/?meetingId=0tWieuKPQC6asoesgkRdtQ%3D%3D&stepId=2d8babcd-40d2-11f1-ad2a-faae8e72aba5> Eric: Open a Fidelity investment account for the endowment funds after bank account updates are complete. <https://tasks.zoom.us/?meetingId=0tWieuKPQC6asoesgkRdtQ%3D%3D&stepId=2d8baf88-40d2-11f1-a185-faae8e72aba5> Finance Committee (Eric, Mark, Maitri): Schedule and hold a meeting after the Fidelity account is created to discuss asset allocation, dollar-cost averaging, and selection/advising on specific funds. <https://tasks.zoom.us/?meetingId=0tWieuKPQC6asoesgkRdtQ%3D%3D&stepId=2d8bb0fe-40d2-11f1-8737-faae8e72aba5> Linda: Review and update the Code of Conduct document for next meeting. <https://tasks.zoom.us/?meetingId=0tWieuKPQC6asoesgkRdtQ%3D%3D&stepId=2d8bb227-40d2-11f1-8345-faae8e72aba5> Eric/Dan/Casey: Set up a board email list for easier communication among board members. <https://tasks.zoom.us/?meetingId=0tWieuKPQC6asoesgkRdtQ%3D%3D&stepId=2d8bb35b-40d2-11f1-975e-faae8e72aba5> Eric: Work on obtaining liability insurance for the organization within the next month. <https://tasks.zoom.us/?meetingId=0tWieuKPQC6asoesgkRdtQ%3D%3D&stepId=2d8bb477-40d2-11f1-8a76-faae8e72aba5> John: Upload 990 for World Library Foundation for board review. <https://tasks.zoom.us/?meetingId=0tWieuKPQC6asoesgkRdtQ%3D%3D&stepId=2d8bb58e-40d2-11f1-80cd-faae8e72aba5> Board: Review and update Memorandum of Understanding (MOU), particularly regarding privacy and confidentiality, for next meeting. <https://tasks.zoom.us/?meetingId=0tWieuKPQC6asoesgkRdtQ%3D%3D&stepId=2d8bb6a8-40d2-11f1-905d-faae8e72aba5> Eric: Begin process of budget preparation for next fiscal year for approval in June. <https://tasks.zoom.us/?meetingId=0tWieuKPQC6asoesgkRdtQ%3D%3D&stepId=2d8bb7b0-40d2-11f1-ba94-faae8e72aba5> All: Start thinking about/prepare for next year's budget for approval at the June meeting. <https://tasks.zoom.us/?meetingId=0tWieuKPQC6asoesgkRdtQ%3D%3D&stepId=2d8bb8d1-40d2-11f1-801c-faae8e72aba5> Summary Board Meeting Agenda Review The meeting began with casual conversation about Kiwix, a project involving digital content bundles, and personal updates from Eric and Doug. Doug shared his recent health issues with high blood pressure and discussed his new diet and exercise routine. The board then reviewed the agenda for the meeting and approved the minutes from the previous week, which Robert had prepared. Eric mentioned sending out updated financial reports for the third quarter and the first three quarters, with some cleaned-up information included in the current report. Financial Performance and Donations Review The team reviewed financial performance, highlighting a significant $500,000 legacy donation that, when excluded, showed revenue of nearly $59,000 for the quarter, ahead of both last year and budget. Eric explained that the donation came from a retired technology professional's estate through donor-advised funds, and he plans to seek permission to add the donor's name to the legacy donors page. The organization received a $25,000 grant from the Manton Foundation for accessibility work, and Casey Peel was hired as a development contractor to help with organizational tasks. ADA Compliance Progress Update Eric discussed the organization's compliance with ADA Title II standards for accessibility, which initially seemed not to apply to them but was later confirmed by iBiblio as mandatory for UNC. The deadline for compliance was extended from April 2024 to July 1, 2026, giving the team time to develop and implement necessary accessibility measures. Eric reported that they have started hosting accessibility reports on their website and made subtle changes to improve compliance, including adjusting logo contrast, text visibility, and structural organization. Accessibility Compliance and Copyright Issues Eric discussed compliance with accessibility standards and VPATs for libraries and schools. He mentioned that Maitri is now a key executive on the bank account and that he needs to sign additional documents on Monday. Eric also addressed a takedown request from an Irish publisher for a book that is in the public domain in the US but not in Ireland, and explained his efforts to find pro bono legal representation, including reaching out to Evan from Morrison Forster and the NYU Law Clinic director. He noted that they recently had an issue with books whose copyright had been restored and concluded that they need to review their clearance procedures with the help of knowledgeable legal advice. Country Blocking Implementation Discussion The board discussed implementing country blocking for publishers, with Eric explaining that while they want to avoid litigation, they will only implement country blocks with appropriate legal assurances and when publishers pay for associated expenses. The group also addressed the high cost of the geo-blocking database, which currently costs $10,000 annually and is funded through a University of Arkansas research project. The conversation ended with a discussion about retiring outdated content, specifically focusing on a movie titled "Night of the Living Dead" that is poorly presented on their site and available elsewhere on platforms like Internet Archive and YouTube. Content Management and AI Integration The board discussed the removal of a movie from their platform and agreed to create a redirect page instead of complete deletion, with information about where to find the movie elsewhere. They also discussed integrating an AI summary process into their eBook Converter system, which now uses Wikipedia summaries when available instead of AI-generated summaries. The system is currently generating summaries for 100 books per night, with plans to schedule summary generation a week after posting to allow the catalog team to review content first. Project Gutenberg Investment Policy Discussion The team discussed Project Gutenberg's investment policy, with Mark presenting a draft that recommended targeting a 4% return from the endowment for operating expenses while maintaining growth potential. The proposed investment strategy focused on simplicity with broad market index funds, including a portion in socially responsible investments, and suggested consulting an advisor annually. While the board approved the investment policy document, they agreed to discuss specific asset allocation details and advisor selection in the Finance Committee, with Eric noting he needs to complete some administrative tasks before opening the investment account. Board Administrative and Financial Updates The board adopted a motion and discussed several administrative matters. Eric reported that properly insulating the endowment from the company would require significant overhead for a $500,000 endowment, so they will revisit this when reaching $10 million. The group agreed to defer work on the Code of Conduct to the next meeting, with Linda requesting a board email list and official document storage location. The board reviewed the Memorandum of Understanding, with Linda noting the need for clearer privacy guidelines regarding volunteer information. Eric committed to pursuing liability insurance and setting up a Fidelity account, with Mark suggesting a separate finance committee meeting once the Fidelity account is established. The next board meeting was scheduled for May 16th. Eric Hellman Executive Director Project Gutenberg If you appreciate the work we do, donations are always appreciated! https://www.gutenberg.org/donate/