2023-05-24-TPT-min - Laserfiche WebLink

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TOWN OF LEXINGTON TRUSTEES OF PUBLIC TRUSTS Minutes of Meeting of May 24, 2023 The meeting was held at 1pm at 42 Adams Street, Lexington, MA. Trustees Alan Fields, David Williams and Susan McClements were present. Lexington resident, Jim Wood, was also present. 1) Approved minutes from 12.8.22 meeting. 2) Jim Wood introduced himself and reported that he was attending the meeting to learn more about the Trustees of Public Trusts and, as a member of the Veterans council, he wanted to hear more about the Pat Flynn youth award. 3) Susan McClements will follow up to schedule a meeting with Mary Ellen Ringo, Director of Development at Cary Memorial Library, about whether there are other funds available for the Children's Room project at the library. David will attend the meeting with Mary Ellen if he is available. 4) David Williams reported that at the beginning of the year the annual distribution of the income balances, as of 12/30/22, were distributed from specific scholarship funds to the Lexington Scholarship Committee, from the Cemetery funds to the Cemetery Committee and to the Garden Club. 5) David also reported that the following seven funds asked that income balances as of 12/30/22 be transferred to principal: Williams Scholarship Fund, Symphony Fund, Alice Hinkle-Prince Estabrook Award Fund, Artis Benevolent Fund, American Legion Celebrations Fund, Leroy S. Brown Fund, Charles E. French Colonial Cemetery Fund 6) As part of a new structure and reporting process, select funds received notice at year end of assets/cash available for the upcoming (2023) year for distribution. 7) Scholarship funds not administered by the Lexington Scholarship Committee were notified at year end what was available for distribution in 2023 when distribution is requested at the end of the summer. 8) David Williams reported that there was some confusion about who was responsible for directing distributions from certain FOLMAD associated funds. FOLMAD is responsible for directing distributions from three funds: Lexington High School Music Endowment Fund, Ellalou Dimmock Prize for Vocal Excellence Fund, and Jeff Leonard Jazz Musician Fund. 9) Online donations may now be made to certain existing funds through the Town of Lexington online donation portal located at https://www.lexingtonma.gov/523/Donate-to-Lexington-Charitable-Funds 10)David Williams reported that Karen Bolster from the Treasurer's office has been promoted and someone new will be taking over her responsibilities in the Treasurer's office. David will speak with that person about Trustee process/matters after they are hired. 11)The planting of a tree in honor of long-time DPW employee Jack O'Shea was done by the DPW. The DPW will notify the family.