2023-10-04-TPT-min - Laserfiche WebLink

Browse Search

TOWN OF LEXINGTON TRUSTEES OF PUBLIC TRUSTS Minutes of Meeting of October 4, 2023 The meeting was held at 2pm at 42 Adams Street, Lexington, MA. Trustees Alan Fields, David Williams and Susan McClements were present. Mary Ellen Ringo from Cary Memorial Library was also present for a portion of the meeting. 1) Trustees unanimously approved minutes from 05.24.23 meeting. 2) Mary Ellen Ringo, Director of Development at Cary Memorial Library, asked about the process for receiving grants from trust funds managed by the Trustees. The Library is looking for funding (approximately $750K) for the Children’s Room project. Total budget for the project is $6M. The Library will use $750K from its unrestricted endowment to help pay for the project and go to Town Meeting for additional funding. David Williams clarified that the Trustees have only a small amount of discretionary funds to allocate to worthy projects. Susan McClements will send Mary Ellen a current list of funds from the Annual Report. The Trustees suggested to Mary Ellen that she review discretionary funds managed by the Trustees and that the Library make a specific targeted request to the Trustees for a grant from a specific fund. 3) Susan McClements will follow up with Sue Paradis to discuss the possibility of establishing a scholarship fund in memory of her husband. 4) David Williams reported that none of the work/repairs at Monroe Cemetery as requested by letter from the Trustees to Jim Malloy has been done. Susan McClements will follow up with Jim Malloy and ask when the repairs are expected to be done. 5) David Williams has prepared and submitted to the Town reports committee a draft report from the Trustees for the Town’s Annual Report. Alan and Susan acknowledged all the work that David puts in on behalf of the Trustees of Public Trust and thanked him for continuing to do so. 6) As part of a new structure and reporting process, select funds will receive notice at year end of assets/cash available for the upcoming calendar (2024) year for distribution. David will prepare and send out the letters in early January after he receives year end account balances from State Street. 7) The Trustees unanimously approved requested name changes for two trust funds as follows: a. “Edward & Virginia Williams Scholarship Fund” changed to “The Williams Family Scholarship Fund”; b. “The Ansin Family Scholarship Fund” (formerly “The Heritage Scholarship Fund”) changed to “Tabor Ansin Family Scholarship Fund”.