HomeMy WebLinkAbout1990-08-23-TPT-minTown of Lexington
Trustees of Public Trusts
Minutes of Meeting
The meeting of the Trustees of Public Trusts was held at
12:00 noon on August 23, 1990 at 265 Franklin Street, Boston,
Massachusetts. Present were Trustees Alan S. Fields, Thomas G.
Taylor and David G. Williams, and Sheryl Mason and Stephen Baran,
Coordinator of Human Services of the Town of Lexington.
The minutes of the meeting of May 24, 1990 were read and
accepted.
As Human Services Coordinator, Mr. Baran becomes aware of
needs of individuals and programs for emergency funds and
channels requests to the Trustees. In the past, the Trustees
have responded to various requests for funds of this nature. The
Trustees decided to establish a separate fund, to be called the
Lexington Human Services Fund, as part of the Endowment Fund, and
to transfer $5,000 to this fund from the income in the George
Gilmore Fund. This Fund will be funded every year by transfers
from other appropriate funds within the Endowment Fund. The
Trustees delegated to Mr. Baran, as Human Services Coordinator,
the authority to make contributions from this fund to individuals
and programs of the Town which he determines to be in need of
help. He is to consult with the Trustees from time to time as he
deems necessary. The Lexington Human Services Fund will also act
as a recipient for contributions to the Town for human service -
type activities.
The Trustees approved payments during June and July as
follows:
$ 192.00 - Town of Burlington from the Harriet
Gilmore Fund for a Special Needs
camper.
$ 900.00 - Lexington Field and Garden Club from
the George Smith Fund.
$ 300.00 -- Lexington Field and Garden Club from
the Emery Park Fund.
$2,233.00 - Campership Coalition from Harrington
Memorial Fund .
A request from the Metco Scholarship Fund was considered and
rejected on the basis that all of the funds designated for
scholarships are now administered through the school department.
The Trustees discussed various administrative problems
arising out of the shift of the administration of the fund by the
Shawmut Bank from Boston to Worcester. Sheryl Mason will
continue to work on these problems.
The investment of the Endowment Funds was discussed,
particularly whether some of the funds should be invested in
equities. There was one view that investment of a significant
part of the fund in equities would reduce the income
substantially, and in view of the pressing needs for funds, now
is not the time to reduce the income. There was a contrary view,
however, that some thought should be given to growth. It was
decided to make no change at the present time, and re-- examine the
issue later.
The meeting was adjourned at 2:00 p.m.
OLes
Thomas G. Taylor, S etary
TAYT /QQ9