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HomeMy WebLinkAbout1992-02-18-MEMOFebruary 18, 1992 Memorandum To: Alan Fields Tom Taylor For some time I have been trying to determine how the Trustees can, not only be more pro- active, but act as a catalyst for change in Lexington. This would be in addition to continuing to offer, to a narrow range of recipient groups, financial assistance in a time of shrinking budgets and economic uncertainty. Since we must act within the constraints of the Trusts that have accumulated under the umbrella of the Trustees we have very limited options to be pro - active. What I have concluded is that our only "large" trust, the George L. Gilmore Trust offers us the possibility to leverage the income and allow us to offer any worthy group in town the possibility of raising money with the bonus of some matching funds. The Gilmore Trust has, as of 12/31/91, a principle balance of $16,000; an income balance of $37,595.25. I would suggest that we transfer $29,000 to principle; bringing the principle balance to $45,000; the income balance to $8595.25. The Gilmore Trust was the fund from which we funded seed money for the Teresa and Roberta Lee Fitness/Nature Path. As a member of that Committee, I can tell you that the $2500 that the Trustees voted to us when we were first starting did much to not only energize the project and strengthen our resolve, but really boosted our faith that what we were doing was right; that someone believed in our cause enough to send some seed money was very important. We were able to then go to other donors and honestly state that we had raised some money. You are aware that fund raising for the Fitness/Nature Path was successful and allowed that committee to establish a fund which will eventually be an endowment of sufficient size to maintain this facility properly. I propose that we should first consider fund raising proposals from other groups that already have Trusts; (e.g, the Garden Club, the Human Service Committee, the Center Committee the Lexington Education Foundation etc.). We might suggest that they may want to strengthen the principle portion of their trusts and we will match what they raise, in some manner. Each of these groups have trusts which are low and which should be significantly increased for the trusts to be viable. We might e.g., solicit requests yearly and pick one group to match. This is similar to what the arts Council does; "the losers" could reapply the next year if they wish. An article by Sara Terry in the Boston Globe, (11/24/91) reported that the Getty Trust does something similar and call this approach "leveraging; putting a limited amount of time and money into a project that, in time, takes on a life of its own. The article continued, "Money's not the answer...Money's a vehicle. I believe that there are groups that would welcome this challenge; our willingness to "invest" in an effort would make a significant difference and send a positive signal. The article on the Getty Trust quotes Harold Williams, who heads the Getty Trust, as saying, "all we can do is what we can do... you look for a place to make some difference." Could we discuss this idea at a future meeting. David Williams