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